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, coffee, coconuts (2022).
More about the economy of Vietnam
| Labor force | 56.149 million (2023 est.) |
|---|---|
| Industrial production growth rate | 3.74% (2023 est.) |
| Industries | food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, mobile phones |
| Population below poverty line | 4.8% (2020 est.) |
| Taxes and other revenues | 24.8% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | dong (VND) per US dollar - |
| Exchange rates 2023 | 23,787.319 (2023 est.) |
| Exchange rates 2022 | 23,271.213 (2022 est.) |
| Exchange rates 2021 | 23,159.783 (2021 est.) |
| Exchange rates 2020 | 23,208.368 (2020 est.) |
| Exchange rates 2019 | 23,050.242 (2019 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $86.54 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $109.371 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $94.834 billion (2020 est.) |
| Current account balance | |
| Current account balance 2023 | $25.09 billion (2023 est.) |
| Current account balance 2022 | $1.402 billion (2022 est.) |
| Current account balance 2021 | -$4.628 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 58.5% of GDP (2017 est.) |
| Budget | |
| Revenues | $42.247 billion (2014 est.) |
| Expenditures | $38.025 billion (2014 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 3.26% of GDP (2023 est.) |
| Remittances 2022 | 3.22% of GDP (2022 est.) |
| Remittances 2021 | 3.47% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.6% (2022 est.) |
| Highest 10% | 28.1% (2022 est.) |
| Average household expenditures | |
| On food | 31.1% of household expenditures (2022 est.) |
| On alcohol and tobacco | 2.1% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $339.767 billion (2023 est.) |
| Imports 2022 | $369.746 billion (2022 est.) |
| Imports 2021 | $338.327 billion (2021 est.) |
| Imports (partners) | China 38%, South Korea 17%, Japan 5%, Taiwan 4%, Thailand 4% (2022) |
| Comodities Imports force | integrated circuits, broadcasting equipment, refined petroleum, telephones, fabric (2022) |
| Exports | |
| Imports 2023 | $339.767 billion (2023 est.) |
| Imports 2022 | $369.746 billion (2022 est.) |
| Imports 2021 | $338.327 billion (2021 est.) |
| Exports (partners) | US 29%, China 15%, South Korea 6%, Japan 6%, Hong Kong 3% (2022) |
| Comodities Exports force | broadcasting equipment, garments, telephones, integrated circuits, machine parts (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $1.354 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.289 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $1.192 trillion (2021 est.) |
| GDP (official exchange rate) | $429.717 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $13,700 (2023 est.) |
| Real GDP per capita 2022 | $13,100 (2022 est.) |
| Real GDP per capita 2021 | $12,200 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 12% (2023 est.) |
| Industry | 37.1% (2023 est.) |
| Services | 42.5% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 54.8% (2022 est.) |
| Government consumption | 8.9% (2022 est.) |
| Investment in fixed capital | 30.8% (2022 est.) |
| Investment in inventories | 1.8% (2022 est.) |
| Exports of goods and services | 93.8% (2022 est.) |
| Imports of goods and services | -90% (2022 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 1.6% (2023 est.) |
| Unemployment rate 2022 | 1.54% (2022 est.) |
| Unemployment rate 2021 | 2.39% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 6.2% (2023 est.) |
| Male | 6.5% (2023 est.) |
| Female | 5.9% (2023 est.) |
All Important Facts about Vietnam
Want to know more about Vietnam? Check all different factbooks for Vietnam below.
