| Economy | Vietnam |
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Economy - overview:
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Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. While Vietnam's economy remains dominated by state-owned enterprises (SOEs), which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the WTO in January 2007 following more than a decade-long negotiation process. Vietnam became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 20% in 2010, while industry's share increased from 36% to 41% in the same period. Deep 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 has hurt Vietnam's export-oriented economy, with GDP in 2009-10 growing less than the 7% per annum average achieved during the last decade. In 2010, exports increased by more than 25%, year-on-year, but the trade deficit remained high, prompting the government to consider administrative measures to limit the trade deficit. Vietnam's managed currency, the dong, continues to face downward pressure due to a persistent trade imbalance. Since 2008, the government devalued it by 20% through a series of small devaluations. Foreign donors pledged nearly $8 billion in new development assistance for 2011. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates, which reached 23% in 2011. In February 2011, Vietnam shifted its focus away from economic growth to stabilizing its economy and tightened fiscal and monetary policies. In 2012 Vietnam is expected to unveil a broad eonomic reform program. Vietnam's economy continues to face challenges from falling foreign exchange reserves, an undercapitalized banking sector, and high borrowing costs. The near-bankruptcy and subsequent default of the state-owned-enterprise Vinashin, a leading shipbuilder, led to a ratings downgrade of Vietnam's sovereign debt, exacerbating Vietnam's borrowing difficulties. |
GDP (purchasing power parity):
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$299.2 billion (2011 est.)
$282.9 billion (2010 est.)
$265 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
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$3,300 (2011 est.)
$3,200 (2010 est.)
$3,000 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
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$121.6 billion (2011 est.) |
GDP - real growth rate:
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5.8% (2011 est.)
6.8% (2010 est.)
5.3% (2009 est.) |
GDP - composition by sector:
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agriculture: 20%
industry: 41.4%
services: 38.6% (2011 est.) |
Investment (gross fixed):
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33.2% of GDP (2011 est.) |
Population below poverty line:
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10.6% (2010 est.) |
Household income or consumption by percentage share:
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lowest 10%: 3.2%
highest 10%: 30.2% (2008) |
Distribution of family income - Gini index:
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37.6 (2008)
36.1 (1998) |
Inflation rate (consumer prices):
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18.9% (2011 est.)
9% (2010 est.) |
Central bank discount rate:
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7% (31 December 2010)
8% (31 December 2009 est.) |
Commercial bank prime lending rate:
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18.3% (31 December 2011 est.)
13.135% (31 December 2010 est.) |
Stock of money:
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$25.52 billion (31 December 2008)
$27.01 billion (31 December 2007) |
Stock of money - per capita:
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282 USD per capita |
Stock of quasi money:
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$63.63 billion (31 December 2008)
$50.81 billion (31 December 2007) |
Stock of quasi money - per capita:
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703 USD per capita |
Stock of domestic credit:
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$151.2 billion (31 December 2011 est.)
$138 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
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1,670 USD per capita |
Stock of narrow money:
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$32.9 billion (31 December 2011 est.)
$32.08 billion (31 December 2010 est.) |
Stock of broad money:
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$130.5 billion (31 December 2011 est.)
$127.1 billion (31 December 2010 est.) |
Labor force:
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48.23 million (2011 est.) |
Labor force participation rate:
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53.26 % of population |
Labor force - by occupation:
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agriculture: 53.9%
industry: 20.3%
services: 25.8% (2009) |
Unemployment rate:
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4.1% (2011 est.)
4.4% (2010 est.) |
Unemployment, youth ages 15-24:
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total: 4.6%
male: 4.4%
female: 4.9% (2004) |
Budget:
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revenues: $33.5 billion
expenditures: $39.18 billion (2011 est.) |
Budget revenues per capita:
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370 USD per capita |
Taxes and other revenues:
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27.5% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
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-4.7% of GDP (2011 est.) |
Public debt:
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54.5% of GDP (2011 est.)
57.1% of GDP (2010 est.)
note: data cover general Government Debt, and excludes debt instruments issued (or owned) by Government entities other than the treasury; the data [include/exclude] 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. |
Industries:
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food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, paper |
Industrial production growth rate:
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14% (2011 est.) |
Electricity - production:
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97.3 billion kWh (2010 est.) |
Electricity - production per capita:
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1,075 kWh per capita |
Electricity - consumption:
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85.6 billion kWh (2010 est.) |
Electricity - consumption - per capita:
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946 kWh per capita |
Electricity - exports:
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535 million kWh (2009 est.) |
Electricity - imports:
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3.85 billion kWh (2009 est.) |
Oil - production:
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343,200 bbl/day (2010 est.) |
Oil - production per capita:
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3,791 bbl/day per capita |
Oil - consumption:
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320,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
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1.29 bbl/year per capita |
Oil - exports:
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277,300 bbl/day (2009 est.) |
Oil - imports:
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182,300 bbl/day (2010 est.) |
Oil - proved reserves:
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600 million bbl (1 January 2011 est.) |
Natural gas - production:
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9.4 billion cu m (2010 est.) |
Natural gas - production per capita:
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104 cu m per capita |
Natural gas - consumption:
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10.3 billion cu m (2010 est.) |
Natural gas - consumption - per capita:
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114 cu m per capita |
Natural gas - exports:
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0 cu m (2009 est.) |
Natural gas - imports:
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905,800 cu m (2010 est.) |
Natural gas - proved reserves:
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192.5 billion cu m (1 January 2011 est.) |
Agriculture - products:
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paddy rice, coffee, rubber, cotton, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; poultry; fish, seafood |
Current account balance:
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-$4.74 billion (2011 est.)
-$5.656 billion (2010 est.) |
Current account balance - per capita:
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-52 USD per capita |
Exports:
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$96.81 billion (2011 est.)
$72.27 billion (2010 est.) |
Exports per capita:
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1,070 USD per capita |
Exports - commodities:
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clothes, shoes, marine products, crude oil, electronics, wooden products, rice, machinery |
Exports - partners:
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US 20%, Japan 10.7%, China 9.8%, South Korea 4.3% (2010 est.) |
Imports:
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$103.7 billion (2011 est.)
$79.95 billion (2010 est.) |
Imports per capita:
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1,146 USD per capita |
Imports - commodities:
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machinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles |
Imports - partners:
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China 23.8%, South Korea 11.6%, Japan 10.8%, Taiwan 8.4%, Thailand 6.7%, Singapore 4.9% (2010 est.) |
Reserves of foreign exchange and gold:
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$16.76 billion (31 December 2011 est.)
$12.93 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
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186 USD per capita |
Debt - external:
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$37.34 billion (31 December 2011 est.)
$32.84 billion (31 December 2010 est.) |
Debt - external - per capita:
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413 USD per capita |
Stock of direct foreign investment - at home:
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$67.65 billion (31 December 2011 est.)
$77.95 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
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748 USD per capita |
Stock of direct foreign investment - abroad:
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$7.7 billion (31 December 2009 est.)
$5.3 billion (31 December 2008) |
Stock of direct foreign investment - abroad - per capita:
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86 USD per capita |
Market value of publicly traded shares:
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$20.39 billion (31 December 2010 est.)
$21.2 billion (31 December 2009)
$9.589 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
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226 USD per capita |
Currency (code):
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dong (VND) |
Exchange rates:
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dong (VND) per US dollar -
20,585.6 (2011 est.)
19,130.5 (2010 est.)
17,799.6 (2009)
16,548.3 (2008)
16,119 (2007) |
Fiscal year:
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calendar year |
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