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Vietnam Economy 2010
https://workmall.com/wfb2010/vietnam/vietnam_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Vietnam Economy 2010
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 26, 2010

Economy - overview:
Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the WTO in January 2007 following more than a decade-long negotiation process. WTO membership has provided Vietnam an anchor to the global market and reinforced the domestic economic reform process. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 21% in 2009. Deep poverty has declined significantly and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy with GDP growing less than the 7% per annum average achieved during the last decade. In 2009 exports fell 11% year-on-year, prompting the government to consider adjustments to tariffs to limit the trade deficit. The government has used stimulus spending, including a subsidized lending program, to help the economy through the global financial crisis, and foreign donors have pledged $8 billion in new development assistance for 2010. Nevertheless, the weaker economy, current account deficit, and subdued foreign investment environment means Vietnam's managed currency, the dong, faced downward pressure through 2009, leading the government to devalue it by more than 5% in December.

GDP (purchasing power parity):
$256 billion (2009 est.)

$245.2 billion (2008 est.)
$230.9 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$91.76 billion (2009 est.)

GDP - real growth rate:
4.4% (2009 est.)

6.2% (2008 est.)
8.5% (2007 est.)

GDP - per capita (PPP):
$2,900 (2009 est.)

$2,800 (2008 est.)
$2,700 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 21.4%
industry: 39.9%
services: 38.7% (2009 est.)

Labor force:
47.66 million (2009 est.)

Labor force - by occupation:
agriculture: 55.6%
industry: 18.9%
services: 25.5% (July 2005)

Unemployment rate:
6.5% (2009 est.)

4.7% (2008 est.)

Population below poverty line:
14.8% (2007 est.)

Household income or consumption by percentage share:
lowest 10%: 3.1%
highest 10%: 29.8% (2006)

Distribution of family income - Gini index:
37 (2004)

36.1 (1998)

Investment (gross fixed):
36.2% of GDP (2009 est.)

Budget:
revenues: $21.89 billion
expenditures: $30.42 billion (2009 est.)

Public debt:
52.3% of GDP (2009 est.)

48.8% of GDP (2008 est.)

Inflation rate (consumer prices):
7.3% (2009 est.)

23.1% (2008 est.)

Central bank discount rate:
10.25% (31 December 2008)

6.5% (31 December 2007)

Commercial bank prime lending rate:
15.78% (31 December 2008)

11.18% (31 December 2007)

Stock of money:
$NA (31 December 2008)

$27.01 billion (31 December 2007)

Stock of quasi money:
$NA (31 December 2008)

$50.81 billion (31 December 2007)

Stock of domestic credit:
$NA (31 December 2008)

$68.27 billion (31 December 2007)

Market value of publicly traded shares:
$9.589 billion (31 December 2008)

$19.54 billion (31 December 2007)
$9.093 billion (31 December 2006)

Agriculture - products:
paddy rice, coffee, rubber, cotton, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; poultry; fish, seafood

Industries:
food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, paper

Industrial production growth rate:
4.7% (2009 est.)

Electricity - production:
66.81 billion kWh (2007 est.)

Electricity - consumption:
59.3 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
313,600 bbl/day (2008 est.)

Oil - consumption:
288,000 bbl/day (2008 est.)

Oil - exports:
347,400 bbl/day (2007 est.)

Oil - imports:
254,000 bbl/day (2007 est.)

Oil - proved reserves:
600 million bbl (1 January 2009 est.)

Natural gas - production:
6.6 billion cu m (2008 est.)

Natural gas - consumption:
6.6 billion cu m (2008 est.)

Natural gas - exports:
0 cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
192.5 billion cu m (1 January 2009 est.)

Current account balance:
$-9.17 billion (2009 est.)

$-10.71 billion (2008 est.)

Exports:
$56.55 billion (2009 est.)

$62.69 billion (2008 est.)

Exports - commodities:
crude oil, marine products, rice, coffee, rubber, tea, garments, shoes

Exports - partners:
US 18.9%, Japan 13.6%, China 7.2%, Australia 6.7%, Singapore 4.2% (2008)

Imports:
$67.25 billion (2009 est.)

$75.47 billion (2008 est.)

Imports - commodities:
machinery and equipment, petroleum products, fertilizer, steel products, raw cotton, grain, cement, motorcycles

Imports - partners:
China 19.4%, Singapore 11.6%, South Korea 8.8%, Thailand 6.1% (2008)

Reserves of foreign exchange and gold:
$21.63 billion (31 December 2009 est.)

$24.18 billion (31 December 2008 est.)

Debt - external:
$26.06 billion (31 December 2009 est.)

$25.89 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$47.37 billion (31 December 2009 est.)

$40.34 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$NA; $NA (31 December 2009 est.)

$NA (31 December 2008)

Exchange rates:
dong (VND) per US dollar - 17,740.8 (2009), 16,548.3 (2008), 16,119 (2007), 15,983 (2006), 15,746 (2005)


NOTE: The information regarding Vietnam on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vietnam Economy 2010 information contained here. All suggestions for corrections of any errors about Vietnam Economy 2010 should be addressed to the CIA.






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