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. 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. WTO membership
has provided Vietnam an anchor to the global
market and reinforced the domestic economic reform
process. Agriculture's share of economic output
has continued to shrink from about 25% in 2000 to
about 21% in 2009. 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 growing less than
the 7% per annum average achieved during the last
decade. In 2009 exports fell nearly 10%
year-on-year, prompting the government to consider
adjustments to tariffs to limit the trade deficit.
The government has used stimulus spending,
including a subsidized lending program, to help
the economy through the global financial crisis.
Vietnam's managed currency, the dong, faced
downward pressure during the recession and the
government devalued it by nearly 7% in December
2009. Foreign donors pledged $8 billion in new
development assistance for 2010. Export growth
resumed in 2010, driving GDP upward. However,
Hanoi has struggled to control one of the region's
highest inflation rates, which stands at 11.1%
with interest hikes and multiple devaluations of
the dong. Vietnam's economy faces higher lending
rates, additional IMF scrutiny, domestic
inflationary pressures, and an underperforming
stock market.
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|
GDP
(purchasing power parity):
|
$278.1 billion
(2010 est.)
country
comparison to the world: 42
$260.3 billion
(2009 est.)
$247.2 billion
(2008 est.)
note: data
are in 2010 US dollars
|
|
GDP
(official exchange rate):
|
$102 billion
(2009 est.)
|
|
GDP - real
growth rate:
|
6.8% (2010
est.)
country
comparison to the world: 28
5.3% (2009
est.)
6.3% (2008
est.)
|
|
GDP - per
capita (PPP):
|
$3,100 (2010
est.)
country
comparison to the world: 168
$2,900 (2009
est.)
$2,800 (2008
est.)
note: data
are in 2010 US dollars
|
|
GDP -
composition by sector:
|
agriculture: 20.5%
industry: 40.2%
services: 39.2%
(2009 est.)
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|
Labor force:
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47.49 million
(April 2009 est.)
country
comparison to the world: 12 |
|
Labor force
- by occupation:
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agriculture: 51.8%
industry: 15.4%
services: 32.7%
(April 2009)
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Unemployment
rate:
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6.4% (2010
est.)
country
comparison to the world: 61
6.5% (2009
est.)
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Population
below poverty line:
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12.3% (2009
est.)
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|
Household
income or consumption by percentage share:
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lowest 10%: 3.1%
highest 10%: 29.8%
(2006)
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Distribution
of family income - Gini index:
|
37 (2004)
country
comparison to the world: 78
36.1 (1998)
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Investment
(gross fixed):
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35.1% of GDP
(2009 est.)
country
comparison to the world: 8 |
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Budget:
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revenues: $26.52
billion
expenditures: $33.39
billion (2009 est.)
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Public debt:
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53.5% of GDP
(2010 est.)
country
comparison to the world: 46
52.4% of GDP
(2009 est.)
|
|
Inflation
rate (consumer prices):
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11.1% (2010
est.)
country
comparison to the world: 202
7% (2009 est.)
|
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Central bank
discount rate:
|
6% (31 December
2009)
country
comparison to the world: 43
10.25% (31
December 2008)
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Commercial
bank prime lending rate:
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15.78% (31
December 2008)
country
comparison to the world: 81
11.18% (31
December 2007)
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Stock of
narrow money:
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$33.76 billion
(31 December 2010 est)
$31.75 billion
(31 December 2009 est)
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Stock of
broad money:
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$118.8 billion
(31 December 2010 est.)
