Realizing opportunities and keeping structural fragilities in check
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
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 |
Strengths & Weaknesses
![Strenghts](/en_global/economic-research/country-reports/Vietnam/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-0-par/wrapper_copy_copy/wrapper/image.img.82.3360.png/1720797724142/plus.png)
- 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](/en_global/economic-research/country-reports/Vietnam/_jcr_content/root/parsys/wrapper/wrapper/multi_column_grid_co/grid-1-par/wrapper_copy/wrapper/image.img.82.3360.png/1720797733684/minus.png)
- Lack of transparency
- A fragile and opaque banking system
- Infrastructure to be improved
- A complicated business environment
- Low external reserves
- Recurrent tensions with China
Economic Overview
Trade structure by destination/origin
(% of total, 2022)
Exports | Rank | Imports |
---|---|---|
United States
29.8%
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1 |
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China
16.1%
![]() |
2 |
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Japan
6.6%
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3 |
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Korea, Republic of
6.6%
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4 |
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China, Hong Kong SAR
2.9%
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5 |
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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
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Footwear
6.2%
|
5 |
4.5%
Iron and steel
|
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