Vietnam's Macroeconomic Analysis:
Nominal GDP of USD 429 billion in 2023.
Nominal GDP of USD 429 billion in 2023.
GDP per capita of USD 4,276 compared to the global average of USD 10,589.
GDP per capita of USD 4,272 compared to the global average of USD 10,589.
Average real GDP growth of 6% over the last decade.
Average real GDP growth of 6% over the last decade.
Sector Analysis
In 2020, services accounted for 51% of overall GDP, manufacturing 17%, other industrial activity 17%, and agriculture 15%. Looking at GDP by expenditure, private consumption accounted for 68% of GDP in 2020, government consumption 7%, fixed investment 27%, and net exports -2%.International trade
In 2020, manufactured products made up 86% of total merchandise exports, mineral fuels 1%, food 9%, ores and metals 1% and agricultural raw materials 2%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 80% of total merchandise imports, mineral fuels 5%, food 8%, ores and metals 4% and agricultural raw materials 2%, with other goods accounting for 1% of the total. Total exports were worth USD 372 billion in 2022, while total imports were USD 346 billion.Main Economic Indicators
Economic growthThe economy recorded average annual growth of 6.0% in the decade to 2022. To read more about GDP growth in Vietnam, go to our dedicated page.
Fiscal policy
Vietnam's fiscal deficit averaged 2.9% of GDP in the decade to 2022. Find out more on our dedicated page.
Unemployment
The unemployment rate averaged 2.3% in the decade to 2022. For more information on Vietnam's unemployment click here.
Inflation
Inflation averaged 3.8% in the decade to 2022. Go to our Vietnam inflation page for extra insight.
Monetary Policy
Vietnam's monetary policy rate ended 2022 at 6.00%, down from 9.00% a decade earlier. See our Vietnam monetary policy page for additional details.
Exchange Rate
From end-2012 to end-2022 the dong weakened by 11.6% vs the U.S. dollar. For more info on the dong, click here.
Economic situation in Vietnam
Annual GDP growth ticked up to 7.4% in Q3 from 7.1% in Q2. The acceleration was chiefly driven by the industrial sector, fueled by manufacturing, and an improved services sector performance, underpinned by robust external demand. In Q4, our panel expects GDP growth to be slowing from Q3. Private consumption—which makes up over half of GDP—likely started the quarter on a weaker note; retail sales growth dropped from Q3 in September and posted its worst result since December 2023, likely hampered by Typhoon Yagi. Moreover, external sector data hints at mounted headwinds in Q4: Merchandise exports decelerated from the previous quarter, dragged on by slower industrial output growth. In other news, in late October, Vietnam joined the BRICS group as a partner, a strategic move aimed at balancing its economic ties amid anticipated U.S. import tariffs.Vietnam Economic Forecasts
Projections out to 2034.49 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 27 expert analysts.
Want to get insight on the economic outlook for Vietnam in the coming years? FocusEconomics collects projections out to 2034 on 49 economic indicators for Vietnam from a panel of 27 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Vietnam economy. To download a sample report on the Vietnam's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.