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Vietnam Economy 2014
http://www.theodora.com/wfbcurrent/vietnam/vietnam_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 31, 2014

Economy - overview:
Vietnam is a densely-populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Vietnamese authorities have reaffirmed their commitment to economic modernization in recent years. Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2012 growing at 5%, the slowest rate of growth since 1999. In 2012, however, exports increased by more than 18%, year-on-year; several administrative actions brought the trade deficit back into balance. Between 2008 and 2011, Vietnam's managed currency, the dong, was devalued in excess of 20%, but its value remained stable in 2012. Foreign direct investment inflows fell 4.5% to $10.5 billion in 2012. Foreign donors have pledged $6.5 billion in new development assistance for 2013. Hanoi has oscillated between promoting growth and emphasizing macroeconomic stability in recent years. In February 2011, the government shifted from policies aimed at achieving a high rate of economic growth, which had stoked inflation, to those aimed at stabilizing the economy, through tighter monetary and fiscal control. Although Vietnam unveiled a broad, "three pillar" economic reform program in early 2012, proposing the restructuring of public investment, state-owned enterprises, and the banking sector, little perceptible progress had been made by early 2013. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses. In September 2012, the official bad debt ratio climbed to 8.8%, though some independent analysts believe it could be higher than 15%.

GDP (purchasing power parity):
$336.2 billion (2012 est.)
country comparison to the world: 39

$319.5 billion (2011 est.)
$300.7 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$153.5 billion (2012 est.)

GDP - real growth rate:
5.2% (2012 est.)
country comparison to the world: 62

6.2% (2011 est.)
6.4% (2010 est.)

GDP - per capita (PPP):
$3,800 (2012 est.)
country comparison to the world: 167

$3,600 (2011 est.)
$3,500 (2010 est.)
note: data are in 2012 US dollars

Gross national saving:
39% of GDP (2012 est.)
country comparison to the world: 14

32.8% of GDP (2011 est.)
34.8% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 65.7%
government consumption: 6.6%
investment in fixed capital: 29.7%
investment in inventories: 3.5%
exports of goods and services: 86.2%
imports of goods and services: -91.7%

(2012 est.)
[see also: country ranks ]

GDP - composition, by sector of origin:
agriculture: 19.7%
industry: 38.6%
services: 41.7% (2012 est.)

Agriculture - products:
paddy rice, coffee, rubber, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; poultry; fish, seafood

Industries:
food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, mobile phones

Industrial production growth rate:
4.5% (2012 est.)
country comparison to the world: 63

Labor force:
52.29 million (2012 est.)
country comparison to the world: 12

Labor force - by occupation:
agriculture: 48%
industry: 21%
services: 31% (2012)

Unemployment rate:
3.2% (2012 est.)
country comparison to the world: 27

3.6% (2011 est.)

Population below poverty line:
11.3% (2012 est.)

Household income or consumption by percentage share:
lowest 10%: 3.2%
highest 10%: 30.2% (2008)

Distribution of family income - Gini index:
37.6 (2008)
country comparison to the world: 75

36.1 (1998)

Budget:
revenues: $38.89 billion
expenditures: $45.38 billion (2012 est.)

Taxes and other revenues:
25.3% of GDP (2012 est.)
country comparison to the world: 123

Budget surplus (+) or deficit (-):
-4.2% of GDP (2012 est.)
country comparison to the world: 149

Public debt:
48.1% of GDP (2012 est.)
country comparison to the world: 69

48.8% of GDP (2011 est.)
note: official data; data cover general government debt, and includes debt instruments issued (or owned) by government entities other than the treasury; the data include treasury debt held by foreign entities; the data include debt issued by subnational entities, as well as intra-governmental debt; intra-governmental debt consists of treasury borrowings from surpluses in the social funds, such as for retirement, medical care, and unemployment; debt instruments for the social funds are not sold at public auctions

Fiscal year:
calendar year

Inflation rate (consumer prices):
9.1% (2012 est.)
country comparison to the world: 192

18.7% (2011 est.)

Central bank discount rate:
9% (31 December 2012)
country comparison to the world: 11

15% (31 December 2011)

Commercial bank prime lending rate:
13.47% (31 December 2012 est.)
country comparison to the world: 30

16.96% (31 December 2011 est.)

Stock of narrow money:
$40.34 billion (31 December 2012 est.)
country comparison to the world: 54

$32.64 billion (31 December 2011 est.)

Stock of broad money:
$163.9 billion (30 October 2012 est.)
country comparison to the world: 45

$132 billion (31 December 2011 est.)

Stock of domestic credit:
$163.5 billion (31 December 2012 est.)
country comparison to the world: 43

$145.7 billion (31 December 2011 est.)

Market value of publicly traded shares:
$38.2 billion (31 December 2011 est.)
country comparison to the world: 59

$26 billion (31 December 2011)
$37 billion (31 December 2010 est.)

Current account balance:
$9.062 billion (2012 est.)
country comparison to the world: 28

$236 million (2011 est.)

Exports:
$114.6 billion (2012 est.)
country comparison to the world: 37

$96.91 billion (2011 est.)

Exports - commodities:
clothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery

Exports - partners:
US 17.8%, Japan 11.8%, China 11.2%, South Korea 5%, Malaysia 4.1% (2012)

Imports:
$104.7 billion (2012 est.)
country comparison to the world: 33

$97.36 billion (2011 est.)

Imports - commodities:
machinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles

Imports - partners:
China 25.8%, South Korea 13.9%, Japan 10.4%, Singapore 6%, Thailand 5.2%, US 4.3% (2012)

Reserves of foreign exchange and gold:
$26.11 billion (31 December 2012 est.)
country comparison to the world: 55

$14.05 billion (31 December 2011 est.)

Debt - external:
$63.95 billion (31 December 2012 est.)
country comparison to the world: 57

$57.84 billion (31 December 2011 est.)

Stock of direct foreign investment - at home:
$73.71 billion (31 December 2012 est.)
country comparison to the world: 48

$65.35 billion (31 December 2011 est.)

Stock of direct foreign investment - abroad:
$7.7 billion (31 December 2009 est.)
country comparison to the world: 59

$5.3 billion (31 December 2008)

Exchange rates:
dong (VND) per US dollar -

20,859 (2012 est.)
20,649 (2011 est.)
18,612.92 (2010 est.)
17,799.6 (2009)
16,548.3 (2008)


NOTE: The information regarding Vietnam on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vietnam Economy 2014 information contained here. All suggestions for corrections of any errors about Vietnam Economy 2014 should be addressed to the CIA.



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