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Economy of Vietnam
From Wikipedia, the free encyclopedia
The economy of Vietnam is a developing mixed socialist-oriented market economy.[24] It is the 35th-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization.
![]() | You can help expand this article with text translated from the corresponding article in Vietnamese. (November 2023) Click [show] for important translation instructions.
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![]() Ho Chi Minh City, the economic capital of Vietnam | |
Currency | Vietnamese đồng (VND; ₫) |
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Calendar year | |
Trade organisations | AFTA, WTO, APEC, ASEAN, RCEP, CPTPP, FAO |
Country group |
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Statistics | |
Population | 100,300,000 (2023)[3] |
GDP | |
GDP rank | |
GDP growth | |
GDP per capita | |
GDP per capita rank | |
GDP by sector |
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3.45% (Nov 2023)[7] | |
Population below poverty line | |
35.7 medium (2018)[10] | |
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Labour force | |
Labour force by occupation |
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Unemployment | |
Average gross salary | ₫ 7,600,000 / $300 monthly (Q1 2024)[16] |
Main industries | Electronics, machinery, steel, food processing, wood industry, textile, footwear, vehicle, rice, coffee, cashews, seafood, vegetable and tourism |
External | |
Exports | $371.3 billion (2022 est.)[17] |
Export goods | Electronics, textiles products, machinery, footwear products, transportation products, wooden products, seafood products, steel, crude oil, pepper, rice and coffee |
Main export partners |
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Imports | $ 358.9 billion (2022 est.)[17] |
Import goods | Machinery and industrial equipment, electronics, petroleum products, raw materials for the clothing and shoe industries, plastics, automobiles, metal, and chemical products |
Main import partners |
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FDI stock | |
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Gross external debt | $96.58 billion (31 December 2017 est.)[20] |
Public finances | |
58.5% of GDP (2017 est.)[20][note 1] | |
−6.7% (of GDP) (2017 est.)[20] | |
Revenues | 54.59 billion (2017 est.)[20] |
Expenses | 69.37 billion (2017 est.)[20] |
Economic aid | $2.174 billion (2016) |
Standard & Poor's:[21] BB+ (domestic) BB+ (foreign) BB+ (T&C assessment) Outlook: stable[22] Moody's:[22] Ba2 Outlook: Stable Fitch:[22] BB+ Outlook: stable | |
$105.2 billion (Sep 2021 est.)[23] | |
All values, unless otherwise stated, are in US dollars. |
![](http://upload.wikimedia.org/wikipedia/commons/thumb/b/b7/GDP_per_capita_development_in_Vietnam.svg/640px-GDP_per_capita_development_in_Vietnam.svg.png)
Since the mid-1980s, through the Đổi Mới reform period, Vietnam has made a shift from a highly centralized planned economy to a mixed economy. Before, South Vietnam was reliant on U.S. aid,[25] while North Vietnam and reunified Vietnam relied on communist aid until the Soviet Union's dissolution.[26]
The economy uses both directive and indicative planning through five-year plans, with support from an open market-based economy. Over that period, the economy has experienced rapid growth. In the 21st century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises (SMEs). Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia.
According to a forecast by PricewaterhouseCoopers in February 2017[needs update], Vietnam may be the fastest-growing of the world's economies, with a potential annual GDP growth rate of about 5.1 percent, which would make its economy the 10th-largest in the world by 2050.[27][needs update] Vietnam has also been named among the so-called Next Eleven and CIVETS countries.