Vietnam’s real gross domestic product (GDP) has been experiencing positive growth for the past five years since 2019, and is projected to continue to do so through 2029. In 2023, Vietnam’s real GDP increased by around five percent compared to the previous year.

Learning from real GDP

Real gross domestic product (GDP) is a measure that reflects the value of all goods and services an economy produces within a given year. It is expressed in base-year prices, and is thus an inflation-adjusted way to compare a country’s economic output through the years. The GDP growth rate is a significant indicator of a country’s economic health, as it reacts to the economy’s expansions and contractions.

Vietnam’s optimistic future

As indicated by the positive growth rate of its real GDP, Vietnam’s economy is expanding due to growth in exports, domestic demand, and the manufacturing sector. As the economy expands, so does the total expenditure of Vietnamese consumers. The average monthly income per capita in Vietnam increased to almost 3.8 percent in 2018, and is spent on fast moving consumer goods from popular brands like Vinamilk and P/S.

The Gross Domestic Product (GDP) in Vietnam expanded 7.55 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides the latest reported value for - Vietnam GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

In 2023, Vietnam’s gross domestic product (GDP) amounted to around 433.7 billion U.S. dollars, and is expected to increase to 506.43 billion U.S. dollars by 2025. Gross domestic product denotes the aggregate value of all services and goods produced within a country in any given year, and it is an important indicator of a country’s economic power. Vietnam’s economy Vietnam’s economy has a strong agrarian base, with key agricultural exports of wet rice, coffee, and black pepper. However, in the past decade (2008 to 2018), agriculture's contribution to Vietnam's GDP has been decreasing while the country’s industry sector experienced rapid growth at the same time. As of 2018, Vietnam’s top exports include information technology hardware, such as broadcasting equipment and mobile devices. Vietnam’s regional comparison Vietnam is part of the Association of Southeast Asian Nations (ASEAN), which encompasses regional nations with the goal of fostering trade and economic growth. The region has been reporting increasing GDP, amounting to 2.9 trillion U.S. dollars in 2018. Vietnam is one of the ASEAN countries experiencing export trade growth, and has had consistent yearly growth in GDP, at a rate of around six percent.

Full Year GDP Growth in Vietnam decreased to 5.05 percent in 2023 from 8.02 percent in 2022. This dataset includes a chart with historical data for Vietnam Full Year Gdp Growth.

Key information about Vietnam Real GDP Growth

• The Gross Domestic Product (GDP) in Vietnam expanded 13.1 % YoY in Dec 2024, following a growth of 3.8 % in the previous quarter.
• Real GDP Growth YoY data in Vietnam is updated quarterly, available from Jun 2010 to Dec 2024, with an average rate of 3.4 %.
• The data reached an all-time high of 20.1 % in Dec 2021 and a record low of -14.9 % in Mar 2024.

CEIC calculates quarterly Real GDP Growth from quarterly Real GDP. The General Statistics Office provides Real GDP in local currency, at 2010 prices.


Related information about Vietnam Real GDP Growth

• In the latest reports, Nominal GDP of Vietnam reached 362.6 USD bn in Dec 2021.
• Its GDP deflator (implicit price deflator) increased 3.9 % in Sep 2022.
• GDP Per Capita in Vietnam reached 3,716.8 USD in Dec 2021.
• Its Gross Savings Rate was measured at 36.7 % in Dec 2023.
• For Nominal GDP contributions, Investment accounted for 32.0 % in Dec 2023.
• Public Consumption accounted for 9.0 % in Dec 2022.
• Private Consumption accounted for 54.4 % in Dec 2023.

In 2022, GDP per capita in Vietnam amounted to around 4,101.73 U.S. dollars. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth.

Vietnam’s economy In the last decade, the Vietnamese economy has experienced consistent economic growth with a six to seven percent increase in GDP from year to year. The country’s economy is fueled by its exports of natural resources and agricultural products, though since 2008 its information technology hardware exports have risen substantially. Vietnam’s agriculture and service sectors generate over 56 percent of Vietnam’s gross domestic product.

Vietnam’s population

The majority of Vietnam’s population works in the agriculture or service industries, and the country has one of the world’s lowest unemployment rates at just 1.8 percent in 2018. The population is relatively young, with the median age expected to reach 32.5 years by 2020. The median age has increased significantly from its low point of 18.2 years in 1970, around the time Vietnam was being devastated by war. Since then, the country’s population has increased as well, reaching over 94 million people in 2018.

The Gross Domestic Product (GDP) in Vietnam was worth 429.72 billion US dollars in 2023, according to official data from the World Bank. The GDP value of Vietnam represents 0.41 percent of the world economy. This dataset provides the latest reported value for - Vietnam GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Vietnam gdp growth rate for 2023 was 5.05%, a 3.08% decline from 2022.

