Economy of Vietnam

Economy of Vietnam

Ho Chi Minh City is the financial center of Vietnam.
Currency	Vietnamese đồng
Fiscal year	Calendar year
Trade organisations	AFTA, WTO, APEC, ASEAN, FAO
Statistics
GDP	$219.4 billion (2016, nominal) $594.9 billion (2016, PPP)
GDP rank	47th (nominal); 35th (PPP)
GDP growth	6.1% (2016)
GDP per capita	$2,371 (2016, nominal) $6,377 (2016, PPP)
GDP by sector	Agriculture: 17%, industry: 39%, services: 44% (2016 est.)
Inflation (CPI)	2.8% (2016)
Population below poverty line	8.4% (2016 est.)
Gini coefficient	37.6 (2014)
Labour force	54.93 million (2016 est.)
Labour force by occupation	Agriculture: 44.3%, industry: 22.9%, services: 32.8% (2015 est.)
Unemployment	3.7% (2016)
Main industries	paddy rice, coffee, rubber, cotton, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas, poultry, fish, seafood
Ease-of-doing-business rank	82nd (2017)
External
Exports	$169.2 billion (2016)
Export goods	clothes, shoes, marine products, crude oil, electronics, wooden products, rice, coffee, machinery
Main export partners	United States 21.2%  China 13.3%  Japan 8.4%  South Korea 5.5%  Germany 4.1% and other ASEAN countries (2015 est.)
Imports	$161 billion (2016)
Import goods	machinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles
Main import partners	China 34.1%  South Korea 14.3%  Singapore 6.5%  Japan 6.4%  Taiwan 5.7%  Thailand 4.7% (2015 est.)
FDI stock	US$114.7 billion (2016)
Gross external debt	US$78.88 billion (Dec 2016 est.)
Public finances
Public debt	54.9% of GDP (2016) $594.9 billion (PPP, 2016 est.)
Revenues	$48.04 billion (2016 est.)
Expenses	$57.21 billion (2016 est.)
Economic aid	$2.174 billion (2016)
Credit rating	Standard & Poor's: BB- (Domestic) BB- (Foreign) BB- (T&C Assessment) Outlook: Stable Moody's: B1 Outlook: Stable Fitch: BB- Outlook: Stable
Main data source: CIA World Fact Book All values, unless otherwise stated, are in US dollars.

$219.4 billion (2016, nominal)

$2,371 (2016, nominal)

54.9% of GDP (2016)

The economy of Vietnam is the 47th-largest economy in the world measured by nominal gross domestic product (GDP) and 35th-largest in the world measured by purchasing power parity (PPP). The country is a member of APEC, ASEAN and the WTO.

Since the mid-1980s, through the Doi Moi reform period, Vietnam has made a shift from a highly centralized planned economy to a mixed economy that uses both directive and indicative planning through five-year plans. Over that period, the economy has experienced rapid growth. In the twenty-first century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises (SMEs). Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia. In a similar fashion to other Communist countries after the end of the Cold War, the planned economy of Vietnam lost the momentum for productivity and sustainable growth. In the current period Vietnam's economy relies largely on foreign direct investment to attract the capital from overseas to support its continual economic rigorousness.