GDP Per Capita Vietnam: Figures Reach Record High in 2021

Vietnam Economy

Vietnam Economy - Overview

• Vietnam is one of the fastest–growing economies in the world. The country’s economic boom is attributed to the shift in labour allocation from agriculture to the manufacturing and services sector.

• Vietnam also received a boost from private investment, strong tourism, higher wages, and increased urbanisation. The rapid expansion of industries, such as textile, electronics, and seafood production, propelled export numbers to new heights.

Vietnam - GDP

• Vietnam recorded 10-year high GDP growth of 7.1% in 2018 and 7.02% in 2019. Despite the Covid-19 outbreak in 2020, the country was one of the few economies that recorded positive growth with 2.91%.

• In 2021, the Southeast Asian country’s GDP grew by 2.58%. In 2022, Vietnam registered a growth of 8.02%, the highest pace since 1997. For 2023, the International Monetary Fund (IMF) expects Vietnam’s economy to grow by 6.2%.

Vietnam - GDP

Vietnam Economy

2021 2022 (Estimate) 2023 (Projection) 2024 (Projection)

(Source: IMF WEO October 2022)

Currency and Central Bank

• The Vietnamese dong has been the country’s official currency since 1978. The dong was formerly subdivided into 10 hao.

• These coins have not been used since 2014 in retail, although, some banks may still accept them.

• The State Bank of Vietnam serves as the country’s central bank and owns approximately 65% of Vietnam’s largest listed bank by capital, VietinBank.

Industry and Trade

The agriculture, industry, and services sectors are the pillars of Vietnam’s economy. It is dominated by large state-owned companies, including textiles, plastics, food, furniture, paper, tourism, and telecommunications.

Industry and Trade

• Vietnam’s services sector represents 40.95% of the country’s GDP and employs 35% of the total workforce.

• Industry makes up 37.86% of Vietnam’s GDP. The sector employs around 11.3 million people, making it the second-largest employment sector in the country.

• The country’s agriculture sector contributes  12.6% of the GDP. With almost 17.73 million people, agriculture, forestry, and fisheries employ the most people among all industries.

Stock Exchanges

In 2020, the government decided to set up the Vietnam Stock Exchange to manage HSX and HNX. While both exchanges will share certain functions, HNX will be responsible for operating the derivatives market, the bond market and the market for other securities. HSX will undertake all stock tradings.