• Vietnam gdp growth rate for 2022 was 8.12%, a 5.57% increase from 2021.
• Vietnam gdp growth rate for 2021 was 2.55%, a 0.31% decline from 2020.
• Vietnam gdp growth rate for 2020 was 2.87%, a 4.49% decline from 2019.

Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

As of the last quarter of 2023, the gross domestic product (GDP) in Vietnam grew by approximately 6.72 percent compared to the previous quarter. In that year, the overall GDP growth rate of the country was recorded at 5.05 percent.

Key information about Vietnam GDP Deflator Growth

• Vietnam GDP deflator (implicit price deflator) increased 3.9 % in Sep 2022, compared with an increase of 4.9 % in the previous quarter.
• Vietnam GDP Deflator Growth data is updated quarterly, available from Mar 2022 to Sep 2022, with an average rate of 3.9 %.
• The data reached an all-time high of 4.9 % in Jun 2022 and a record low of 2.5 % in Mar 2022.

CEIC calculates quarterly GDP Deflator Growth from quarterly Nominal and Real GDP. General Statistics Office provides Nominal GDP in local currency and Real GDP in local currency, at 2010 prices.


Related information about Vietnam GDP Deflator Growth

• In the latest reports, Vietnam GDP expanded 7.3 % YoY in Jun 2022.
• Its Nominal GDP reached 362.6 USD bn in Dec 2021.
• Vietnam GDP Per Capita reached 3,716.8 USD in Dec 2021.
• Its Gross Savings Rate was measured at 35.0 % in Dec 2021.

In 2023, Vietnam’s service sector contributed the largest percentage to the country’s gross domestic product (GDP), at 42.54 percent. The service sector consists of the production of intangible goods to businesses and final consumers. Approximately 35.79 percent of the Vietnamese population works in the service sector. A young, working population About 69 percent of Vietnam’s 94 million inhabitants are part of the workforce, or between 15 to 64 years. The country’s workforce has a low unemployment rate of around 1.8 percent, and it is considered a strong regional economic leader, with a yearly economic growth rate of between 6 and 7 percent. Changes in Vietnam’s economy Vietnam’s economy has experienced several drastic shifts over the course of the country’s history, most recently during and following the events of the Indochina Wars: when the North and South were divided politically in the 1950’s, each adopted different economic ideologies, with a communist economy in the North and a capitalist economy in the South. After the country was reunified in 1975, the economy was joined into a socialist-oriented market economy, which has enacted several five-year plans and economic renewal campaigns in order to grow its national economy.

In 2023, the manufacturing sector made a significant contribution of over 2.4 quadrillion Vietnamese dong to the gross domestic product (GDP) of Vietnam, thereby achieving the highest contribution across all sectors. The agriculture, forestry, and fishery sector accounted for the second-largest GDP contribution, followed by the wholesale and retail trade, vehicles, and motorcycle repairs sector. The expansion of Vietnam's manufacturing sector The manufacturing sector has been a fundamental component of Vietnam's economy for many years, consistently driving its expansion since 2015, evidenced by its steadily increasing gross domestic product (GDP) value. This is further highlighted by the escalating number of newly established businesses within the sector, reaching a peak in 2022 with the highest recorded number of enterprises in seven years. Furthermore, the manufacturing sector has emerged as the main driver of Vietnam's export figures. Key export segments within the manufacturing sector include electronics, computers, and components, alongside mobile phones and spare parts, as well as textile and footwear products. Hai Phong City - A rising force in Vietnam's manufacturing landscape Hai Phong has emerged as a pivotal manufacturing hub in northern Vietnam, alongside Bac Ninh and Bac Giang. The city accounted for five percent of the newly registered foreign direct investment (FDI) in the manufacturing sector during the first nine months of 2023. Furthermore, home to one of Vietnam's largest harbors, Hai Phong has strengthened its trading position, handling the highest volume of Vietnam’s domestic sea cargo at 8.75 million metric tons in 2022. The city is also home to VinFast, a pioneering electric car manufacturer in Vietnam, with significant electric vehicle sales recorded in the first half of 2023.

As of the last quarter of 2023, the gross domestic product (GDP) in Vietnam reached over 2,921.2 trillion Vietnamese dong, indicating an increase from the previous quarter. In that year, Vietnam's GDP was estimated to grow by 5.05 percent.

Key information about Vietnam Nominal GDP

• Vietnam Nominal GDP reached 362.6 USD bn in Dec 2021, compared with 343.2 USD bn in the previous year.
• Nominal GDP in Vietnam is updated yearly, available from Dec 2010 to Dec 2021, with an average number of 248.3 USD bn.
• The data reached an all-time high of 362.6 USD bn in Dec 2021 and a record low of 147.2 USD bn in Dec 2010.

CEIC converts annual Nominal GDP into USD. General Statistics Office provides Nominal GDP in local currency. The State Bank of Vietnam average market exchange rate is used for currency conversions.


