Due to the outbreak of the COVID-19, growth dropped but remained in positive territory in 2020 with 1.6%. The country has also invested in high value-added industries such as cars, electronic and computer technologies (software). Tools and resources to help your company expand globally. Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 Agriculture, forestry, and fishing Industry (including construction) The Doi Moi process started in 1986 with open and market economy policies and the country joined the WTO in 2007. South Vietnam has also been the main destination for renewable energy investment projects, in particular solar power plants. World Bank. The economy ranks sixth in Southeast Asia, and fifty-seventh in the global market. Growth reached 7% in 2019, down from a 10-year high of 7.1% a year earlier. 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. Update, Insights into the world's most important technology markets, Advertising & Media Outlook Both ratios … 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. 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. 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). 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. Over the past 30 years, Vietnam has had a remarkable development record. Among those, there are main Vietnam industry sectors with long-lasting potentials, high efficiency, and … Industry contributed 34.5% of GDP and employed 28% of the total workforce in 2020 (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). }}, Economic freedom in the world (interactive map) Agriculture represented 14% of GDP and employs 36% of the total workforce in 2020 (World Bank). The unemployment rate in Vietnam remains particularly low. 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. However, the tourism sector remained downtrodden due to the border closure. $39 per month* Please log in to access our additional functions, *Duration: 12 months, billed annually, single license, The ideal entry-level account for individual users. Read more 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). Accessed April 11, 2021. https://www.statista.com/statistics/444611/vietnam-gdp-distribution-across-economic-sectors/, World Bank. Vietnam’s open trade network makes it an attractive destination for FDI. 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. Source: Export has risen by more … This feature is limited to our corporate solutions. Heavily reliant upon agriculture, Vietnam has grown to become a leader in the production and export of several commodities, especially rice, coffee, rubber and sea products. facts. © Export Entreprises SA, All Rights Reserved.
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