Vietnam Economy

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, and foreign donors have pledged $8 billion in new development assistance for 2010. Domestic investment grew 16% while committed foreign direct investment fell 70%, a steep reduction after 5 years of growth. Nevertheless, the weaker economy, current account deficit, and subdued foreign investment environment means Vietnam's managed currency, the dong, faced downward pressure through 2009, leading the government to devalue it by more than 5% in December.

$256.9 billion (2009 est.)

$243.9 billion (2008 est.)

$229.5 billion (2007 est.)

$92.44 billion (2009 est.)

5.3% (2009 est.)

6.3% (2008 est.)

8.5% (2007 est.)

$2,900 (2009 est.)

$2,800 (2008 est.)

$2,700 (2007 est.)

48.26 million (April 2009 est.)

6.5% (April 2009 est.)

4.7% (2008 est.)

12.3% (2009 est.)

37 (2004)

36.1 (1998)

42.5% of GDP (2009 est.)

53.7% of GDP (2009 est.)

48.8% of GDP (2008 est.)

7% (2009 est.)

23.1% (2008 est.)

6% (31 December 2009)

10.25% (31 December 2008)

15.78% (31 December 2008)

11.18% (31 December 2007)

$25.52 billion (31 December 2008)

$27.01 billion (31 December 2007)

$63.63 billion (31 December 2008)

$50.81 billion (31 December 2007)

$NA (31 December 2008)

$68.27 billion (31 December 2007)

$21.53 billion (31 December 2009 est.)

$9.589 billion (31 December 2008)

$19.54 billion (31 December 2007)

paddy rice, coffee, rubber, cotton, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; poultry; fish, seafood

food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, paper

5.5% (2009 est.)

86.9 billion kWh (2009 est.)

74.5 billion kWh (2009 est.)

535 million kWh (2009 est.)

3.85 billion kWh (2009 est.)

338,400 bbl/day (2009 est.)

302,000 bbl/day (2009 est.)

29,400 bbl/day (2009 est.)

134,200 bbl/day (2009 est.)

4.7 billion bbl (1 January 2009 est.)

7.9 billion cu m (2008 est.)

8.1 billion cu m (2008 est.)

0 cu m (2009 est.)

380,000 cu m (2009 est.)

610 billion cu m (1 January 2009 est.)

-$5.895 billion (2009 est.)

-$10.71 billion (2008 est.)

$56.98 billion (2009 est.)

$62.69 billion (2008 est.)

crude oil, marine products, rice, coffee, rubber, tea, garments, shoes

US 21.43%, Japan 11.44%, China 7.27%, Australia 4.43%, Germany 4.27% (2009)

$65.08 billion (2009 est.)

$75.47 billion (2008 est.)

machinery and equipment, petroleum products, fertilizer, steel products, raw cotton, grain, cement, motorcycles

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)

$17.81 billion (31 December 2009 est.)

$24.18 billion (31 December 2008 est.)

$31 billion (31 December 2009 est.)

$25.89 billion (31 December 2008 est.)

$51.02 billion (31 December 2009 est.)

$42.32 billion (31 December 2008 est.)

$7.7 billion (31 December 2009 est.)

dong (VND) per US dollar - 17,740.8 (2009), 16,548.3 (2008), 16,119 (2007), 15,983 (2006), 15,746 (2005)