Electronics, textiles, machinery, automotive, chemicals, metals, agriculture and minerals are major industries of Vietnam.
In 2020, Services industry exports was valued at USD 7.6 billion for Vietnam. Electronics export accounted for USD 133 billion, machinery for USD 29.1 billion, vehicles for USD 4.24 billion, chemicals for USD 13.7 billion, metals for USD 11.1 billion, minerals for USD 5.34 billion, stones for USD 6.93 billion, textiles for USD 65.8 billion and agriculture for USD 30.6 billion in 2020.
Vietnam is one of the most beautiful countries located in the South East Asia. In the North, Vietnam shares the long borderline with China. In the East, Vietnam is bordered by the Gulf of Tonkin, in the East and South by the South China Sea, in the South West by the Gulf of Thailand, and in the West by Cambodia and Laos. Owning to stretching the length of the Indochinese Peninsula, Vietnam boasts a unique shape of an elongated S and a long coastline of 3,260km with a lot of wonderful sites.
Vietnam had population of 98.321 million in the year 2021 and expected to reach 103.272 million by 2027, growing at a CAGR of 0.82%.
Vietnam’s real gross domestic product (GDP) was VND 28,75,856.19 billion in 2020 and while recovering from the COVID-19 impact it increased by 5.85% to be around VND 30,54,470.22 billion in 2021. It is further expected to increase by 6.27% and reach VND 43,98,623.95 billion by 2027.
Vietnam’s unemployment rate was 2.4% of total labor force in 2021. It is expected to remain constant at 2.4% by 2027.
Vietnam’s per capita GDP was USD 2,173.27 whereas purchasing power parity (PPP) based per capita GDP was USD 6,428.57 for the year 2021.
In 2021, Vietnam government’s revenue was VND 10,44,666.00 billion whereas the expenditure was VND 13,42,119.00 billion. This resulted in Vietnam government’s net lending / borrowing negative at VND 2,97,453.00 billion in 2021 indicating that not enough financial resources were made available by the Vietnam government to boost economic growth.
The current account balance for Vietnam was positive at USD 9.432 billion for the year 2021 and is expected to decrease at CAGR of 23.65% and reach positive USD 1.868 billion by 2027. This positive current account balance indicates that Vietnam will become remain a net lender to rest of the world till 2027.
*If Applicable.