$107.3 billion
(31 December 2009 est.)
|
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Stock of
domestic credit:
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$132.1 billion
(31 December 2010 est.)
country
comparison to the world: 44
$114.6 billion
(31 December 2009 est.)
|
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Market value
of publicly traded shares:
|
$21.2 billion
(31 December 2009 est.)
country
comparison to the world: 69
$9.589 billion
(31 December 2008)
$19.54 billion
(31 December 2007)
|
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Agriculture
- products:
|
paddy rice,
coffee, rubber, cotton, tea, pepper, soybeans,
cashews, sugar cane, peanuts, bananas; poultry;
fish, seafood
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Industries:
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food
processing, garments, shoes, machine-building;
mining, coal, steel; cement, chemical fertilizer,
glass, tires, oil, paper
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Industrial
production growth rate:
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7.5% (2009
est.)
country
comparison to the world: 36 |
|
Electricity
- production:
|
86.9 billion
kWh (2009 est.)
country
comparison to the world: 34 |
|
Electricity
- consumption:
|
74.5 billion
kWh (2009 est.)
country
comparison to the world: 36 |
|
Electricity
- exports:
|
535 million kWh
(2009 est.)
|
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Electricity
- imports:
|
3.85 billion
kWh (2009 est.)
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Oil -
production:
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338,400 bbl/day
(2009 est.)
country
comparison to the world: 36 |
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Oil -
consumption:
|
302,000 bbl/day
(2009 est.)
country
comparison to the world: 42 |
|
Oil -
exports:
|
29,400 bbl/day
(2009 est.)
country
comparison to the world: 89 |
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Oil -
imports:
|
134,200 bbl/day
(2009 est.)
country
comparison to the world: 58 |
|
Oil - proved
reserves:
|
4.7 billion bbl
(1 January 2009 est.)
country
comparison to the world: 26 |
|
Natural gas
- production:
|
7.9 billion cu
m (2008 est.)
country
comparison to the world: 45 |
|
Natural gas
- consumption:
|
8.1 billion cu
m (2008 est.)
country
comparison to the world: 53 |
|
Natural gas
- exports:
|
0 cu m (2009
est.)
country
comparison to the world: 101 |
|
Natural gas
- imports:
|
380,000 cu m
(2009 est.)
country
comparison to the world: 69 |
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Natural gas
- proved reserves:
|
610 billion cu
m (1 January 2009 est.)
country
comparison to the world: 31 |
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Current
account balance:
|
-$9.622 billion
(2010 est.)
country
comparison to the world: 176
-$7.44 billion
(2009 est.)
|
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Exports:
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$70.76 billion
(2010 est.)
country
comparison to the world: 41
$57.1 billion
(2009 est.)
|
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Exports -
commodities:
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crude oil,
marine products, rice, coffee, rubber, tea,
garments, shoes
|
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Exports -
partners:
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US 21.43%,
Japan 11.44%, China 7.27%, Australia 4.43%,
Germany 4.27% (2009)
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Imports:
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$81.73 billion
(2010 est.)
country
comparison to the world: 35
$65.4 billion
(2009 est.)
|
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Imports -
commodities:
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machinery and
equipment, petroleum products, fertilizer, steel
products, raw cotton, grain, cement, motorcycles
|
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Imports -
partners:
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China 16.42%,
Singapore 9.61%, Japan 8.96%, Taiwan 8.23%, South
Korea 7.72%, Thailand 6.41%, Hong Kong 4.45%, US
4.27% (2009)
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Reserves of
foreign exchange and gold:
|
$16.3 billion
(31 December 2010 est.)
country
comparison to the world: 45
$16.8 billion
(31 December 2009 est.)
|
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Debt -
external:
|
$33.45 billion
(31 December 2010 est.)
country
comparison to the world: 62
$27.84 billion
(31 December 2009 est.)
|
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Stock of
direct foreign investment - at home:
|
$59.52 billion
(31 December 2010 est.)
country
comparison to the world: 51
$49.92 billion
(31 December 2009 est.)
|
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Stock of
direct foreign investment - abroad:
|
$7.7 billion
(31 December 2009 est.)
country
comparison to the world: 52
$NA (31
December 2008)
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Exchange
rates:
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dong (VND) per
US dollar - 19,148.9 (2010), 17,799.6 (2009),
16,548.3 (2008), 16,119 (2007), 15,983 (2006)
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