Vietnam GDP

Tue, 24 Jun 2014. Last updated Mon, 01 Jun 2015 14:01

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With the population of over 90 million of people, Vietnam is one of the fastest developing economy in Southeast Asia and in the world. The average Vietnam GDP is about 320.7 billion of dollars, equal to annual growth rate of about 5 percent.

Vietnam In 1986, economic liberalization in Vietnam started with Doi Moi Reforms. Then, it is the opening period of Vietnam economy. The world witnessed the participation of Vietnam in the World Trade Organization in 2007. In 2012, there was a change in the management in Vietnam economy system. The Prime Minister Nguyen Tan Dung committed to reform the state sector to achieve better economic development in Vietnam. Vietnam is one of countries having the most freedom in economy in the world, according to 2014 Index, ranking the 33rd out of 42 countries in the Asia–Pacific region. In 2012, the Gross Domestic Product (GDP) of Vietnam was over US$140 billion, representing 0.23 percent of the world economy. Vietnam GDP was about US$43.46 billion from 1985 until 2012.

 

Vietnam Real GDP per Capita (VND) Chart

 

According to General Statistics Office, the Vietnam GDP growth rate was 8.23% in 2006, was 8.46% in 2007, 6.31% in 2008, and 5.32% in 2009. In the period, Vietnam economic growth reached 7.01% per year. Three growth sectors of Vietnam economy is described as follow:

- The agriculture, forestry and fisheries increased by 3.34% per year in the 2006-2010 period
- Regional and industrial construction increased 7.94% per year in the 2006-2010 period
- The service sector increased by 7.73% per year in the 2006-2010 period

Total Vietnam GDP per capita increased from 11,694 dong in 2006 to 22,778 dong in 2010, by nearly two times, equivalent to 11,084 dong. If in USD, according to the average exchange rate, total GDP per capita increased from 730 USD in 2006 to 1168 USD in 2010, by 1.6 times, or 438 USD. According to constant prices in 2010, GDP in Vietnam rose 6.24% in 2011, 5.25% in 2012 and 5.42% in 2013. In the average period of three year, GDP Vietnam increased by 5.6% per year. However, this did not reach the plan as targeted. The increase might be acceptable and somewhat slightly higher than average level of ASEAN countries (5.1% per year in the period 2011-2013, according to the IMF).

 

Vietnam economic chart

 

In 2013, the GDP in Vietnam mounted 5.4%, and the average figure of 2011-2013 period was 5.6%, which is lower than that in 2006-2010 term. By dint of this, the scale of economy in Vietnam reached US$176 billion, the GDP per capita was about US$1960. The Vietnam GDP growth is expected to increase to 5.8% in 2014, and 6% in 2015. According to the Prime Minister, Vietnam is trying to reduce the inflation from 18.13% in 2011 to about 6% in 2013, the lowest point in over 10 years. The Prime Minister also affirmed that in term of 2014-2015, Vietnam would maintain the purpose of stabilizing macro-economy and control inflation. Flexible and tight policies on monetary and finance will contribute to the development of export and import management. The deficit level of state budget in 2013-2014 is raised to 5.3%; from 2015, it is to be decreased gradually. The Vietnam economic growth rate during the renovation period always attains high growth rate ranking second in Asia and in the world (after China). The effort is highly appreciated by the international community. No one can deny the remarkable achievement of economic and social innovation in 20 years in Vietnam. It is a time of continuous growth, GDP of Vietnam has increased 3.7 times since 1985, and the growth rate averaged 6.8%, nearly twice in comparison to that in the period of 1977-1985 (by 3.8%). Since 1991, production not only ensures the increasing consumption, but also is cumulative. Prestige and position of Vietnam in the international arena has been raised to a new level.

The growth rate of GDP in the world in 2 years coming will be estimated by international financial organizations to increase from 2.2% to 3% in 2014, and 3.3% in 2015. According to IMF, the global trade growth rate of will rise to 3.1% in 2014 and 5.4% in 2015. Economy of Vietnam in 2014 and 2015 will have many advantages such as stable macro-economy, and inflation decreasing from 7% to 6.5% in 2015. This creates favorable conditions for investment in social capital, improvement in private investment, bringing policies on production and business support into play.

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