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GDP
2024: GDP growth of 7%
Vietnam's economy showed growth of 7.09% in 2024, exceeding the planned figure of 7% set by the National Assembly of the republic. TAdviser got acquainted with such data in January 2025.
According to TASS, this result was the highest among the economies of Southeast Asia. In the fourth quarter of 2024, national GDP increased by 7.55% compared to the same period in 2023.
The State Statistical Office of Vietnam notes that three sectors have become the key drivers of economic growth. Industry and construction showed an increase of 8.24%, the service sector increased by 7.38%, and the agro-industrial complex - by 5.37%.
Vietnam's Ministry of Planning and Investment presented the government with two economic development scenarios for 2025. According to an optimistic forecast, GDP growth could reach 7.5%.
The National Assembly of the Republic set a target range for economic growth for 2025 in the range of 6.5-7%. At the same time, ministries and regional administrations are recommended to focus on a higher figure - 7-7.5%.
Economists of the Vietnamese representative office of the Asian Development Bank predict that the country's economy will grow at 6.2% in 2025. This will be facilitated by the restoration of trade in the post-covid period, the development of production and an increase in the inflow of foreign investment.
The achieved indicators of Vietnam's GDP growth in 2024 reflect the successful implementation of state policy for the development of key sectors of the economy. Particular attention is paid to the modernization of industry, the expansion of the service sector and increasing the efficiency of the agro-industrial complex.
Economic growth is accompanied by active attraction of foreign investment and development of trade relations with key partners. Vietnam continues to strengthen its position as one of the most dynamically developing markets in the region.[1]
2023: GDP - $433.7 billion
GDP Vietnam at the end of 2023 reached $433.7 billion against $407.97 billion a year earlier. This is evidenced by the data of the analytical company Statista, which TAdviser was familiarized with in November 2024.
Vietnam's economy depends a lot on agriculture, the researchers said, and the main exports are rice, coffee and black pepper. However, since 2008, agriculture's contribution to Vietnam's GDP has been declining, while the country's industrial sector has experienced rapid growth at the same time.
2022
Vietnam's share of global PPP GDP rises to 0.8%
GDP size forecast - $0.40 trillion
2021: GDP size - $0.37 trillion
2018: GDP size - $0.24 trillion (+ 7.1 %)
2018:
- $241,272,000,000; 7.1% increase (2017/2018 YoY, 45th place)
- per capita $2,525; 9.5% increase (2017/2018 YoY, 131 places)
Financial system
External debt
2019: Debt to Russia - $1.6 billion
with
National debt
2023: State debt - 37% of GDP
Banks
2023: Banks in Vietnam start accepting Mir cards
In early August 2023, it became known about the reception of Mir cards in Vietnam. Thus, the geography of the Russian payment system has expanded. Read more here.
Electronic Payment Systems
2022: 33.2% of the population pay for smartphone purchases
Investments
2021: 2.19 million NFT users
Minerals
2025: World No. 2 in rare earth reserves
Countries with the largest reserves of rare earths (in metric tons):
Vietnam: 22m
Brazil: 21m
Russia: 19 million
India: 6.9m
Australia: 4.2m
US: 2.3 million
Myanmar: 510,000
Mexico: 290 000
USGS, Mineral Raw Material Summaries, January 2025
2024: Conflict with China over oil production offshore South China Sea
2021
Power
2020: Low per capita energy consumption
and
Agriculture
2021: Top five rice supplying countries (27.3 million tonnes)
2019: Low use of pesticides in agriculture
Food industry
2023: Second place in coffee production (1.83 million tonnes)
Electronics manufacturing
2022: Growth in smartphone manufacturing market share
Foreign trade
The main export items are:
electrical equipment and electronics, clothing and footwear, oil and petroleum products, food.
2024
Trade turnover of the Russian Federation and Vietnam for the year increased by 24% to $4.6 billion
Russian Prime Minister Mikhail Mishustin at the talks with Vietnamese Prime Minister Pham Min Chin in Hanoi in mid-January 2025 announced an increase in mutual trade between the countries by 24% in 2024. In absolute terms, the figure reached $4.6 billion.
According to TASS, the growth in indicators was achieved thanks to the implementation of a free trade agreement between the Eurasian Economic Union and Vietnam. The countries are planning to further expand trade and economic cooperation.
As part of the official visit of the Russian delegation, the parties signed an action plan for the development of bilateral relations until 2030 and confirmed 13 road maps of cooperation. According to the documents, it is planned to increase trade to $15 billion by 2030.[2]
According to the Fish Union, citing data from the Main Customs Administration of Vietnam, about 22% of the trade between Russia and Vietnam falls on the products of the agro-industrial complex (agro-industrial complex). Russia in 2024 imported agricultural products from Vietnam by almost $760 million, which is 43% more compared to 2023.
