GDP in Vietnam

Vietnam GDP | Economic News & Forecasts

Vietnam - GDP

Growth slows slightly in Q4 but remains rapid

The economy grew 7.0% in the fourth quarter of 2019, down from Q3’s revised 7.5% expansion (previously reported: +7.3% year-on-year). As a result, the economy grew 7.0% in 2019 as a whole, likely the highest reading in ASEAN.

The fourth quarter’s reading was driven by strong growth in manufacturing and services (+10.9% and +8.1% respectively), with the services sector likely benefiting from a surge in visitor arrivals and low unemployment. However, the agricultural sector appeared to remain hampered by the impact of African swine fever on pork production, expanding a mere 1.6% year-on-year.

Looking ahead, growth should remain well above the ASEAN average, supported by buoyant domestic demand, FDI, manufacturing and a blossoming tourism sector. However, the country’s open economy remains vulnerable to a synchronized global slowdown and possible U.S. tariffs.

The government is targeting 6.8% growth in 2020; our panelists, however, are slightly less optimistic and expect GDP to expand 6.6% in 2020, which is up 0.1 percentage points from last month’s forecast. The panel sees growth at 6.5% in 2021.

Vietnam - GDP Data

2014   2015   2016   2017   2018  
Economic Growth (GDP, annual variation in %)6.0  6.7  6.2  6.8  7.1  

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Vietnam GDP Chart


Vietnam GDP
Note: Annual variation of gross domestic product (GDP) in %.
Source: General Statistics Office of Vietnam and FocusEconomics calculations.

Vietnam Facts

Value Change Date
Bond Yield3.38-0.13 %Dec 31
Exchange Rate23,1730.01 %Jan 01

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