Vietnam export and import have been rising quickly over the past 10 years. Economic challenges include lack of infrastructure, business climate shortcomings, pending public sector reforms, growing inequality, a weak banking system. Vietnam’s economy grew 7.1 percent year over year in the first half of 2018. Deputy Editor-in-Chief: Dang Thai Anh. Vietnam is home to more than 5000 deposits of minerals that include rare metals that are in high demand around the world. Please check the spelling. Vietnam's economy is based on large state-owned industries such as textiles, food, furniture, plastics and paper as well as tourism and telecommunications. While agricultural trade surplus edged up on the year in 2019, the livestock industry continued to suffer from various diseases, including swine flu. © Export Entreprises SA, All Rights Reserved. Please authenticate by going to "My account" → "Administration". Latest Update: March 2021. New Economic Structure for Vietnam Toward Sustainable Economic Growth in 2020 . Santander, Santander Trade and the Flame logo are registered trademarks. The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Over the past 30 years, Vietnam has had a remarkable development record. Source: Economic and political reforms under Đổi Mới, launched in 1986, have spurred rapid economic growth and development and transformed Vietnam from one of the worlds poorest nations to a lower middle-income country. WEBSITE VIETNAM ECONOMIC NEWS - MINISTRY OF INDUSTRY AND TRADE. October 2020, Note 2: The GDP growth projections for 2021 and 2022 (Constant Prices, Annual % Change) Learn more about how Statista can support your business. Agriculture is the main source of raw materials for the processing industries and a major contributor to exports (mining in the north and rubber plantations in the south). World Bank, Because of rounding, the sum of the percentages may be smaller/greater than 100%. Still employs almost half of the population and is highly labour-intensive in Vietnam; much ploughing is still done by water buffalo. November 17, 2020. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Vietnam’s open trade network makes it an attractive destination for FDI. All rights reserved. In 2020, 36.23 percent of the employees in Vietnam were active in the agricultural sector, 28.36 percent in industry and 35.41percent in the service sector. Many airlines have halted and cancelled their flights to the infected destinations. The Gross Domestic Product (GDP) in Vietnam was worth 261.92 billion US dollars in 2019, according to official data from the World Bank and projections from Trading Economics. 8, 2021, Cumulative cases of COVID-19 worldwide from Jan. 22, 2020 to Mar. Fading as the most important economic sector in Vietnam. South Vietnam has also been the main destination for renewable energy investment projects, in particular solar power plants. Source: Administration of Radio, Television and E-information under the Ministry of Industry and Trade In, World Bank. IMF – World Economic Outlook Database, To find out about the latest status of the COVID19 pandemic evolution and the most up-to-date statistics on the COVID19 disease in Vietnam, please visit the, To find out about the latest public health situation in Vietnamese and the current sanitary measures in vigour, please consult the Vietnamese government, For the information on the travel restrictions undertaken by the government of Vietnam, please consult the Vietnamese government, For the information on all the measures applicable to movement of goods during the period of sanitary emergency due to the COVID-19 outbreak (including eventual restrictions on imports and exports, if applicable), please consult the portals of the, For the information on the economic recovery scheme put in place by the Vietnamese government to address the impact of the COVID19 pandemic on the Vietnamese economy, please visit the website of the, For the information on the local business support scheme established by the Vietnamese government to help small and  medium-sized companies to deal with the economic impacts of the COVID19 epidemic on their activity, please consult  the, To find out about the support plan for exporters put in place by the Vietnamese government, please consult the, IMF's policy tracking platform Policy Responses to COVID-19, Economic freedom in the world (interactive map), 2019 Index of Economic Freedom, Heritage Foundation, The Economist - Business Environment Rankings 2014-2018, Vietnam Ministry of Planning and Investment, Vietnamese Ministry of Industry and Trade, International Trade Centre's COVID-19 Temporary Trade Measures, World Bank's Map of SME-Support Measures in Response to COVID-19. Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 Agriculture, forestry, and fishing Industry (including construction) Are you interested in testing our corporate solutions? 1 Manufacturing boomed in the first half of the year (12.9 percent), fueling the industry and construction segment of the economy (9.1 percent), while agriculture (3.9 percent) and services (6.9 percent) also recorded healthy growth rates. According to the updated IMF forecasts from January 2021, GDP growth in Vietnam is expected to bounce back to 6.7% this year and 7.4% in 2022, subject to the post-pandemic global economic recovery. The large population of Vietnam and important foreign investments have also made it an important production center for the textile industry, as well as for electronics. Transparency International ranks Vietnam as 104th out of 180 countries in its Corruption Perceptions Index 2020, from the 96th spot a year earlier. However, structural problems in the land and credit markets and the still-large state-owned-enterprise sector remain obstacles to the private sector. Agriculture in Vietnam is one of the spear economic sectors in Vietnam, mainly contributing the economic development of Vietnam. October 15, 2020. It examines ten separate criteria or categories, covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure. However, with the implementation of structural and fiscal reforms in recent years, Vietnam would still be able to meet growth expectations in key sectors. Vietnam is one of the fastest growing countries in the world and its economy has shown resilience to trade wars and slower growth rates in neighbouring China. Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. In addition, external debt service fell to 4.6% of current external receipts (CXR). Please log in to access our additional functions, *Duration: 12 months, billed annually, single license, The ideal entry-level account for individual users. On… Retail banking. The energy sector has boomed in recent years (coal, hydrocarbons, electricity, cement, steel industry). In 2006 it became a net external creditor for the first time. Source: The Economist - Business Environment Rankings 2014-2018. Therefore, any incident related to the contents or services must be resolved between the user and Export Entreprises S.A.; with no involvement or responsibility from Banco Santander, S.A. or any of its subsidiaries. This limited increase is a result of tightening monetary policies and limits on new government guarantees. Any Comment About This Content? Instead, Vietnam should increase its labor productivity growth within sectors to achieve an economy-wide boost of some 50 percent—to 6.4 percent annually—if the economy is to meet the government’s target of a 7 to 8 percent annual GDP expansion by 2020. Find more information about your business sector on our service Market Reports. (October 15, 2020). The GDP value of Vietnam represents 0.22 percent of the world economy. Inflation went up to 3.8% in 2020 from 2.8% in 2019, and is forecast to average 4% in 2021 and 2022 by the latest World Economic Outlook of the IMF (January 2021). Chart. For the general overview of the key economic policy responses to the COVID-19 outbreak (fiscal, monetary and  macroeconomic) taken by the French government to limit the socio-economic impact of the COVID-19 pandemic,  please consult the section dedicated to France in the IMF’s Policy Tracker platform. Report It to Us. Agriculture, fishery and forestry. Fitch Ratings expects this to be sustained thanks to the forecasts that foreign-exchange reserves will grow faster than gross external debt (GXD). Vietnam economic growth for 2017 was $223.78B, a 9.01% increase from 2016. COVID-19 deaths worldwide as of April 8, 2021, by country, COVID-19 cases worldwide as of April 8, 2021, by country, Coronavirus (COVID-19) cases, recoveries, and deaths worldwide as of Apr. Profit from additional features by authenticating your Admin account. Publication Permit: 456/GP-BTTTT dated November 18, 2013. The country has also invested in high value-added industries such as cars, electronic and computer technologies (software). Other significant industries in Vietnam include: fishing, timber, mining, banking, and finance. For a general overview of trade restrictions due to COVID-19 pandemic, please consult the section dedicated to Vietnam on the International Trade Centre's COVID-19 Temporary Trade Measures webpage. However, this also makes Vietnam vulnerable to slowing global demand, which may affect Vietnam’s exporting industry. GXD also reached a