Vietnam’s economy is set to grow 6.6 percent in 2021 on the back of successful control of COVID-19 infections, strong performance by export-oriented manufacturing and robust recovery in domestic demand. Despite rising trade tensions and volatility in emerging economies throughout 2018, Vietnam’s economy saw broad-based growth and low inflation. Electricity consumption has tripled over the past decade, growing faster than output. Vietnam has recorded an impressive economic growth since 2012, posting a 6 percent growth or higher every year. Socialist-oriented market economy has been formed and macro economy stabilized: Soundly developing economy and dealing with social issues, so the life of the majority of people has been improved. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. The Results-Based Rural Water Supply and Sanitation Under the National Target Program has helped address one of the biggest challenges in rural Vietnam by investing in physical infrastructure and improving the legal framework for sustained access to water supply and sanitation (WSS) services. But given that Vietnam is one of the few countries in the world currently experiencing positive GDP growth, the supposed trade-off between the economy … Resilient Shores lays out a resilience strategy that can guide Vietnam through the decisive actions it must take to safeguard the prosperity of future generations from climate change and disaster risks. It was one of the few countries in the world to do so, but the crisis also left a lasting impact on households, with with 45 percent of households reporting lower household income in January 2021 than in January 2020. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. In addition, about 1.4 million people in 203 communes gained access to commune-wide sanitation. As of March 22, 2021, the Bank has provided US$24.94 billion in grants, credits, and concessional loans to Vietnam through 209 operations. The Trading Economics Application Programming Interface (API) provides direct access to our data. With 189 member countries, staff from more than 170 countries, and offices in over 130 locations, the World Bank Group is a unique global partnership: five institutions working for sustainable solutions that reduce poverty and build shared prosperity in developing countries. In the long-term, the Vietnam GDP Annual Growth Rate is projected to trend around 6.50 percent in 2022 and 5.90 percent in 2023, according to our econometric models. However, in recent years, Vietnam’s physical capital investment as a percentage of GDP has been among the lowest in the ASEAN region. Government spending and debt remained in check and bank capital rules were strengthened. 2020 was a remarkably difficult year. Between 2012 and 2018, the percentage of industrial zones compliant with wastewater treatment regulations increased from less than 30 percent to 72 percent. It also broadened engagements to improve the welfare and development of ethnic minority groups and implementation of Vietnam’s Nationally Determined Contributions to reductions in greenhouse gas emissions under the United Nations Framework Convention on Climate Change. For 2021, the government is targeting economic growth at 6.5 percent. Vietnam economic growth rate constantly increases by years. Vietnam’s shift from a centrally planned to a market economy has transformed the country from one of the poorest in the world into a lower middle-income country. As of 2016, 99 percent of the population uses electricity as their main source of lighting, up from just 14 percent in 1993. March 12, 2021. Between 2010 and 2020, the HCI value for Vietnam increased from 0.66 to 0.69, but there are some disparities within the country, especially for ethnic minorities. Demand for water continues to increase, while water productivity is low, about 12 percent of global benchmarks. Data released by the General Statistics Office (GSO) estimated a 1.81 percent... Vietnam’s continued FDI growth despite pandemic. A strong second quarter will be led by the industrial sector, which will push up annual growth rates in 2021. From 1993 to 2017, the infant mortality rate decreased from 32.6 to 16.7 (per 1,000 live births). Vietnam’s GDP is … The project also assisted 13,000 fishers in adopting good aquaculture practices with the introduction of new eco-friendly technologies, while helping improve the biosecurity infrastructure in which they operate. In rural Vietnam, all too many people – especially children – live without sanitation. The World Bank Group works in every major area of development. Since COVID-19 hit Vietnam in early 2020, the World Bank Group has worked with Vietnam on multiple fronts of the national response strategy from health crisis management to fostering a resilient recovery. Vietnam Manufacturing PMI Rises to 27-Month High, Vietnam Consumer Prices Fall for 1st Time Since 2001, Vietnam Retail Sales Grow the Most in 9 Months, Vietnam Industrial Output Growth at 4-Month High, Fitch Revises Vietnam Credit Outlook to Positive, Bovespa Ends Lower, But Still Up for The Week, Costa Rica Inflation Rate Rises to 0.47% in March, Ukraine Inflation Rate Jumps to 1-1/2-Year High of 8.5%, Mozambique Inflation Rate at Over 3-Year High, Senegal February Inflation Rate Eases to 1.2% in March, Belgium Industrial Output Growth Flattens in February, Slovenia Industrial Output Falls 1.3% YoY in February. The guideline to develop a multi-sector economy has been carried out effectively. In August 2020, the Vietnam's Open Budget Portal went live, making budget information for all government levels available for the public in one place. Its economy is expected to grow 2.4% this year, … Economy | March 31st 2021 Vietnam’s growth subdued in Q1 2021. The Northeast and Red River Delta Regions Health System Support Project improved the treatment capacity for 74 public hospitals at the district and provincial levels by investing in upgrading the medical infrastructure and training health workers. The IMF expects the country’s growth to slow to 2.7% this year but expects a recovery to 7% for 2021. Ninety percent of global marine plastic pollution is estimated to come from just 10 in-land rivers, and the Mekong river is one of them. Fully operational since 2017, the plant has supplied 1 billion kilowatt-hours (kWh) of electricity annually at a unit cost lower than other renewable sources or coal. Access to clean water in rural areas has also improved, up from 17 percent in 1993 to 70 percent in 2016, while that figure for urban areas is above 95 percent. Despite of Covid-19, this Vietnam economy remains steadfast in maintaining positive growth. 