The largest share in the supply structure was coffee, which accounted for 40% of total imports. Fish and seafood accounted for 31%, fruits and vegetables - 9%, cashew nuts - 8%, confectionery - 5%, black pepper - 4%, tea - 2%, rice - 1%. The share of agricultural products in Russian imports from Vietnam in value terms increased by 2 percentage points and reached 32%.
The volume of Russian exports of agricultural products to Vietnam in 2024 increased by 47%, amounting to $261 million. The main growth was provided by grain supplies, the volume of which increased 2.5 times compared to 2023 and reached $140 million.
The export of fish and seafood from Russia to Vietnam in 2024 remained at the level of the previous year and amounted to $122 million. In 2024, the share of these products in the total volume of Russian exports decreased by 0.6 percentage points, amounting to 2.7%. At the same time, the total turnover of fish and seafood between the countries increased by 37%, reaching 353 million.
The fact that Vietnam exports to Russia can be seen in the table below:
The United States is the main export destination
6th in terms of imports to the United States
The 10 largest importers in the United States in 2024:
1. Mexico: $476 billion
2. China: $427 billion
3. Canada: $421 billion
4. Germany: $160 billion
5. Japan: $147 billion
6. South Korea: $116 billion
7. Vietnam: $114 billion
8. India: $84 billion
9. Ireland: $82bn
10. Italy: $73 billion
2023
Growth of trade between Russia and Vietnam by 8%
The trade turnover between Russia Vietnam and in 2023 increased by 8%, demonstrating the positive dynamics of the development of economic relations between the countries. This was announced on June 19, 2024 by the president Russia Vladimir Putin in an article for the central body of the Communist Party of Vietnam "Niang Zan" on the eve of his visit to Hanoi.
As Vladimir Putin noted, considerable attention is paid to deepening mutual trade and stimulating investment. In 2023, bilateral trade increased by 8%, and in the first quarter of this year it grew by more than a third compared to the same period in 2023. According to the president, Russia exports food, minerals, machinery and equipment to Vietnam, while the socialist republic supplies clothing, fruits and vegetables to Russia.
An important topic of bilateral negotiations was the intensification of trade in national currencies. According to Izvestia, today the share of transactions in rubles and dong has reached 60%. In addition, Moscow and Hanoi agreed on a joint statement on expanding the strategic partnership, in which Russia is ready to establish long-term direct supplies of hydrocarbons, including LNG, to Vietnam.
According to Vietnam, in 2021-2023, trade decreased by 35% - from $5.6 billion to $3.6 billion. This led to Vietnam's loss of the status of Russia's largest trading partner in Southeast Asia, leadership passed to Singapore ($3.725 billion), the specialist explained. However, it is worth noting that at the end of last year, trade increased by 8%. However, as the Russian side notes, in 2023 there is a positive trend in the growth of trade volumes, which indicates the restoration and strengthening of economic ties between states.[3]
4th largest trade surplus with the United States
Vietnam has the fourth largest trade surplus with the United States.
Rice Exporter World No. 3 and Importer World No. 4
Reduced exports to Russia due to sanctions by the United States and its allies
Western sanctions hit Vietnamese exports to Russia, causing it to fall by almost 60% to $205 million in the first two months of 2023, the VnExpress newspaper reported. Exports of iron and steel, footwear and electronics have all but ceased, while exports of agricultural products such as rice, vegetables and seafood have decreased by 20-50%. Rubber, clothing and coffee were the only goods whose exports increased.
2022
The United States is the largest export destination
No. 3 in the world in terms of rice exports
Reduced furniture exports
2021
China's sixth largest trading partner
Twelfth largest importer to Russia
2019: Computer device exports - $4bn
2018: Positive trade balance $6.8 billion
Exports: $243.48 billion Imports: $236.69 billion Trade balance: $6.8 billion
Unemployment
2020: Unemployment rate - 3.3%
Incomes of the population
2023: Minimum wage - $162
Business
2024: Vietnam is the world's fastest-growing country by millionaires
The number of dollar millionaires in Vietnam has almost doubled in a decade, reaching 19,400 by the end of 2023. This country in Southeast Asia is the leader on a global scale in terms of the growth rate of the number of fatosums. Such data are given in the review of Henley & Partners, which TAdviser got acquainted with in early November 2024.
The report notes that Vietnam is experiencing a period of prosperity, while the number of millionaires in the country rose by 98% from 2014 to 2023. Ho Chi Minh City, the country's economic powerhouse, is at the center of a wealth boom fueled by a dynamic business environment and rapid business development. The study says that by the end of 2023, there were 58 so-called centimillionaires in Vietnam - people whose capital is $100 million or more. In addition, six billionaires live here.
