Vietnam export and import have been rising quickly over the past 10 years. Accessed April 11, 2021. https://www.statista.com/statistics/444611/vietnam-gdp-distribution-across-economic-sectors/, World Bank. ", 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. In 2003, Vietnam produced an estimated 30.7 million cubic meters … Main services include tourism and telecommunications. This accelerated economic pace is due to labour shifting from agriculture to manufacturing and services, private investment, a strong tourist sector, higher wages, and accelerating urbanisation. Statista. In October, industrial production gained steam on a stronger manufacturing sector, while retail sales expanded notably and exports surged. Agriculture represented 14% of GDP and employs 36% of the total workforce in 2020 (World Bank). Tax reforms and privatisation of state-owned companies helped compensate the budget deficit in 2019. Main crops include rice, coffee, cashew nuts, corn, pepper, sweet potatoes, peanuts, cotton, rubber and tea as well as aquaculture. 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. The economic structure of Vietnam has changed a great deal since the end of warfare in the country in 1989, with agriculture declining in importance from 40.8 percent of GDP in 1989 to 27.1 percent in 1999. Retail banking. 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. 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. Vietnam’s economy grew 7.1 percent year over year in the first half of 2018. Export has risen by more … New, Figures and insights about the advertising and media world, Industry Outlook In addition, external debt service fell to 4.6% of current external receipts (CXR). Corporate solution including all features. 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. Source: Fading as the most important economic sector in Vietnam. New, Everything you need to know about the industry development, Find studies from all around the internet. 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. Among those, there are main Vietnam industry sectors with long-lasting potentials, high efficiency, and … Social challenges include poverty reduction, improving higher education, and allowing freedom of the press. 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. 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 economy ranks sixth in Southeast Asia, and fifty-seventh in the global market. The large population of Vietnam and important foreign investments have also made it an important production center for the textile industry, as well as for electronics. While agricultural trade surplus edged up on the year in 2019, the livestock industry continued to suffer from various diseases, including swine flu. The GDP value of Vietnam represents 0.22 percent of the world economy. Nonetheless, public authorities continue to intervene in both directions to keep the Dong within a narrow band against major international currencies and accrue foreign reserves. Both ratios … Over the past 30 years, Vietnam has had a remarkable development record. 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). 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. were updated by the IMF in January 2021. Vietnam’s banking and financial services sector is relatively undeveloped but boasts … Vietnam economy overview. It examines ten separate criteria or categories, covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure. 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. Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 Agriculture, forestry, and fishing Industry (including construction) For the international outlook you can consult the latest travel updates available on the IATA website. 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. In 2006 it became a net external creditor for the first time. 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, 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. Deputy Editor-in-Chief: Dang Thai Anh. So far, the official Q1 results published by the General Statistics Office of Vietnam appear to confirm that economic slowdown resulting from the COVID -19 outbreak. Chart. Many airlines have halted and cancelled their flights to the infected destinations. By continuing your navigation on our website. Agriculture, fishery and forestry. Vietnam economic growth for 2016 was $205.28B, a 6.23% increase from 2015. (billed annually). On… Please create an employee account to be able to mark statistics as favorites. 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. The country has also invested in high value-added industries such as cars, electronic and computer technologies (software). Vietnam has been improving its external financial position and international foreign-exchange reserves (including gold). Santander Trade offers a set-content, database and tools provided and managed by Export Entreprises S.A. Santander provides access to its client companies but is totally unrelated to the contents and services provided which are, fully, the responsibility of Export Entreprises S.A. However, this also makes Vietnam vulnerable to slowing global demand, which may affect Vietnam’s exporting industry. "Vietnam: Distribution of Gross Domestic Product (Gdp) across Economic Sectors from 2009 to 2019. The unemployment rate in Vietnam remains particularly low. facts. 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). 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 October 15, 2020. Diversified trade structure, rising wages and domestic consumption are the backbone of the Vietnamese economic growth. Vietnam has undertaken ‘three pillars’ of economic restructuring: resolving bad debts in the banking sector; rationalising the state-owned sector, and improving the quality of public investment. © Export Entreprises SA, All Rights Reserved. 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. 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. The Doi Moi process started in 1986 with open and market economy policies and the country joined the WTO in 2007. Please check the spelling. Source: 2019 Index of Economic Freedom, Heritage Foundation. 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. Then you can access your favorite statistics via the star in the header. 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). 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. 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. Due to the outbreak of the COVID-19, growth dropped but remained in positive territory in 2020 with 1.6%. Please log in to access our additional functions, *Duration: 12 months, billed annually, single license, The ideal entry-level account for individual users. Learn more about how Statista can support your business. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms. Industry contributed 34.5% of GDP and employed 28% of the total workforce in 2020 (World Bank). Vietnam: Distribution of gross domestic product (GDP) across economic sectors from 2009 to 2019 [Graph]. Then you will be able to mark statistics as favourites and use personal statistics alerts. 1975 when Vietnam was united, adopting a central-planning economy. The economic toll on Vietnam is already visible. Please authenticate by going to "My account" → "Administration". Fitch Ratings expects this to be sustained thanks to the forecasts that foreign-exchange reserves will grow faster than gross external debt (GXD). 16, 2021, by day. Economists say this will create momentum for this year’s growth, which will be primarily driven by traditional sectors. and over 1 Mio. Nonetheless, labour costs remain competitive, which help attract foreign investments to the country. Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. Publication Permit: 456/GP-BTTTT dated November 18, 2013. vote of confidence in favor of Vietnam’s economic prospects. However, with the implementation of structural and fiscal reforms in recent years, Vietnam would still be able to meet growth expectations in key sectors. Despite being a 'newcomer' in the oil industry, Vietnam has become the third largest Southeast Asian producer. Transparency International ranks Vietnam as 104th out of 180 countries in its Corruption Perceptions Index 2020, from the 96th spot a year earlier. However, the tourism sector remained downtrodden due to the border closure. Total exports increased a robust 16 Vietnam economy is a market economy which depends much on exports, and projects on FDI. (VOVWORLD) - Vietnam’s GDP increased 7.02% last year, marking the second consecutive year the economic growth rate has surpassed 7%. Main Sectors of Industry. Latest Available Data. GXD also reached a decade low of 30% of GDP in 2006 and Fitch expects it to decline in 2007-2008. 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). 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. 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. The energy sector has boomed in recent years (coal, hydrocarbons, electricity, cement, steel industry). Growth reached 7% in 2019, down from a 10-year high of 7.1% a year earlier. Administration of Radio, Television and E-information under the Ministry of Industry and Trade Covid-19 crippled key sectors and the economy plunged in 2020, but Vietnam expects to make a strong recovery after managing the pandemic effectively. You only have access to basic statistics. Vietnam economic growth for 2017 was $223.78B, a 9.01% increase from 2016. 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. 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.