Realizing opportunities and keeping structural fragilities in check

C2

MEDIUM RISK for enterprise

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

  • Economic risk

  • Business environment risk

  • Political risk

  • Commercial risk

  • Financing risk

Last updated in January 2024.

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GDP USD408.8bn (World ranking 36, World Bank 2022)
Population 98.2mn (World ranking 16, World Bank 2022)
Form of state Communist party-led state
Head of government Nguyễn Phú Trọng (General Secretary of the Communist Party)
Next elections 2026, legislative
Strenghts
  • Low wages but relatively skilled workforce
  • Competitive manufacturing hub
  • Development potential of various natural resources, especially minerals (iron ora, copper, gold) and energy (oil, natural gas, coal)
  • Relatively open economy with growth model based on trade 
  • Ongoing shift towars higher value-added sectors
Weaknesses
  • Lack of transparency
  • A fragile and opaque banking system
  • Infrastructure to be improved 
  • A complicated business environment
  • Low external reserves 
  • Recurrent tensions with China

Trade structure by destination/origin

(% of total, 2022)

Exports Rank Imports
United States 29.8%
1
33.8% China
China 16.1%
2
17.7% Korea, Republic of
Japan 6.6%
3
6.6% Japan
Korea, Republic of 6.6%
4
6.5% Taiwan
China, Hong Kong SAR 2.9%
5
4.1% United States

Trade structure by product

(% of total, 2022)

Exports Rank Imports
Telecommunication and sound recording apparatus 16.9%
1
21.7% Electrical machinery, apparatus and appliances, n.e.s.
Office machines and automatic data processing machines 12.3%
2
9.1% Office machines and automatic data processing machines
Electrical machinery, apparatus and appliances, n.e.s. 10.5%
3
6.1% Textile yarn and related products
Articles of apparel & clothing accessories 10.4%
4
5.1% Petroleum, petroleum products and related materials
Footwear 6.2%
5
4.5% Iron and steel
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