Related information about Vietnam Nominal GDP

• In the latest reports, Vietnam GDP contracted 14.5 % YoY in Mar 2022.
• Its GDP deflator (implicit price deflator) increased 1.0 % in Dec 2020.
• Vietnam GDP Per Capita reached 2,779.0 USD in Dec 2020.
• Its Gross Savings Rate was measured at 34.3 % in Dec 2021.
• For Nominal GDP contributions, Investment accounted for 33.4 % in Dec 2021.
• Public Consumption accounted for 9.3 % in Dec 2021.
• Private Consumption accounted for 56.4 % in Dec 2021.

Key information about Vietnam Tourism Revenue Growth

• Vietnam Tourism Revenue grew 23.8 % YoY in Dec 2024, compared with an increase of 37.0 % YoY in the previous year
• Vietnam Tourism Revenue Growth rate data is updated yearly, available from Dec 2001 to Dec 2024
• The data reached an all-time high of 175.0 % in Dec 2022 and a record low of -58.7 % in Dec 2020

CEIC calculates annual Tourism Revenue Growth from annual Tourism Revenue. The Vietnam National Administration of Tourism provides Tourism Revenue in local currency.

Key information about Vietnam Investment: % of GDP

• Vietnam Investment accounted for 30.6 % of its Nominal GDP in Dec 2024, compared with a ratio of 31.6 % in the previous year.
• Vietnam investment share of Nominal GDP data is updated yearly, available from Dec 2010 to Dec 2024, with an average ratio of 32.0 %.
• The data reached an all-time high of 37.1 % in Dec 2010 and a record low of 30.2 % in Dec 2013.

CEIC calculates Investment as % of Nominal GDP from annual Nominal Gross Capital Formation and annual Nominal GDP. General Statistics Office provides Nominal Gross Capital Formation and Nominal GDP in local currency.


Related information about Vietnam Investment: % of GDP

• In the latest reports, Vietnam GDP expanded 13.1 % YoY in Dec 2024.
• Vietnam Nominal GDP reached 362.6 USD bn in Dec 2021.
• Its GDP deflator (implicit price deflator) increased 3.9 % in Sep 2022.
• Vietnam GDP Per Capita reached 3,716.8 USD in Dec 2021.
• Its Gross Savings Rate was measured at 37.2 % in Dec 2024.

The statistic shows gross domestic product (GDP) per capita in the ASEAN countries from 2019 to 2022, with projections up until 2029. GDP is the total value of all goods and services produced in a country in a year. It is considered to be a very important indicator of the economic strength of a country and a positive change is an indicator of economic growth. The ASEAN (Association of Southeast Asian Nations) region in Asia comprises Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam. In 2022, GDP per capita in Brunei amounted to around 37,452.92 U.S. dollars.

In real terms, the Vietnamese construction industry posted positive growth during the review period (2013–2017). Growth was supported by the implementation of the government’s Seventh Five-year National Socio-Economic Development Plan (2011–2015). As part of this, the government developed various industrial, agricultural and infrastructural projects across the country during 2011–2015. Read More

In 2023, Vietnam's manufacturing sector accounted for 23.88 percent of the country's total GDP, reaching a value of over 2.4 quadrillion Vietnamese dong (VND). In that year, Vietnam's GDP totaled approximately 10.2 quadrillion VND.

Manufacturing sector in Vietnam

The production index of the manufacturing sector has steadily increased in the last years together with the share of employed people. In recent years, this sector has been among the sectors with the highest number of employed people in Vietnam. The country also recorded a growing number of newly established businesses for manufacturing. In 2022, the sector benefitted from investments at just over 801 trillion Vietnamese dong. Overall, the industry sector contributes the largest share to the country’s GDP.

Vietnam’s economic development

Vietnam is a developing country in Southeast Asia. Since its economic reform in 1986, it has become one of the fastest growing economies by more than doubling its GDP from 2010 to 2018. The GDP per capita increased by 2.5 times while poverty rates declined. With high foreign investment inflows and productivity growth, the country belongs to the so-called Tiger cubs.

Vietnams Wachstum BIP-Deflator belief sich im 2022-09 auf 3.9 %. Dies stellt einen Rückgang im Vergleich zu den vorherigen Zahlen von 4.9 % für 2022-06 dar. Vietnams Wachstum BIP-Deflator werden vierteljährlich aktualisiert, mit einem Durchschnitt von 3.9 % von 2022-03 bis 2022-09, mit 3 Beobachtungen. Die Daten erreichten ein Allzeithoch in Höhe von 4.9 % im 2022-06 und ein Rekordtief in Höhe von 2.5 % im 2022-03. Vietnams Wachstum BIP-Deflator Daten behalten den Aktiv-Status in CEIC und werden von CEIC Data gemeldet. Die Daten werden unter World Trend Pluss Global Economic Monitor – Table: GDP Deflator: Y-o-Y Growth: Quarterly: Asia kategorisiert.