Page last updated on February 11, 2013
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 2009-12 growing less than the 7% per annum average achieved during the previous decade. In 2012, 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 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 policy away 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. In early 2012 Vietnam unveiled a broad, "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises, and the banking sector. 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 financial analysts believe it could be as high as 15%.
GDP (purchasing power parity):
$320.5 billion (2012 est.)
country comparison to the world: 42
$304.9 billion (2011 est.)
$287.9 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$137.7 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
5.1% (2012 est.)
country comparison to the world: 53
5.9% (2011 est.)
6.8% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita:
$3,500 (2012 est.)
country comparison to the world: 168
$3,400 (2011 est.)
$3,300 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 21.5%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
40.7%
services:
37.7% (2012 est.)
Labor force:
49.18 million (2012 est.)
country comparison to the world: 13
[see also: Labor force country ranks ]
Labor force - by occupation:
agriculture: 48%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
22.4%
services:
29.6% (2011)
Unemployment rate:
4.3% (2012 est.)
country comparison to the world: 38
3.6% (2011 est.)
[see also:
Unemployment rate country ranks ]
Population below poverty line:
14.5% (2010 est.)
[see also: Population below poverty line country ranks ]
Household income or consumption by percentage share:
lowest 10%: 3.2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
30.2% (2008)
Distribution of family income - Gini index:
37.6 (2008)
country comparison to the world: 73
36.1 (1998)
[see also:
Distribution of family income - Gini index country ranks ]
Investment (gross fixed):
28.2% of GDP (2012 est.)
country comparison to the world: 27
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $42.14 billion
[see also: Budget revenues country ranks ]
expenditures:
$47.57 billion (2012 est.)
Taxes and other revenues:
30.6% of GDP (2012 est.)
country comparison to the world: 96
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-3.9% of GDP (2012 est.)
country comparison to the world: 130
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
48.2% of GDP (2012 est.)
country comparison to the world: 66
48.3% of GDP (2011 est.)
note:
data cover general government debt, and excludes 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 ]
Inflation rate (consumer prices):
9.2% (2012 est.)
country comparison to the world: 194
18.7% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
13% (31 December 2011)
country comparison to the world: 42
7% (31 December 2010)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
13.6% (31 December 2012 est.)
country comparison to the world: 31
16.96% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$37.05 billion (31 December 2012 est.)
country comparison to the world: 54
$32.64 billion (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$142.9 billion (31 December 2012 est.)
country comparison to the world: 51
$132 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$156.9 billion (31 December 2012 est.)
country comparison to the world: 46
$145.7 billion (31 December 2011 est.)
[see also:
Stock of domestic credit country ranks ]
Market value of publicly traded shares:
$33 billion (2 October 2012 est.)
country comparison to the world: 60
$26 billion (31 December 2011)
$37 billion (31 December 2010 est.)
[see also:
Market value of publicly traded shares country ranks ]
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:
6% (2011 est.)
country comparison to the world: 54
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$320.5 million (2012 est.)
country comparison to the world: 87
$236 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$109.4 billion (2012 est.)
country comparison to the world: 37
$96.91 billion (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
clothes, shoes, marine products, crude oil, electronics, wooden products, rice, machinery
Exports - partners:
US 18%, China 11%, Japan 11%, Germany 3.7% (2011 est.)
Imports:
$109.6 billion (2012 est.)
country comparison to the world: 33
$97.36 billion (2011 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 22%, South Korea 13.2%, Japan 10.4%, Taiwan 8.6%, Thailand 6.4%, Singapore 6.4% (2011 est.)
Reserves of foreign exchange and gold:
$20.9 billion (31 December 2012 est.)
country comparison to the world: 57
