Economy of Vietnam

You can help expand this article with text translated from the corresponding article in Vietnamese. (November 2023) Click [show] for important translation instructions. Machine translation, like DeepL or Google Translate, is a useful starting point for translations, but translators must revise errors as necessary and confirm that the translation is accurate, rather than simply copy-pasting machine-translated text into the English Wikipedia. Consider adding a topic to this template: there are already 953 articles in the main category, and specifying|topic= will aid in categorization. Do not translate text that appears unreliable or low-quality. If possible, verify the text with references provided in the foreign-language article. You must provide copyright attribution in the edit summary accompanying your translation by providing an interlanguage link to the source of your translation. A model attribution edit summary is Content in this edit is translated from the existing Vietnamese Wikipedia article at [[:vi:Kinh tế Việt Nam]]; see its history for attribution. You may also add the template {{Translated|vi|Kinh tế Việt Nam}} to the talk page. For more guidance, see Wikipedia:Translation.

Economy of Vietnam

Ho Chi Minh City, the economic capital of Vietnam
Currency	Vietnamese đồng (VND; ₫)
Fiscal year	Calendar year
Trade organisations	AFTA, WTO, APEC, ASEAN, RCEP, CPTPP, FAO
Country group	Developing/Emerging[1] Lower-middle income economy[2]
Statistics
Population	101,678,753 (2022)[3]
GDP	$465.814 billion (nominal; 2024 est.)[4] $1.559 trillion (PPP; 2024 est.)[4]
GDP rank	35th (nominal; 2024 est.) 26th (PPP; 2024 est.)
GDP growth	8.0% (2022)[5] 4.7% (2023f)[5] 6.9% (2024f)[5]
GDP per capita	$4,626 (nominal; 2024 est.)[4] $15,470 (PPP; 2024 est.)[4]
GDP per capita rank	123th (nominal; 2024 est.) 107th (PPP; 2024 est.)
GDP by sector	Agriculture: 15.3% Industry: 33.3% Services: 51.3% (2017 est.)[6]
Inflation (CPI)	3.45% (Nov 2023)[7]
Population below poverty line	0.5% (2022)[8] 0.1% on less than $3.20/day (2022)[9]
Gini coefficient	35.7 medium (2018)[10]
Human Development Index	0.726 high (2022)[11] (107th) 0.602 medium IHDI (78th) (2021)[12]
Labour force	57,249,411 (2019)[13] 74.7% employment rate (2018)[14]
Labour force by occupation	Agriculture: 27.5% Industry: 33.4% Services: 39% (2022)[15]
Unemployment	3.3% (2020 est.)[7] 6.9% youth unemployment (15 to 24 year-olds; 2019)[16]
Average gross salary	₫ 8,500,000 / $340 monthly (Q4 2022)[17]
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.)[18]
Export goods	Electronics, textiles products, machinery, footwear products, transportation products, wooden products, seafood products, steel, crude oil, pepper, rice and coffee
Main export partners	United States 29.5%  China 15.5%  European Union 12.6%  ASEAN 9.2%  South Korea 6.5%  Japan 6.5%[19]
Imports	$ 358.9 billion (2022 est.)[18]
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	China 32.9%  South Korea 17.3%  ASEAN 13.2%  Japan 6.5%  European Union 4.3%  United States 4.0%[20]
FDI stock	$129.5 billion (31 December 2017 est.)[21] Abroad: $19.75 billion (31 December 2015 est.)[21]
Current account	$5.401 billion (2017 est.)[21]
Gross external debt	$96.58 billion (31 December 2017 est.)[21]
Public finances
Government debt	58.5% of GDP (2017 est.)[21][note 1]
Budget balance	−6.7% (of GDP) (2017 est.)[21]
Revenues	54.59 billion (2017 est.)[21]
Expenses	69.37 billion (2017 est.)[21]
Economic aid	$2.174 billion (2016)
Credit rating	Standard & Poor's:[22] BB+ (domestic) BB+ (foreign) BB+ (T&C assessment) Outlook: stable[23] Moody's:[23] Ba2 Outlook: Stable Fitch:[23] BB+ Outlook: stable
Foreign reserves	$105.2 billion (Sep 2021 est.)[24]
All values, unless otherwise stated, are in US dollars.

The economy of Vietnam is a developing mixed socialist-oriented market economy.^[25] 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.

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,^[26] while North Vietnam and reunified Vietnam relied on communist aid until the Soviet Union's dissolution.^[27]

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.^{[28][needs update]} Vietnam has also been named among the so-called Next Eleven and CIVETS countries.

Cite error: There are <ref group=note> tags on this page, but the references will not show without a {{reflist|group=note}} template (see the help page).