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GDP
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
Minerals
Oil production
2024: Conflict with China over 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
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: US is the main export destination
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.[1]
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.[2] |  |
Tourism
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.[3]
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
Notes
- ↑ 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
- ↑ Dmitry Chernyshenko held a working meeting with Ambassador Extraordinary and Plenipotentiary of the Socialist Republic of Vietnam Dang Minh Khoi
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