decade low of 30% of GDP in 2006 and Fitch expects it to decline in 2007-2008. Vietnam economic growth for 2018 was $245.21B, a 9.58% increase from 2017. Among those, there are main Vietnam industry sectors with long-lasting potentials, high efficiency, and … Industry contributed 34.5% of GDP and employed 28% of the total workforce in 2020 (World Bank). For the international outlook you can consult the latest travel updates available on the IATA website. World Bank. Export has risen by more … Facebook: number of monthly active users worldwide 2008-2020, Smartphone market share worldwide by vendor 2009-2020, Number of apps available in leading app stores 2020, Profit from additional features with an Employee Account. Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 [Graph]. "Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019." Register in seconds and access exclusive features. Covid-19 crippled key sectors and the economy plunged in 2020, but Vietnam expects to make a strong recovery after managing the pandemic effectively. The country has 7% of the world’s bauxite reserves as well as tungsten, titanium, phosphate, coal, and iron ore. As of 2015, Vietnam became the 3rd largest mineral producer in South East Asia with some projects in the pipeline to push it to the apex of the global mineral trade. and over 1 Mio. VietNamNet Bridge – Fulbright University estimates that Vietnam’s informal economic sector makes up 25-30 percent of total GDP and has 57 percent of total number of workers, but the General Statistics Office (GSO) believes that the informal sector is not that large. vote of confidence in favor of Vietnam’s economic prospects. were updated by the IMF in January 2021. Your country was not recognised. 1975 when Vietnam was united, adopting a central-planning economy. Main services include tourism and telecommunications. For a general overview of international SME support policy responses to the COVID-19 outbreak refer to the World Bank's Map of SME-Support Measures in Response to COVID-19. New, Figures and insights about the advertising and media world, Industry Outlook Overview and forecasts on trending topics, Key figures and rankings about brands and companies, Consumer insights and preferences in various industries, Detailed information about political and social topics, All key figures about regions and countries, Everything you need to know about Consumer Goods, Identify market potentials of the digital future, Technology Market Outlook Vietnam's economy is based on large state-owned industries such as textiles, food, furniture, plastics and paper as well as tourism and telecommunications. IMF – World Economic Outlook Database, By continuing your navigation on our website. The business rankings model measures the quality or attractiveness of the business environment in the 82 countries covered by The Economist Intelligence Unit’s Country Forecast reports. Economists say this will create momentum for this year’s growth, which will be primarily driven by traditional sectors. Quick Analysis with our professional Research Service: Content Marketing & Information Design for your projects: Figures have been rounded.The source does not provide any information regarding percentage points not adding up to or exceeding 100 percent. Both ratios … Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in domestic demand, and strong manufacturing exports. Vietnam’s regulatory quality and ease of doing business generally improved over the years, reflecting a leveling of the playing field between the private sector and the state. Mining is a significant contributor to the economy with statistics showing that it directly adds 8.1% to the GDP. Vietnam’s banking and financial services sector is relatively undeveloped but boasts … Agriculture represented 14% of GDP and employs 36% of the total workforce in 2020 (World Bank). ", World Bank, Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 Statista, https://www.statista.com/statistics/444611/vietnam-gdp-distribution-across-economic-sectors/ (last visited April 11, 2021), Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019, Median age of the population in Vietnam 2015, Gross domestic product (GDP) in Vietnam 2025*, Gross domestic product (GDP) per capita in Vietnam 2025*, Gross domestic product (GDP) growth rate in Vietnam 2025*, Vietnam: Share in global GDP adjusted for PPP 2025*, Distribution of gross domestic product (GDP) across economic sectors Vietnam 2019, Employment by economic sector in Vietnam 2020, Youth unemployment rate in Vietnam in 2020, National debt of Vietnam in relation to gross domestic product (GDP) 2025*, Ratio