Last updated in July 2023.
Slowing growth puts pressure on structural fragilities
C2
MEDIUM RISK for enterprise
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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Economic risk
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Business environment risk
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Political risk
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Commercial risk
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Financing risk
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GDP | USD 362.638bn (World ranking 39, World Bank 2021) |
Population | 98.17mn (World ranking 15, World Bank 2021) |
Form of state | Communist State |
Head of government | Phạm Minh Chính |
Next elections | 2026, legislative |

- Low wages but relatively skilled workforce
- Competitive manufacturing hub
- Development potential of various natural resources, especially minerals (iron ore, copper, gold) and energy (oil, natural gas, coal)
- Relatively open economy with growth model based on trade
- Ongoing shift towards higher value-added sectors

- 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, 2021)
Exports | Rank | Imports |
---|---|---|
United States
29.1%
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1 |
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China
17.0%
![]() |
2 |
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Korea, Republic of
6.6%
![]() |
3 |
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Japan
6.1%
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4 |
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China, Hong Kong SAR
3.6%
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5 |
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Trade structure by product
(% of total, 2021)
Exports | Rank | Imports |
---|---|---|
Telecommunication and sound recording apparatus
16.8%
|
1 |
21.4%
Electrical machinery, apparatus and appliances, n.e.s.
|
Articles of apparel & clothing accessories
11.6%
|
2 |
8.5%
Office machines and automatic data processing machines
|
Office machines and automatic data processing machines
11.6%
|
3 |
6.8%
Textile yarn and related products
|
Electrical machinery, apparatus and appliances, n.e.s.
10.8%
|
4 |
4.7%
Iron and steel
|
Footwear
7.0%
|
5 |
4.0%
Petroleum, petroleum products and related materials
|
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