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2024/07/01 11:22:53

Economy of Vietnam

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Content

The main articles are:

GDP

2022

Vietnam's share of global PPP GDP rises to 0.8%

GDP size forecast - $0.40 trillion

Countries by GDP size in 2022, according to the IMF midyear forecast

2021: GDP size - $0.37 trillion

GDP countries in the world in 2021 according to the estimates of the International Monetary Fund (IMF)

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
Countries the largest debts to Russia, 2019. We are talking about both the debts of states and the debts of legal entities guaranteed by states.

National debt

2023: State debt - 37% of GDP

Data for September 2023

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.

Minerals

Oil production

2024: Conflict with China over production offshore South China Sea

As of April 2024

2021

Oil production in thousands of barrels per day by country in 2021

Power

2020: Low per capita energy consumption

and
Energy consumption per capita, including electricity, transport heating in 2019-2020

Agriculture

2021: Top five rice supplying countries (27.3 million tonnes)

Largest rice supplying countries in 2021, million tons

2019: Low use of pesticides in agriculture

As of 2019

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.

Ho Chi Minh City, Vietnam

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]

2nd place in terms of clothing exports to 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

According to data available for August 2023.

No. 3 in the world in terms of rice exports

Largest rice exporters in 2021-2022

Reduced furniture exports

2021

China's sixth largest trading partner

Twelfth largest importer to Russia

2019: Computer device exports - $4bn

The volume of exports of computer devices in countries of the world, 2019

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%

Countries around the world in terms of unemployment in 2020

Incomes of the population

2023: Minimum wage - $162

Minimum wage in countries of the world for January 2023

Tourism

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

R&D expenses as of 2020

Consumption

2023: Fish consumption is higher than meat consumption

The most consumed type of meat (including fish and seafood) according to data available for June 2023.