of military expenditure to gross domestic product (GDP) in Vietnam 2018, Ratio of government expenditure to gross domestic product (GDP) in Vietnam 2025*, Vietnam's budget balance in relation to GDP 2025, Total population of the ASEAN countries from 2010 to 2020, Gross domestic product of the ASEAN countries from 2010 to 2020, Import growth in the ASEAN region 2015 by country, Export growth in the ASEAN region 2015 by country, Trade balance in the ASEAN region by country 2019, New cases of COVID-19 worldwide from January 23, 2020 to April 7, 2021, by day, Economic sector breakdown of the workforce in China 2009-2019, Distribution of the workforce across economic sectors in Beijing 2008-2019, Employment in Italy 2020, by economic sector, Number and size of farms in the U.S. 2012-2020, Sugar plantation acreage in China 2009-2019, by type, Size of irrigated areas in China 2019, by region, Commodity prices of skimmed milk powder in the United Kingdom (UK) 2000-2015, Bare fallow production: agriculture land in Wales 2000-2019, Production of telephone sets in China 2009-2019, Galvanized hard-drawn steel wires production volume in Japan 2012-2019, Production volume of synthetic staple fibers Japan 2012-2019, Share of people who quit mobile dating apps Thailand 2020, by gender, Personal income tax rate in Iraq 2010-2025, Find your information in our database containing over 20,000 reports, Tools and Tutorials explained in our Media Centre. Vietnam has undertaken ‘three pillars’ of economic restructuring: resolving bad debts in the banking sector; rationalising the state-owned sector, and improving the quality of public investment. It reached 3.3% in 2020 from 2.2% in 2019 and is expected to come back to 2.7% in 2021 and 2.4% in 2022 (IMF, 2021). Download Historical Data … The economy began the fourth quarter on a robust footing according to available data. Tax reforms and privatisation of state-owned companies helped compensate the budget deficit in 2019. Tools and resources to help your company expand globally. The three issues are closely intertwined. Please create an employee account to be able to mark statistics as favorites. Statista. Diversified trade structure, rising wages and domestic consumption are the backbone of the Vietnamese economic growth. Then you can access your favorite statistics via the star in the header. Binh Duong and Ho Chi Minh City, in South Vietnam, are the main industrial hubs, specializing in textile, leather, footwear, mechanics, electricity and electronics, and wood processing. Directly accessible data for 170 industries from 50 countries Vietnam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and strong manufacturing sector. facts. Then you will be able to mark statistics as favourites and use personal statistics alerts. For the latest updates on the key economic responses from governments to address the economic impact of the COVID-19 pandemic, please consult the IMF's policy tracking platform Policy Responses to COVID-19. Source: 2019 Index of Economic Freedom, Heritage Foundation. Nonetheless, labour costs remain competitive, which help attract foreign investments to the country. Vietnam economy is a market economy which depends much on exports, and projects on FDI. Main Sectors of Industry. According to the IMF, government debt reached 46.6% of GDP in 2020, up from 43.4% a year earlier, and is expected to edge up further to 47.1% in 2021 and to 47.2% in 2022. This accelerated economic pace is due to labour shifting from agriculture to manufacturing and services, private investment, a strong tourist sector, higher wages, and accelerating urbanisation. Update, Insights into the world's most important technology markets, Advertising & Media Outlook Industry has gained proportionally in importance, growing from a percentage contribution of GDP in 1989 of 22.9 percent to 36.7 percent in 1999. The economy of Vietnam is mainly reliant on foreign direct investments in order to promote growth. Please do not hesitate to contact me. Vietnam industry consists of important fields in three main groups: exploiting industry, processing and producing industry, electricity, water, and gas distribution. Source: Social challenges include poverty reduction, improving higher education, and allowing freedom of the press. The economic structure of Vietnam has changed a great deal since the end of warfare in the country in 1989, with agriculture declining in importance from 40.8 percent of GDP in 1989 to 27.1 percent in 1999. (billed annually). However, the tourism sector remained downtrodden due to the border closure. }}, Economic freedom in the world (interactive map) Latest