Publication Permit: 456/GP-BTTTT dated November 18, 2013. By continuing your navigation on our website. World Bank. 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). Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 [Graph]. Fitch Ratings expects this to be sustained thanks to the forecasts that foreign-exchange reserves will grow faster than gross external debt (GXD). Download Historical Data … The three issues are closely intertwined. Directly accessible data for 170 industries from 50 countries Mining is a significant contributor to the economy with statistics showing that it directly adds 8.1% to the GDP. 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. Tax reforms and privatisation of state-owned companies helped compensate the budget deficit in 2019. Register in seconds and access exclusive features. Vietnam's economy is based on large state-owned industries such as textiles, food, furniture, plastics and paper as well as tourism and telecommunications. You only have access to basic statistics. 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. Update, Insights into the world's most important technology markets, Advertising & Media Outlook Social challenges include poverty reduction, improving higher education, and allowing freedom of the press. 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). Any Comment About This Content? "Vietnam: Distribution of Gross Domestic Product (Gdp) across Economic Sectors from 2009 to 2019. Vietnam's economy is based on large state-owned industries such as textiles, food, furniture, plastics and paper as well as tourism and telecommunications. Source: The Economist - Business Environment Rankings 2014-2018. Then you will be able to mark statistics as favourites and use personal statistics alerts. Vietnam is home to more than 5000 deposits of minerals that include rare metals that are in high demand around the world. Vietnam has been improving its external financial position and international foreign-exchange reserves (including gold). 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. The GDP value of Vietnam represents 0.22 percent of the world economy. Economists say this will create momentum for this year’s growth, which will be primarily driven by traditional sectors. Main Sectors of Industry. ", 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. Transparency International ranks Vietnam as 104th out of 180 countries in its Corruption Perceptions Index 2020, from the 96th spot a year earlier. Please do not hesitate to contact me. (billed annually). This feature is limited to our corporate solutions. Many airlines have halted and cancelled their flights to the infected destinations. Vietnam’s economy grew 7.1 percent year over year in the first half of 2018. were updated by the IMF in January 2021. Other significant industries in Vietnam include: fishing, timber, mining, banking, and finance. Please check the spelling. Statista. Main crops include rice, coffee, cashew nuts, corn, pepper, sweet potatoes, peanuts, cotton, rubber and tea as well as aquaculture. 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. Latest Available Data. 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. 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. October 15, 2020. facts. In, World Bank. vote of confidence in favor of Vietnam’s economic prospects. Vietnam Economic Outlook. Source: Export has risen by more … Growth reached 7% in 2019, down from a 10-year high of 7.1% a year earlier. Manufacturing drives Vietnam closer to “Asian tiger” status. Please authenticate by going to "My account" → "Administration". Despite being a 'newcomer' in the oil industry, Vietnam has become the third largest Southeast Asian producer. 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 Find more information about your business sector on our service Market Reports. World Bank, 1975 when Vietnam was united, adopting a central-planning economy. Please log in to access our additional functions, *Duration: 12 months, billed annually, single license, The ideal entry-level account for individual users. (October 15, 2020). IMF – World Economic Outlook Database, 8, 2021, Cumulative cases of COVID-19 worldwide from Jan. 22, 2020 to Mar. 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. Vietnam has a young population, stable political system, commitment to sustainable growth, relatively low inflation, stable currency, strong FDI inflows, and strong manufacturing sector. New, Everything you need to know about the industry development, Find studies from all around the internet. 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. Vietnam economic growth for 2017 was $223.78B, a 9.01% increase from 2016. Tools and resources to help your company expand globally. Diversified trade structure, rising wages and domestic consumption are the backbone of the Vietnamese economic growth. Vietnam economic growth for 2018 was $245.21B, a 9.58% increase from 2017. The economy ranks sixth in Southeast Asia, and fifty-seventh in the global market. Santander, Santander Trade and the Flame logo are registered trademarks. The largest industries here are services which make up 49.75% of the GDP, industry which makes up 33.25%, and agriculture which makes up 17% of GDP. The economy began the fourth quarter on a robust footing according to available data. WEBSITE VIETNAM ECONOMIC NEWS - MINISTRY OF INDUSTRY AND TRADE. Please contact us to get started with full access to dossiers, forecasts, studies and international data. Latest Update: March 2021. 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. 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). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. The country has also invested in high value-added industries such as cars, electronic and computer technologies (software). Vietnam economic growth for 2016 was $205.28B, a 6.23% increase from 2015. 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). 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. $39 per month* South Vietnam has also been the main destination for renewable energy investment projects, in particular solar power plants. Learn more about how Statista can support your business. Main services include tourism and telecommunications. New Economic Structure for Vietnam Toward Sustainable Economic Growth in 2020 . Chart. In 2003, Vietnam produced an estimated 30.7 million cubic meters … 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. Source: 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. "2020 has been a particularly difficult year for Vietnam with most sectors, especially services and manufacturing, suffering Covid-19 impacts. 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 export and import have been rising quickly over the past 10 years. Administration of Radio, Television and E-information under the Ministry of Industry and Trade Then you can access your favorite statistics via the star in the header. 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. October 2020, Note 2: The GDP growth projections for 2021 and 2022 (Constant Prices, Annual % Change) 16, 2021, by day. Covid-19 crippled key sectors and the economy plunged in 2020, but Vietnam expects to make a strong recovery after managing the pandemic effectively. However, this also makes Vietnam vulnerable to slowing global demand, which may affect Vietnam’s exporting industry. Corporate solution including all features. Over the past 30 years, Vietnam has had a remarkable development record. New, Figures and insights about the advertising and media world, Industry Outlook Vietnam’s open trade network makes it an attractive destination for FDI. Total exports increased a robust 16 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). Source: Economic challenges include lack of infrastructure, business climate shortcomings, pending public sector reforms, growing inequality, a weak banking system. 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. 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. However, structural problems in the land and credit markets and the still-large state-owned-enterprise sector remain obstacles to the private sector. 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. In October, industrial production gained steam on a stronger manufacturing sector, while retail sales expanded notably and exports surged. For the international outlook you can consult the latest travel updates available on the IATA website. 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. Because of rounding, the sum of the percentages may be smaller/greater than 100%. In 2006 it became a net external creditor for the first time. © Export Entreprises SA, All Rights Reserved. The energy sector has boomed in recent years (coal, hydrocarbons, electricity, cement, steel industry). and over 1 Mio. 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. 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. However, with the implementation of structural and fiscal reforms in recent years, Vietnam would still be able to meet growth expectations in key sectors. (VOVWORLD) - Vietnam’s GDP increased 7.02% last year, marking the second consecutive year the economic growth rate has surpassed 7%. 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. 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. Among those, there are main Vietnam industry sectors with long-lasting potentials, high efficiency, and … All rights reserved. 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. Although tourism and hospitality have been the most -heavily affected sectors, Vietnam’s exports have nonetheless been able to Your country was not recognised. Agriculture represented 14% of GDP and employs 36% of the total workforce in 2020 (World Bank). Retail banking. 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. 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. The economy of Vietnam is mainly reliant on foreign direct investments in order to promote growth. The economic toll on Vietnam is already visible. 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. In addition, external debt service fell to 4.6% of current external receipts (CXR). Agriculture, fishery and forestry. This limited increase is a result of tightening monetary policies and limits on new government guarantees. Due to the outbreak of the COVID-19, growth dropped but remained in positive territory in 2020 with 1.6%. The unemployment rate in Vietnam remains particularly low. Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 Agriculture, forestry, and fishing Industry (including construction) 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. 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.