With strong economic expansion projected over the next decade, Vietnam's total GDP is forecast to increase from USD 327 billion in 2022 to USD 470 billion by 2025, rising to USD 760 billion by 2030.
Vietnam is therefore currently ranked 40 of the major economies. If this is calculated per inhabitant, taking purchasing power parity into account, then Vietnam ranks 113rd in the list of the richest countries. Inflation in Vietnam in 2022 was around 3.16%. Within the EU, the average in the same year was 9.22 percent.
Vietnam is one of the fastest–growing economies in the world. The country's economic boom is attributed to the shift in labour allocation from agriculture to the manufacturing and services sector. Vietnam also received a boost from private investment, strong tourism, higher wages, and increased urbanisation.
$371.5 billion (2022 est.)
Vietnam's economy has been growing rapidly and has exceeded the assessments of the International Monetary Fund, World Bank and ADB, with an 8.02% growth rate in 2022, which is the fastest rate since 1997.
Recent Economic Developments and Prospects. Vietnam's economy experienced a strong rebound in 2022, with growth reaching 8.0 percent, exceeding its average rates of 7.1 percent from 2016 to 2019.
Since Vietnam has large number of populations by most young generation is in labor force, the population growth rate is estimated to be the highest growth among ASEAN countries in the next 5-6 years and it makes the domestic market a high potential for highly growing.
Also it is worth mentioning that Vietnam's economy is predicted to surpass Thailand's after 2028. Moreover, by 2036, it is expected that Vietnam's economy will surpass those of Switzerland, Belgium, Sweden, Poland and Australia, according to CEBR.
Vietnam has been listed among the world's top 30 powerful countries in 2022 by US News & World Report. With a GDP of over 363 billion USD and a population of more than 98.2 million, Vietnam stands at the 30th position in the rankings, only after Singapore (26th position) among the Southeast Asian countries.
For instance, Vietnam's GDP per capita is higher than India's. Meanwhile, Vietnam's debt-to-GDP ratio (percent) is significantly lower than India's, indicating a lower level of foreign dependence.
Vietnam's main industries are: textiles, food, furniture, plastics and paper as well as tourism and telecommunications. Agriculture represented 14.8 percent of GDP and employed 38 percent of the total workforce in 2021, according to the World Bank. What are the major imports of Vietnam?
The slowdown or possibly recession of the global economy; risks and uncertainties in the financial system that may culminate in a crisis; and foot-dragging disbursement of public investment are three major challenges to Vietnam's economy in 2023.
Difficult climate and terrain
The effectiveness of American soldiers was undermined not by a lack of skill or courage but by other factors, such as local conditions, unclear military objectives, the highly politicised nature of the war and the stealth and inventiveness of their enemy.
Australia is a relatively open, trade-exposed economy. This means that changes in other countries' demand for our goods and services can have significant implications for our economy.
China has a GDP per capita of $16,400 as of 2020, while in Vietnam, the GDP per capita is $8,200 as of 2020.
Japan has a GDP per capita of $41,400 as of 2019, while in Vietnam, the GDP per capita is $8,200 as of 2020.
Việt Nam ranked 44/132 in the Global Innovation Index in 2021 with more than 18,500 scientific and technological discoveries, a 2.5 per cent increase compared to the previous year.
During the Vietnam War (1959–75), North Vietnam balanced relations with its two major allies, the Soviet Union and the People's Republic of China.
Vietnam earned a score of 78.49 to rank 62 out of 165 countries and territories included in 2021 World's Best Countries For Quality of Life recently released, moving up its ranking of 101st out of 171 countries in the previous edition.
Vietnam has borrowed $670 million of this total from China in three separate loans, and payment on the principal of these loans is now due, sources say. Much remains unclear about the project's delays and overruns in cost, former Vice Minister of Resources and Environment Dang Hung Vo told RFA on Oct. 21.
Vietnam Economy
Is Vietnam a wealthy country? Vietnam is a densely populated developing country that has been transitioning since 1986 from the rigidities of a centrally planned, highly agrarian economy to a more industrial and market based economy, and it has raised incomes substantially.
China is Vietnam's top trading partner, ammounting to about 22.6% of the total exports values of Vietnam and 30% of imports of Vietnam.
Vietnam ranked 44/132 in the Global Innovation Index in 2021 with more than 18,500 scientific and technological discoveries, a 2.5 per cent increase compared to the previous year. Minister of Science and Technology Huynh Thanh Dat said investment in Vietnamese tech start-ups hit a record high of US$1.3 billion in 2021.
Philippines: One of world's fastest growing emerging markets
The strong rebound from the COVID-19 pandemic during 2022 helped to drive the pace of growth of the Philippines economy to the fastest rate since 1976.