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Vietnam Economy 2015
http://www.theodora.com/wfbcurrent/vietnam/vietnam_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 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 20% in 2013, while industry's share increased from 36% to more than 42% in the same period. State-owned enterprises account for about 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 2013 growing at 5%, the slowest rate of growth since 1999. In 2013, however, exports increased by more than 12%, 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 relatively stable in 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 has been made. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

GDP (purchasing power parity):
$358.9 billion (2013 est.)
country comparison to the world: 39

$340.8 billion (2012 est.)
$323.8 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$170 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
5.3% (2013 est.)
country comparison to the world: 51

5.2% (2012 est.)
6.2% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$4,000 (2013 est.)
country comparison to the world: 168

$3,800 (2012 est.)
$3,700 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
38.4% of GDP (2013 est.)
country comparison to the world: 12

39% of GDP (2012 est.)
32.8% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 68.9%
government consumption: 6.8%
investment in fixed capital: 30.4%
investment in inventories: 3.1%
exports of goods and services: 84.7%
imports of goods and services: -93.9%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 19.3%
industry: 38.5%
services: 42.2% (2013 est.)

Agriculture - products:
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:
5% (2013 est.)
country comparison to the world: 56
[see also: Industrial production growth rate country ranks ]

Labor force:
52.93 million (2013 est.)
country comparison to the world: 11
[see also: Labor force country ranks ]

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

Unemployment rate:
1.3% (2013 est.)
country comparison to the world: 6

3.2% (2012 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
11.3% (2012 est.)
[see also: Population below poverty line country ranks ]

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: 78

36.1 (1998)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $42.82 billion
expenditures: $50 billion (2013 est.)

Taxes and other revenues:
25.2% of GDP (2013 est.)
country comparison to the world: 125
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.2% of GDP (2013 est.)
country comparison to the world: 153
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
48.2% of GDP (2013 est.)
country comparison to the world: 70

48.1% of GDP (2012 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
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
6.8% (2013 est.)
country comparison to the world: 187

9.1% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

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

15% (31 December 2011)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10.5% (31 December 2013 est.)
country comparison to the world: 55

13.47% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$43.99 billion (31 December 2013 est.)
country comparison to the world: 49

$40.34 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$184.9 billion (31 December 2013 est.)
country comparison to the world: 40

$165.9 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$173.8 billion (31 December 2013 est.)
country comparison to the world: 43

$163.5 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$38.2 billion (31 December 2011 est.)
country comparison to the world: 55

$26 billion (31 December 2011)
$37 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$8.162 billion (2013 est.)
country comparison to the world: 24

$9.062 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$128.9 billion (2013 est.)
country comparison to the world: 34

$114.6 billion (2012 est.)
[see also: Exports country ranks ]

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:
$121.4 billion (2013 est.)
country comparison to the world: 33

$104.7 billion (2012 est.)
[see also: Imports country ranks ]

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:
$32.49 billion (31 December 2013 est.)
country comparison to the world: 51

$26.11 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$68.38 billion (31 December 2013 est.)
country comparison to the world: 56

$63.95 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$84.61 billion (31 December 2013 est.)
country comparison to the world: 44

$73.71 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$NA (31 December 2009 est.)

$5.3 billion (31 December 2008)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
dong (VND) per US dollar -

21,118 (2013 est.)
20,859 (2012 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 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vietnam Economy 2015 information contained here. All suggestions for corrections of any errors about Vietnam Economy 2015 should be addressed to the CIA.



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