Vietnam has been a development success story. Economic reforms since the launch of Đổi Mới in 1986, coupled with beneficial global trends, have helped propel Vietnam from being one of the world’s poorest nations to a middle-income economy in one generation. Between 2002 and 2021, GDP per capita increased 3.6 times, reaching almost US$3,700. Poverty rates (US$3.65/day, 2017 PPP) declined from 14 in 2010 to 3.8 percent in 2020.
Thanks to its solid foundations, the economy has proven resilient through different crises, the latest being COVID-19. GDP growth slowed to 2.6 percent in 2021 due to the emergence of the COVID-19 Delta variant and is expected to rebound to 7.2 percent in 2022 and 6.7 percent in 2023.
Growing at 2.5 percent to 3.5 percent per year over the past three decades, the agriculture sector has supported economic growth and ensured food security. It contributed 14 percent of GDP and 38 percent of employment in 2020 while earning more than US$48 billion in export revenues in 2021 during the peak of the COVID-19 pandemic.
| Population | 98.17 million (2021 Population Census) |
| Provinces | Divided into 58 provinces and 5 municipalities under the command of the central government |
| Income category | Lower Middle Income |
| GNI Per Capita (USD) | 3,560 |
| Demographic dividend | Over 68% of the population is aged between 15 and 65, with a dependency ratio of approx. 46% and a high literacy rate of approx. 98% |
| Investment climate | Currently ranks 20th out of 201 markets as a global investment destination. It is the 3rd largest economy in Southeast Asia and the 4th fastest growing consumer market in the world. |
| Ease of doing business rank | 70 of 190 countries |
| Human Development Index | 115 of 189 countries |
| Total private sector Investment Realization by value | USD 28.5 billion (FDI) as of 2020
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Source: World Bank, Vietnam Country Overview