The high growth rate of the number of millionaires in Vietnam is partly due to the low initial base, which amounted to about 9,800 people in 2013. However, against the background of the observed prosperity, a trend is being formed for the outflow of wealthy people from the country: Vietnamese millionaires are looking for opportunities abroad. For entrepreneurs in Vietnam, investment migration has become an attractive option. Malta, Portugal and Antigua and Barbuda are named among the most popular destinations. Investment migration also provides access to world-class education, opening the door to prestigious institutions.
 | For many Vietnamese millionaires, the pursuit of a better life begins with education. Despite the development of the country, its educational institutions often lag behind international standards, encouraging wealthy parents to look for the best options abroad, the Henley & Partners review notes.[4] |  |
Tourism
2024: Russian tourist flow to Vietnam for the year increased by 84.9% and reached 232.3 thousand trips
The number of tourist trips from Russia to Vietnam reached 232.3 thousand visits in 2024, which is 84.9% more than in 2023. Such data were published by the Association of Tour Operators of Russia in January 2024.
The total volume of foreign tourists in Vietnam in 2024 amounted to 17.58 million visits, an increase of 39.4% compared to 2023. 84.4% of travelers visited the country through airports, 14.2% by land transport, and 1.4% by sea.
The Ministry of Tourism of Vietnam recorded a pronounced seasonality of the Russian tourist flow. The maximum number of visits traditionally falls on the period from October to February 2024, the minimum - from May to July 2024. At the same time, in 2024, seasonal fluctuations were less noticeable due to the launch of new direct flights.
Air traffic with Vietnam in 2024 was provided by two Russian carriers. Aeroflot operated flights from Moscow to Ho Chi Minh City, and IrAero launched flights from Irkutsk to Nha Trang, Hanoi and Fukuok Island on aircraft with SSJ-100 capacity of 100 passengers. At the same time, 85% of Russian tourists used connecting flights through China and Central Asian countries.
In the ranking of European countries in terms of the number of tourist visits to Vietnam, Russia took fourth place. The leading positions are occupied by the United Kingdom with 306.2 thousand visits (an increase of 20.8%), France - 278.9 thousand visits (an increase of 29.4%) and Germany - 249.2 thousand visits (an increase of 24.5%).
Globally, South Korea became the largest supplier of tourists to Vietnam, providing 4.57 million visits (an increase of 27.1%). In second place is China with an indicator of 3.74 million visits (an increase of 114.4%). Taiwan closed the top three, showing a result of 1.29 million visits (an increase of 51.4%).
| | ATOR Executive Director Maya Lomidze noted: The achieved growth indicators of Russian tourist flow to Vietnam are especially significant in the context of a limited number of direct flights and the lack of charter programs from the regions of Russia. | |
For comparison, in 2019, when charter programs from Russian regions were in effect, Vietnam received 646.5 thousand tourists from Russia, which is 2.8 times higher than in 2024.[5]
2023: The annual tourist flow of Russians to Vietnam has grown to 125 thousand people
In 2023, Russians made about 125 thousand tourist trips to Vietnam. This is three times more than in 2022, when the indicator was estimated at about 40 thousand. Such data are reflected in the official statistics of Vietnam, disclosed in early December 2024.
As noted by the Association of Tour Operators of Russia (ATOR), market participants record a significant surge in interest from Russians in the resorts of Vietnam. The significant increase in tourist flow to this country in Southeast Asia is due, among other things, to the effect of a low base. However, due to the limited direct transportation (Aeroflot from Moscow to Ho Chi Minh City and IrAero from Irkutsk to Fukuok) and the lack of charters to resorts, Vietnam is inferior to other Asian countries such as Thailand or Sri Lanka. Only 15% of tourists from Russia arrive in Vietnam by direct flights, while 85% travel with connections. But even in such a situation, the interest of Russians in vacationing in Vietnam is growing rapidly.
Deputy Prime Minister Dmitry Chernyshenko said that from January to October 2024, Russian citizens made 177.8 thousand trips to Vietnam. This is 81.5% more compared to the same period of the previous year. Chernyshenko noted that an important step for the growth of tourist flow from Vietnam to Russia was the launch of the electronic visa mechanism. For 10 months of 2024, 45 thousand Vietnamese citizens took advantage of it.
In addition to Fukuok Island, Russians often choose Nha Trang for recreation in Vietnam. Lovers of history and culture are attracted by excursion tours to Halong Bay, to the capital Hanoi, to the Mekong Valley, the city of Sapa, etc. Chernyshenko added that a number of thematic events are planned to be held abroad to promote the tourist potential of Russia.[6]
2022: About 30 thousand tourists from Russia
At the end of 2022, about 30 thousand Russians visited Vietnam for tourist purposes.
R&D
2020: R&D spending - $1.8 billion
Consumption
2023: Fish consumption is higher than meat consumption
2019: Pork is the most consumed type of meat
Notes
- ↑ Vietnam's economy reached 7.09% in 2024
- ↑ The trade turnover of the Russian Federation and Vietnam in 2024 increased by 24%.
- ↑ Putin reported an increase in trade between the Russian Federation and Vietnam over the year by 8%
- ↑ Vietnam’s Millionaires Are Looking Elsewhere despite the Wealth Boom
- ↑ Russian tourist flow to Vietnam in 2024 increased by 84.9%
- ↑ Dmitry Chernyshenko held a working meeting with Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam Dang Minh Khoi
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