Country Profiles

Vietnam

Profile in Brief

Vietnam’s GDP expanded at a rate of 7.09% in 2024 despite external volatilities and uncertainties. The services sector emerged as the primary growth driver, contributing 49.46% to overall GDP growth.

Vietnam has a total land area of 331,000 square kilometres.

Government is a socialist republic.

Economy at a Glance
GDP Overview (2024)

Vietnam’s GDP per capita has increased significantly over the past decade. The country’s strong economic performance, driven by manufacturing and trade, has positioned it as one of the fastest-growing economies in Southeast Asia.

Government policy has played a crucial role in maintaining economic stability. Inflationary pressures were present but did not significantly hinder employment creation. The unemployment rate fell from a peak of 3.2% in 2021 to 2.1% in 2024, reflecting a recovering labour market.

Vietnam’s fiscal and investment metrics portray a nation focused on growth and stability, with careful management of public debt and a sustained emphasis on capital formation to drive future economic prosperity.

Trade Profile (2024)

In 2024, Vietnam’s total trade reached an impressive peak of over USD 786 billion, up by
15.4% y-o-y, with a trade surplus of USD 24.77 billion. Over the preceding decade, the country’s total trade grew by 8.3%.

Leading export partners (2024): U.S. (USD 109.5 billion), China (USD 57.7 billion), South Korea (USD 24.3 billion).

Leading import partners (2024): China (USD 117.7 billion), South Korea (USD 62.1 billion), Japan (USD 23.3 billion).

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