Available Data. The unemployment rate in Vietnam remains particularly low. $39 per month* This feature is limited to our corporate solutions. Economic Indicators for Vietnam including actual values, historical data charts, an economic calendar, time-series statistics, business news, long term forecasts and short-term predictions for Vietnam economy. Even though attractive real estate deals might be shifting investor focus, it is highly likely that key manufacturing sectors will continue to attract foreign investment given Vietnam’s solid export performance. Vietnam has been improving its external financial position and international foreign-exchange reserves (including gold). "2020 has been a particularly difficult year for Vietnam with most sectors, especially services and manufacturing, suffering Covid-19 impacts. Santander Trade offers a set-content, database and tools provided and managed by Export Entreprises S.A. Santander provides access to its client companies but is totally unrelated to the contents and services provided which are, fully, the responsibility of Export Entreprises S.A. Read more The mouthpiece of the Ministry of Industry and Trade. "Vietnam: Distribution of Gross Domestic Product (Gdp) across Economic Sectors from 2009 to 2019. Vietnam is one of the fastest growing countries in the world and its economy has shown resilience to trade wars and slower growth rates in neighbouring China. Heavily reliant upon agriculture, Vietnam has grown to become a leader in the production and export of several commodities, especially rice, coffee, rubber and sea products. Exports constitute an increasingly significant contribution to Vietnam's GDP and certain sectors, such as industrial production, textile, electronics and seafood production have been growing rapidly. Vietnam Economic Outlook. Vietnam economic growth for 2016 was $205.28B, a 6.23% increase from 2015. Main crops include rice, coffee, cashew nuts, corn, pepper, sweet potatoes, peanuts, cotton, rubber and tea as well as aquaculture. In October, industrial production gained steam on a stronger manufacturing sector, while retail sales expanded notably and exports surged. Agriculture represented 14% of GDP and employs 36% of the total workforce in 2020 (World Bank). Growth reached 7% in 2019, down from a 10-year high of 7.1% a year earlier. (VOVWORLD) - Vietnam’s GDP increased 7.02% last year, marking the second consecutive year the economic growth rate has surpassed 7%. The manufacturing sector’s importance to Vietnam’s overall economy is clear, and so key steps have been taken to keep operations running despite lockdowns in other countries. Vietnam - Economic sectors. 16, 2021, by day. Although tourism and hospitality have been the most -heavily affected sectors, Vietnam’s exports have nonetheless been able to Nonetheless, public authorities continue to intervene in both directions to keep the Dong within a narrow band against major international currencies and accrue foreign reserves. Around 40% of Vietnam's debt has medium or long-term maturity, a significant risk considering 40% of said debt is denominated in foreign currencies and represent a currency risk. In 2003, Vietnam produced an estimated 30.7 million cubic meters … Accessed April 11, 2021. https://www.statista.com/statistics/444611/vietnam-gdp-distribution-across-economic-sectors/, World Bank. Total exports increased a robust 16 Manufacturing drives Vietnam closer to “Asian tiger” status. Manufacturing rose by 10.9% year-on-year in 2019, contributing a record industrial trade surplus of over USD 10 billion (Vietnamese government).Services represented 41.6% of GDP and employed 35% of the total workforce in 2020 (World Bank). New, Everything you need to know about the industry development, Find studies from all around the internet. Despite being a 'newcomer' in the oil industry, Vietnam has become the third largest Southeast Asian producer. Vietnam economy overview. For the international outlook you can consult the latest situation reports published by the World Health Organisation as well as the global daily statistics on the coronavirus pandemic evolution including data on confirmed cases and deaths by country. The economy ranks sixth in Southeast Asia, and fifty-seventh in the global market. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms. Corporate solution including all features. Due to the outbreak of the COVID-19, growth dropped but remained in positive territory in 2020 with 1.6%. The economic toll on Vietnam is already visible. The Doi Moi process started in 1986 with open and market economy policies and the country joined the WTO in 2007.