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Vietnam
Introduction
Key Economic Facts
Vietnam is a country located in Southeastern Asia bordering
the Gulf of Thailand, the Gulf of Tonkin, and the South
China Sea. Neighboring countries include Cambodia, China,
and Laos. The geography consists of hills
and densely forested mountains in the
northwest. The government system is a
communist state; the chief of state is the
president, and the head of government is
the prime minister. Vietnam has a mixed economy in which
there is limited private freedom, but the economy remains
highly controlled by the government. Vietnam is a member
of the Asia-Pacific Economic
Cooperation (APEC), the
Association of Southeast Asian
Nations (ASEAN), and the
Trans-Pacific Partnership
(TPP).
Income Level (by per capita
GNI):
Level of Development:
GDP, PPP (current international
$):
GDP growth (annual %):
GDP per capita, PPP (current
international $):
External debt stocks, total
(DOD, current US$):
Manufacturing, value added (%
of GDP):
Current account balance (BoP,
current US$):
Inflation, consumer prices
(annual %):
Labor force, total:
Unemployment, total (% of
total labor force) (modeled ILO
estimate):
Imports of goods and services
(current US$):
Exports of goods and services
(current US$):
Location:
Capital City:
Chief of State:
Head of Govt.:
Currency:
Major Languages:
South-Eastern Asia
Hanoi (+7 GMT)
President Tran Dai Quang
Prime Minister Nguyen Xuan Phuc
Dong (VND)
Vietnamese (official), English
(increasingly favored as a second
language), some French, Chinese,
and Khmer; mountain area languages
(Mon-Khmer and Malayo-Polynesian)
Primary Religions: Buddhist 7.9%, Catholic 6.6%, Hoa
Hao 1.7%, Cao Dai 0.9%, Protestant
0.9%, Muslim 0.1%, none 81.8%
Calling Code: 84
Voltage: 127/220
Key Websites
Main Government Page:
Export Promotion Agency:
Investment Promotion
Agency:
chinhphu.vn
vietrade.gov.vn
itpc.hochiminhcity.gov.vn
fia.mpi.gov.vn
Risk Assessment (Provided by Coface)
Lower Middle Income
Developing
$553.42 billion (2015)
6.68% (2015)
$6,034.26 (2015)
$77,798,272,000.00 (2015)
15.22% (2015)
$0.91 billion (2015)
0.88% (2015)
55,919,519 (2016)
2.18% (2016)
$172.28 billion (2015)
$173.81 billion (2015)
GDP Composition %
Agriculture
19
Industry
37
Manufacturing
Services
44
U.S. Embassy
15
*Although Manufacturing is included in the Industry figures, it is also separately
reported because it plays a critical role in economy.
Rankings
Index
Corruption Perceptions Index
EY Globalization Index
Global Competitiveness Index
Global Enabling Trade Index
Global Manufacturing Competitiveness Index
(GMCI)
Global Services Location Index
Index of Economic Freedom
International Logistics Performance Index (LPI)
Inward FDI Potential Index
KOF Index of Globalization
Networked Readiness Index (NRI)
Open Budget Index
Country rating: B - Political and economic uncertainties
and an occasionally difficult business environment can
affect corporate payment behavior. Corporate default
probability is appreciable.
Business Climate rating: C - The business environment is
difficult. Corporate financial information is often unavailable
and when available often unreliable. Debt collection is
unpredictable. The institutional framework has many
troublesome weaknesses. Intercompany transactions run
major risks in the difficult environments rated C.
Strengths
• Cheap, skilled labor
• Strong agricultural potential and natural resources
• Development strategy based on openness, a move
upmarket and diversification of the economy
• Economy barely effected by the Chinese slowdown
Weaknesses
• Shortcomings in the business climate
• Lack of infrastructure
• Unfinished reform of the public sector
• Growing inequality
• Weak banking system
Rank
113 / 176
36 / 60
60 / 138
73 / 136
18 / 40
Rose Garden Tower
170 Ngoc Khanh Street, Hanoi, Vietnam
7 Lang Ha Street, Ba Dinh Districtm Hanoi
Tel: 844-3850-5000
http://vietnam.usembassy.gov/
11 / 55
147 / 180
64 / 160
80 / 139
115 / 187
79 / 139
87 / 102
Country Memo Provided by: globalEDGE.msu.edu and EXPORT.GOV