Data at glance of Vietnam - average on period

variable 1980-1989 1990-1999 2000-2007 2008-2009 2010-2019 2022 2023 2024 2025 2026
real gdp growth 5.89 7.58 7.05 5.9 6.23 5.1 7.0 8.0 7.1 6.7
CPI % 169.11 17.34 7.79 8.6 5.48 3.3 3.6 3.3 4.9 4.6
Unemployment rate 12.3 8.0 5.1 2.9 2.22 2.3 2.2 2.2 2.1 2.2
Debt/GDP % - 24.8 29.3 36.75 42.62 34.3 31.2 30.3 29.8 29.0
Current account balance/GDP % -3.44 -3.84 -2.77 -4.05 2.08 6.4 6.6 6.7 5.3 4.4

Data derived from World Economic Outlook Database. To see main macroeconomic indicator in graphs click here

History

Vietnam's early history included periods of occupation by outside forces and eventual power consolidation under Vietnamese dynastic families. A succession of Han Chinese emperors ruled the area, which was centered on the Red River Valley, until approximately the 10th century. The Ly Dynasty (11th-13th century) created the first independent Vietnamese state, which was known as Dai Viet, and established their capital at Thang Long (Hanoi). Under the Tran Dynasty (13th-15th century), TRAN Hung Dao, one of Vietnam’s national heroes, led Dai Viet forces to fight off Mongol invaders in 1279. After a brief Chinese occupation in the early 1400s, Vietnamese resistance leader LE Thai To made himself emperor and established the Le Dynasty, which lasted until the late 18th century despite decades of political turmoil, civil war, and division. During this period, Dai Viet expanded southward to the Central Highlands and Mekong Delta, reaching the approximate boundaries of modern-day Vietnam by the 1750s. Dai Viet suffered additional civil war and division in the latter half of the 18th century, but it was reunited and renamed Vietnam under Emperor NGUYEN Phuc Anh (aka Gia Long) in 1802. France began its conquest of Vietnam in 1858 and made Vietnam part of French Indochina in 1887. Vietnam declared independence after World War II, but the French continued to rule until communist forces under Ho Chi MINH defeated them in 1954. Under the Geneva Accords of 1954, Vietnam was divided into the communist North and anti-communist South. Fighting erupted between the two governments shortly afterwards with the North supporting communist rebels in the South and eventually committing thousands of combat troops. The US provided to the South significant economic and military assistance, including large numbers of US military forces, which reached a peak strength of over 500,000 troops in 1968. US combat forces were withdrawn following a cease-fire agreement in 1973. Two years later, North Vietnamese forces overran the South, reuniting the country under communist rule. The conflict, known as the Second Indochina War (1955-1975), devastated Vietnam, spilled over into the neighboring countries of Cambodia and Laos, and is estimated to have resulted in the deaths of up to 3 million Vietnamese civilians and soldiers. It also caused more than 58,000 US combat and non-combat deaths and created deep domestic divisions in the US. Despite the return of peace, the country experienced little economic growth for over a decade because of its diplomatic isolation, leadership policies, and the persecution and mass exodus of citizens, many of them successful South Vietnamese merchants. However, since the enactment of Vietnam's "doi moi" (renovation) policy in 1986, the economy has seen strong growth, particularly in agricultural and industrial production, construction, exports, foreign investment, and tourism. Nevertheless, the Communist Party maintains tight political and social control of the country, and Vietnam faces many related challenges, such as rising income inequality and corruption.

Environment

Area: 331,210 sq km km2

Climate: tropical in south; monsoonal in north with hot, rainy season (May to September) and warm, dry season (October to March)

Natural resources: antimony, phosphates, coal, manganese, rare earth elements, bauxite, chromate, offshore oil and gas deposits, timber, hydropower, arable land

Ethnic characteristics

Groups: Kinh (Viet) 85.3%, Tay 1.9%, Thai 1.9%, Muong 1.5%, Khmer 1.4%, Mong 1.4%, Nung 1.1%, other 5.5% (2019 est.)

Languages: Vietnamese (official); English (often as a second language); some French, Chinese, and Khmer; mountain-area languages (including Mon-Khmer and Malayo-Polynesian)

Religions: Catholic 6.1%, Buddhist 5.8%, Protestant 1%, other 0.8%, none 86.3% (2019 est.)

Government

Capital: Hanoi (Ha Noi)

Government type: communist party-led state

Executive branch

Chief of state: President Luong CUONG (since 21 Oct 2024)

Head of government: Prime Minister Pham Minh CHINH (since 26 July 2021)

Legislative branch

Description: National Assembly (Quoc-Hoi) - unicameral

Economic Overview

lower middle-income socialist East Asian economy; rapid economic growth since Đổi Mới reforms; strong investment and productivity growth; tourism and manufacturing hub; TPP signatory; declining poverty aside from ethnic minorities; systemic corruption

Industries

food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, mobile phones

GDP by sector: Agriculture: 11.9% (2024 est.), Industry: 37.6% (2024 est.), Services: 42.4% (2024 est.)

Trade

Export partners: USA 28%, China 20%, Japan 6%, Hong Kong 4%, Germany 3% (2023)

Export commodities: broadcasting equipment, garments, integrated circuits, machine parts, footwear (2023)

Import partners: China 49%, Singapore 6%, Japan 6%, Hong Kong 5%, Taiwan 4% (2023)

Import commodities: integrated circuits, broadcasting equipment, fabric, plastics, telephones (2023)

Geography

Southeastern Asia, bordering the Gulf of Thailand, Gulf of Tonkin, and South China Sea, as well as China, Laos, and Cambodia

Defence

Military expenditure: 2023: 1.8% of GDP (2023 est.)

Information derived from worldfactbook.io (Lupon Media), open successor to the CIA World Factbook. Data sourced from World Bank, IMF, UN and other international organizations.