Vietnam skyline

Vietnam Economy

Vietnam's economy in numbers:

Nominal GDP of USD 429 billion in 2023.

GDP per capita of USD 4,272 compared to the global average of USD 10,589.

Average real GDP growth of 6% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2020, services accounted for 51% of overall GDP, manufacturing 17%, other industrial activity 17%, and agriculture 15%. Looking at GDP by expenditure, private consumption accounted for 68% of GDP in 2020, government consumption 7%, fixed investment 27%, and net exports -2%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2020, manufactured products made up 86% of total merchandise exports, mineral fuels 1%, food 9%, ores and metals 1% and agricultural raw materials 2%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 80% of total merchandise imports, mineral fuels 5%, food 8%, ores and metals 4% and agricultural raw materials 2%, with other goods accounting for 1% of the total. Total exports were worth USD 372 billion in 2022, while total imports were USD 346 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 6.0% in the decade to 2022. To read more about GDP growth in Vietnam, go to our dedicated page.

Fiscal policy:

Vietnam's fiscal deficit averaged 2.9% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 2.3% in the decade to 2022. For more information on Vietnam's unemployment click here.

Inflation:

Inflation averaged 3.8% in the decade to 2022. Go to our Vietnam inflation page for extra insight.

Monetary Policy:

Vietnam's monetary policy rate ended 2022 at 6.00%, down from 9.00% a decade earlier. See our Vietnam monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the dong weakened by 11.6% vs the U.S. dollar. For more info on the dong, click here.
GDP growth accelerated to 6.7% year on year in Q4 from 5.5% in Q3, registering the strongest expansion since Q3 2022. Activity was driven by accelerating industrial output growth amid recovering overseas goods demand. Moreover, services momentum picked up, aided by faster retail sales growth. In contrast, the agricultural sector lost steam. The economy thus expanded 5.0% over 2023 as a whole—above the ASEAN average but notably below the government’s 6.5% target and Vietnam’s growth trend over the past decade. Below-trend growth in 2023 was the result of an anti-graft campaign hindering public investment, and weak external demand in the first three quarters. Turning to Q1 2024, our Consensus is for GDP growth to rise further, buoyed by likely ongoing rebounds in industrial output and exports amid stronger global electronics demand.
Projections out to 2033.

44 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 25 expert analysts.

Want to get insight on the economic outlook for Vietnam in the coming years? FocusEconomics collects projections out to 2033 on 44 economic indicators for Vietnam from a panel of 25 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Vietnam economy. To download a sample report on the Vietnam's economy, click here . To get in touch with our team for more information, fill in the form at the bottom of this page .

Vietnam Economic Data

2018 2019 2020 2021 2022
Population (million) 94.7 96.5 97.6 98.5 99.5
GDP (USD bn) 304 332 346 370 406
GDP per capita (USD) 3,216 3,439 3,548 3,753 4,086
GDP (VND tn) 7,009 7,707 8,044 8,480 9,513
Economic Growth (Nominal GDP, ann. var. %) 11.4 10.0 4.4 5.4 12.2
Economic Growth (GDP, ann. var. %) 7.5 7.4 2.9 2.6 8.0
Private Consumption (ann. var. %) 6.9 7.0 0.4 2.2 7.7
Government Consumption (ann. var. %) 4.7 5.4 1.2 4.5 3.6
Fixed Investment (ann. var. %) 8.2 7.7 4.1 2.8 5.6
Exports (G&S, ann. var. %) 12.3 6.2 4.1 13.9 4.7
Imports (G&S, ann. var. %) 9.6 4.9 3.3 15.8 2.1
Industrial Production (ann. var. %) 8.4 6.9 2.4 2.1 15.5
Unemployment (% of active population, aop) 2.2 2.2 2.5 3.1 2.3
Fiscal Balance (% of GDP) -1.0 -0.4 -2.9 -1.4 0.3
Public Debt (% of GDP) 43.5 40.8 41.1 39.1 -
Money (ann. var. of M2 %) 12.4 14.8 14.5 10.7 6.2
Inflation (CPI, ann. var. %, eop) 3.0 5.2 0.2 1.8 4.5
Inflation (CPI, ann. var. %, aop) 3.5 2.8 3.2 1.8 3.2
Inflation (PPI, ann. var. %, aop) 3.1 1.3 -0.6 2.9 4.2
Refinancing Rate (%, eop) 6.25 6.00 4.00 4.00 6.00
Stock Market (ann. var. of HSX %) -9.3 7.7 14.9 35.7 -32.8
Exchange Rate (VND per USD, eop) 23,195 23,173 23,083 22,790 23,575
Exchange Rate (VND per USD, aop) 23,025 23,227 23,236 22,936 23,409
Current Account Balance (USD bn) 6.1 12.2 15.1 -8.1 -1.7
Current Account Balance (% of GDP) 2.0 3.7 4.4 -2.2 -0.4
Merchandise Trade Balance (USD bn) 16.5 21.2 30.7 15.7 25.6
Merchandise Exports (USD bn) 244 264 283 336 372
Merchandise Imports (USD bn) 227 243 252 320 346
Merchandise Exports (ann. var. %) 13.3 8.4 7.0 18.9 10.5
Merchandise Imports (ann. var. %) 11.2 7.0 3.7 27.2 7.9
Foreign Direct Investment (USD bn) 15.5 16.1 15.8 15.7 17.9
International Reserves (USD bn) 55.5 78.3 94.8 109.4 86.5
International Reserves (months of imports) 2.9 3.9 4.5 4.1 3.0
External Debt (USD bn) 113 122 129 140 147
External Debt (% of GDP) 37.0 36.9 37.4 37.8 36.1

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