Economic Survey of Viet Nam 2023 Presentation

ECONOMIC SURVEY OF VIET NAM

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Economic progress has been rapid

Source: World Bank, World Development Indicators database.

Viet Nam has made remarkable social progress

Source: World Bank, World Development Indicators database.

Viet Nam has managed the COVID-19 crisis well

Source: https://ourworldindata.org/covid-vaccinations.

Growth has been resilient despite headwinds

Source: CEIC, GSO and OECD Economic Outlook database.

Inflation may have peaked

Source: CEIC.

Monetary policy has been nimble

Source: CEIC.

Growth is projected to remain robust

Note: * denotes the series are expressed as a percentage of GDP. Actual fiscal data are calculated by the OECD and different from the figures published by the government.

Source: MoF, GSO and OECD calculations.

Making the post-COVID recovery more inclusive

The population will age rapidly

Note: The old-age dependency ratio is defined as the number of persons aged 65 and over relative to the 15-64 years old population.

Source: United Nations, Department of Economic and Social Affairs, Population Division (2019). World Population Prospects 2019, Online Edition. Rev. 1.

Public pension coverage is low

Source: OECD (2018), Pensions At a Glance Asia/Pacific 2018, Figure 2.6; General Statistical Office, Economic Census, Enterprise Survey, Labour Force Survey and Statistical Yearbook, various years; and ILO, ILOStat database.

Self-employment and non-regular employment are widespread

Note: Total includes agriculture, and services do not include the government sector. Self-employed workers include employers.

Source: ILO, ILOStat database; GSO, Annual Business Survey 2019 and Labour Force Survey 2019; and OECD calculations.

Taxes are high in regional comparison

Note: Value-added tax and sales tax are classified in taxes on goods and services and others. Data for Viet Nam refer to 2018; social security contributions are OECD estimates.

Source: OECD, Tax Revenue database; CEIC; Viet Nam Social Security Report to the National Assembly; and OECD calculations.

Boosting productivity through more market competition

Boosting labour productivity is key

Note: Labour productivity is defined as GDP per worker.

Source: World Bank, World Development Indicators database.

Competition can be strengthened further

Note: Information used to calculate the 2018 PMR indicators is based on laws and regulation in place on 1 January 2018 or a later year depending on when the information was provided by the relevant country (1 January 2020 for Viet Nam).

Source: OECD, Product Market Regulation database and OECD-WBG, Product Market Regulation database.

Starting a business can be made easier

Note: Information used to calculate the 2018 PMR indicators is based on laws and regulation in place on 1 January 2018 or a later year depending on when the information was provided by the relevant country (1 January 2020 for Viet Nam). Source: OECD, Product Market Regulation database and OECD-WBG, Product Market Regulation database.

Regulations could be less restrictive

Note: Information used to calculate the 2018 PMR indicators is based on laws and regulation in place on 1 January 2018 or a later year depending on when the information was provided by the relevant country (1 January 2020 for Viet Nam).

Source: OECD, Product Market Regulation database and OECD-WBG, Product Market Regulation database.

Trade has been the source of prosperity

Source: OECD, Economic Outlook database; World Bank, World Development Indicators database; CEIC.

Services have unexploited potential

Source: OECD, Trade in Value Added database.

Accelerating the digital transformation

Telecom services prices could be lowered further

Note: The mobile telecom price refers to a high usage voice and data allowing up to 140 minutes of phone calls, 70 SMS and 2 GB data.

Source: International Telecommunication Union.

Digital skills can be improved

Note: Based on response to the Executive Opinion Survey question “In your country, to what extent does the active population possess sufficient digital skills (e.g. computer skills, basic coding, digital reading)?” [1 =not all; 7 = to a great extent].

Source: World Economic Forum, Global Competitiveness Index 2019.

Pursuing a green recovery

Climate hazard exposure is high

Note: INFORM Risk is a global multi-hazard risk assessment tool that combines hazards, exposure, vulnerability and lack of coping capacity indicators with the purpose to quantify the risk of humanitarian crisis. The hazard & exposure dimension reflects the probability of physical exposure associated with specific hazards. For more details, see Source.

Source: INFORM, INFORM Risk Index 2022 (https://drmkc.jrc.ec.europa.eu/inform-index).

Moving towards net zero is a high priority

Source: OECD, Green Growth Indicators database.

Renewable energy has room for further expansion

Source: OECD, Green Growth Indicators database.

For more information

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Disclaimers:

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