29-Vietnam Economy Profile 2012.pdf

7/30/2019 29-Vietnam Economy Profile 2012.pdf

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Vietnam Economy Profile 2012

Economy Overview

EuroVietnam Consulting & Trade Promotion Agency


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Vietnamis a densely-populated developing countrythat in the last30years has had to recoverfromthe ravages of war, the loss of financial support fromthe old SovietBloc, and the rigidities ofa centrally-planned economy. While Vietnam's economy remains dominated by state-ownedenterprises (SOEs), which still produce about 40% of GDP, Vietnamese authorities have reaffirmedtheir commitment to economic liberalization and international integration. They have moved toimplement thestructural reforms needed to modernize theeconomy and toproduce morecompetitive export-driven industries. Vietnamjoined the WTO in J anuary2007followingmore thana decade-long negotiation process. Vietnambecame an official negotiating partner in thedeveloping Trans-Pacific Partnership tradeagreement in 2010.Agriculture's share of economicoutputhas continued to shrink from about25% in 2000 to about 20% in 2010, while industry'sshare increased from36% to 41% in thesame period. Deep poverty has declined significantly andVietnamis working tocreate jobs to meetthe challenge of a labor force that is growing bymorethan one millionpeopleevery year. The global recession has hurt Vietnam's export-orientedeconomy, withGDP in 2009-10 growing less than the 7% per annum average achieved during thelastdecade. In 2010, exports increased bymore than 25%, year-on-year, but the trade deficitremained high, prompting thegovernment to consider administrative measures to limit the tradedeficit. Vietnam's managed currency, thedong, continues to face downward pressure due toapersistent trade imbalance, and, since 2008, the government devalued it by 20% through aseriesof small devaluations. Foreign donors pledged nearly$8 billionin newdevelopment assistance for2011. However, the government's stronggrowth-oriented economic policies have caused it to

struggle tocontrol one of the region's highest inflation rates, which reached 11.8% in 2010.Vietnam's economy also faces challenges from falling foreign exchange reserves, anundercapitalized banking sector, and highborrowing costs. The near-bankruptcy and subsequentdefaultof the SOE Vinashin, a leading shipbuilder, led toa ratings downgrade of Vietnam'ssovereign debt, exacerbating Vietnam's borrowing difficulties.


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Vietnam Economy Profile 2012 GDP (purchasing power parity)

$276.6 billion (2010 est.)$259 billion (2009 est.)$245.9 billion (2008 est.)note: data are in 2010 US dollars

GDP (official exchange rate)

$103.6 billion (2010 est.)

GDP - real growth rate

6.8% (2010 est.)5.3% (2009 est.)6.3% (2008 est.)

GDP - per capita (PPP)

$3,100 (2010 est.)$2,900 (2009 est.)$2,800 (2008 est.)note: data are in 2010 US dollars

GDP - composition by sectoragriculture: 20.6%industry: 41.1%services: 38.3% (2010 est.)


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Vietnam Economy Profile 2012 Population below poverty line

10.6% (2010 est.)

Labor force

47.37 million (2010 est.)

Labor force - by occupation

agriculture: 53.9%industry: 20.3%

services: 25.8% (2009) Unemployment rate

4.4% (2010 est.)4.6% (2009 est.)

Unemployment, youth ages 15-24

total: 4.6%male: 4.4%female: 4.9% (2004)

Household income or consumption by percentage share

lowest 10%: 3.2%highest10%: 30.2% (2008)

Distribution of family income - Gini index

37.6 (2008)36.1 (1998)


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Vietnam Economy Profile 2012 Investment (gross fixed)

33.9% of GDP (2010 est.)

Budget

revenues: $29.23 billionexpenditures: $34.95billion (2010 est.)

Taxes and other revenues28.2% of GDP (2010 est.)

Budget surplus (+) or deficit (-)

-5.5% of GDP (2010 est.)

Public debt

57.1% of GDP (2010 est.)49.8% of GDP (2009 est.)

Inflation rate (consumer prices)

9% (2010 est.)7% (2009 est.)


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Vietnam Economy Profile 2012 Central bank discount rate

7% (31 December2010)8% (31December2009 est.)

Commercial bank prime lending rate

13.135% (31 December 2010 est.)10.068% (31 December 2009 est.)

Stock of money

$25.52 billion (31December2008)

$27.01 billion (31December2007) Stock of narrow money

$32.08 billion (31December2010 est.)$30.6billion (31December2009 est.)

Stock of broad money

$127.1 billion (31December2010 est.)$103.4 billion (31December2009 est.)

Stock of quasi money

$63.63 billion (31December2008)

$50.81 billion (31December2007) Stock of domestic credit

$138billion (31December 2010 est.)$110.4 billion (31December2009 est.)


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Market value of publicly traded shares

$20.39billion (31 December 2010 est.)$21.2 billion (31 December 2009)$9.589billion (31 December2008)

Agriculture - productspaddy rice, coffee, rubber, cotton, tea, pepper, soybeans,cashews, sugar cane, peanuts, bananas; poultry; fish, seafood

Industries

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

Industrial production growth rate14% (2010 est.)


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Vietnam Economy Profile 2012 Electricity - production

97.3 billion kWh (2010 est.)

Electricity - production by source

fossil fuel: 43.7%hydro: 56.3%nuclear: 0%other: 0% (2001)

Electricity - consumption


Electricity - exports

535 million kWh (2009 est.) Electricity - imports



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Oil - production

343,200 bbl/day (2010 est.)

Oil - consumption

320,000 bbl/day (2010 est.)

Oil - exports

277,300 bbl/day (2009 est.)

Oil - imports

182,300 bbl/day (2010 est.)

Oil - proved reserves600 million bbl (1 J anuary 2011 est.)


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Natural gas - production

9.4 billion cu m (2010 est.)

Natural gas - consumption

10.3 billion cu m (2010 est.)

Natural gas - exports

0 cu m (2009 est.)

Natural gas - imports

905,800 cu m (2010 est.)

Natural gas - proved reserves192.5 billion cu m (1 J anuary 2011 est.)


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Vietnam Economy Profile 2012 Current Account Balance

-$12.22 billion(2010 est.)-$6.117 billion(2009 est.)

Exports

$72.27billion(2010 est.)$57.1billion(2009 est.)

Exports - commodities

clothes, shoes, marineproducts, crude oil, electronics, wooden products, rice, machinery Exports - partners

US 20%, J apan 10.7%, China 9.8%, South Korea 4.3% (2010 est.)

Imports

$79.95billion(2010 est.)$65.4billion(2009 est.)

Imports - commodities

machineryandequipment, petroleum products, steel products, raw materials forthe clothingand shoe industries, electronics, plastics, automobiles

Imports - partners

China 23.8%, South Korea 11.6%, J apan 10.8%, Taiwan 8.4%, Thailand6.7%, Singapore4.9% (2010 est.)


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Vietnam Economy Profile 2012 Reserves of foreign exchange and gold

$12.93 billion (31 December 2010 est.)$16.8billion (31 December 2009 est.)

Debt - external

$32.84 billion (31 December 2010 est.)$28.67 billion (31 December 2009 est.)

Stock of direct foreign investment - at home

$77.95 billion (31 December 2010 est.)$66.95 billion (31 December 2009 est.)

Stock of direct foreign investment - abroad

$7.7 billion (31 December 2009 est.)$5.3 billion (31 December 2008)

Exchange rates

dong(VND) per US dollar -20,500 (2011)

19,148.9 (2010)17,799.6 (2009)16,548.3 (2008)16,119 (2007)

Documents

29-Vietnam Economy Profile 2012.pdf