Vietnam - Economy
How is the economy of Vietnam? Based on the information we have, Vietnam has a lower middle-income socialist East Asian economy; rapid economic growth since Đổi Mới reforms; strong investment and productivity growth; tourism and manufacturing hub; TPP signatory; declining poverty aside from ethnic minorities; systemic corruption. Key agricultural products in this country include: rice, vegetables, sugarcane, cassava, maize, pork, fruits, bananas, coconuts, coffee (2023).
More about the economy of Vietnam
| Labor force | 57.133 million (2024 est.) |
|---|---|
| Industrial production growth rate | 8.2% (2024 est.) |
| Industries | food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, mobile phones |
| Population below poverty line | 4.3% (2022 est.) |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | dong (VND) per US dollar - |
| Exchange rates 2024 | 24,164.886 (2024 est.) |
| Exchange rates 2023 | 23,787.319 (2023 est.) |
| Exchange rates 2022 | 23,271.212 (2022 est.) |
| Exchange rates 2021 | 23,159.783 (2021 est.) |
| Exchange rates 2020 | 23,208.368 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $34.426 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $83.082 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $92.238 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $86.54 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $28.047 billion (2024 est.) |
| Current account balance 2023 | $25.793 billion (2023 est.) |
| Current account balance 2022 | $1.402 billion (2022 est.) |
| Public debt | |
| Public debt 2017 | 58.5% of GDP (2017 est.) |
| Budget | |
| Revenues | $68.818 billion (2022 est.) |
| Expenditures | $83.707 billion (2022 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 3.2% of GDP (2023 est.) |
| Remittances 2022 | 3.2% of GDP (2022 est.) |
| Remittances 2021 | 3.5% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.6% (2022 est.) |
| Highest 10% | 28.1% (2022 est.) |
| Average household expenditures | |
| On food | 34.9% of household expenditures (2023 est.) |
| On alcohol and tobacco | 1.9% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $398.672 billion (2024 est.) |
| Imports 2023 | $339.785 billion (2023 est.) |
| Imports 2022 | $369.746 billion (2022 est.) |
| Imports (partners) | China 49%, Singapore 6%, Japan 6%, Hong Kong 5%, Taiwan 4% (2023) |
| Comodities Imports force | integrated circuits, broadcasting equipment, fabric, plastics, telephones (2023) |
| Exports | |
| Imports 2024 | $398.672 billion (2024 est.) |
| Imports 2023 | $339.785 billion (2023 est.) |
| Imports 2022 | $369.746 billion (2022 est.) |
| Exports (partners) | USA 28%, China 20%, Japan 6%, Hong Kong 4%, Germany 3% (2023) |
| Comodities Exports force | broadcasting equipment, garments, integrated circuits, machine parts, footwear (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $1.456 trillion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $1.359 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.294 trillion (2022 est.) |
| GDP (official exchange rate) | $476.388 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $14,400 (2024 est.) |
| Real GDP per capita 2023 | $13,500 (2023 est.) |
| Real GDP per capita 2022 | $13,000 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 11.9% (2024 est.) |
| Industry | 37.6% (2024 est.) |
| Services | 42.4% (2024 est.) |
| GDP - composition, by end use | |
| Household consumption | 54.3% (2023 est.) |
| Government consumption | 8.8% (2023 est.) |
| Investment in fixed capital | 30.1% (2023 est.) |
| Investment in inventories | 1.5% (2023 est.) |
| Exports of goods and services | 86.5% (2023 est.) |
| Imports of goods and services | -78.4% (2023 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 1.5% (2024 est.) |
| Unemployment rate 2023 | 1.7% (2023 est.) |
| Unemployment rate 2022 | 1.6% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.8% (2024 est.) |
| Male | 7% (2024 est.) |
| Female | 6.6% (2024 est.) |
All Important Facts about Vietnam
Want to know more about Vietnam? Check all different factbooks for Vietnam below.