2.7% real GDP growth for Vietnam is much lower than 2019 growth of 7%. The Mekong Delta Region Urban Upgrading Project has turned low-income, low-lying areas into greener urban spaces in six cities of the Mekong Delta Region. Many ASA engagements leverage country-level partnerships and trust funds from development partners. The project, which benefited 192,000 households and resulted in a 16-percent increase in incomes, provided good lessons for government to revise its poverty reduction policy and approach. Compounding the problem is the reality that much of Vietnam’s population and economy is highly vulnerable to climate impacts. Vietnam economic growth for 2019 was $261.92B, a 6.81% increase from 2018. According to the 2019 Population Census Report, 55.5 percent of the population is under 35 years of age, with a life expectancy of 76 years, the highest among countries in the region at similar income levels. The long-term benefits go beyond the duration of the project. The quality of preschool instruction improved through the introduction of a child-centered learning approach for 250,000 early childhood education teachers. Vietnam’s economic growth over the past two decades has been steady and impressive, averaging 5.5% since 1990 and nearly 8% annually through the 1990’s. The country also battled one of the century’s worst droughts and just recently reeled from the worst floods in decades. This is higher than the average for East Asia and the Pacific region and lower middle income countries. Improving the efficiency and integrity of the public sector is a priority for the World Bank in Vietnam. During the same period, the percentage of those with an on-site centralized effluent treatment plant increased from 60 percent to 98 percent. The project which closed in FY19 provided early-stage investment and technical support to build the requisite capacity and incentives among all stakeholders for scaled-up development. Hanoi will not raise minimum wage in 2021 for the first time in decades. Vietnam is among the 10 countries worldwide that are most affected by air pollution. Given the increasing reliance of fossil fuels, the power sector itself accounts for nearly two-thirds of the country’s greenhouse gas emissions. The World Bank has supported Vietnam in reforming the educational system at all levels. The Coastal Resources for Sustainable Development Project introduced tools and practices for better fisheries management to authorities and fishers alike, along eight coastal provinces in Vietnam. Vietnam has made great strides in reducing poverty and improving quality of life for millions. Vietnam is a member of Asia-Pacific Economic Cooperation, Association of Southeast Asian Nations and the World Trade Organization. “However, in a less likely scenario, when the spread of new Covid-19 variant turns more serious, domestic economic activities could be disrupted and keep the GDP growth even at a lower rate compared to last year,” warned the VEPR. Key strategies and plans to stimulate green growth and sustainable use of its natural assets are in place. There is also a need to upgrade the skills of the workforce to create productive jobs at a large scale in the future. Reforms brought about by this program also contributed to improved energy efficiency of household appliances and increased investment in renewable energy, particularly solar power and wind power. To learn more about cookies, click here. All these plants followed global best practices on environmental and social risk management, setting new industry benchmarks in Vietnam. Urbanization and strong economic and population growth are causing rapidly increasing waste management and pollution challenges. The diagnostic and recommendations contributed to Vietnam’s successful containment of COVID-19 outbreak – by the end of 2020, a country of 95 million people only registered 1,465 infected cases with 35 deaths while managing to post a positive GDP growth. The economy growth in the fourth quarter of this year, however, remains significantly lower than an expansion of 6.79 percent recorded at the same period last year, before the pandemic. The economy growth in the third quarter of this year, however, remains significantly lower than an expansion of 7.31 percent recorded at the same period last year, before the pandemic. Endorsed on May 30, 2017, and reflecting and building on the priorities identified and expressed in the World Bank Group's 2016 Systematic Country Diagnostic, the Vietnam 2035 Report, and the Government of Vietnam’s 2016-2020 Socio-Economic Development Plan (SEDP), the CPF has four priority areas: Building on the World Bank Group’s continued strong engagement in Vietnam, the CPF introduces strategic shifts that will guide the Group’s work going forward: The World Bank Group conducted a Performance and Learning Review (PLR) of the CPF in early 2019. Vietnam has minimised the economic damage from Covid-19 and is the only country in South East Asia on track for growth this year. Due to the coronavirus pandemic, also Vietnam’s growth is affected. Vietnam Institute for Economic and Policy Research (VEPR) made the forecast in its latest Vietnam macro-economic report. We provide a wide array of financial products and technical assistance, and we help countries share and apply innovative knowledge and solutions to the challenges they face. Finally, agriculture, forestry and fishing represent 22 percent of total output. COVID-19 hit all socio-economic sectors throughout Vietnam. However, the high and widening sex ratio at birth (115 in 2018) shows that fundamental gender discrimination persists. Parliament has set an official target of 6% growth this year, but the government hopes to push it as high as 6.5%. This is significant given that the number of industrial zones has increased by 26.4 percent. Vietnam’s development over the past 30 years has been remarkable. In February 2019, the Bank and OOG conducted a readiness assessment to ascertain the potential for digital government development in Vietnam, leading to the launch of the National Public Services Portal in December 2019 and E-Cabinet in June 2019. The growth is mainly attributed to the strength of its manufacturing sector along with the increasing spending power of its population. Vietnam recorded decade-low GDP growth of 1.8% in the first half of this year, and expansion is forecast at just 2% to 2.5% for 2020 overall. Improved sanitary latrines were built in some 142,000 households and 1,500 schools. Over the past two decades, Vietnam has emerged as the fastest growing per-capita greenhouse gas emitters in the world – growing at about 5 percent annually. An additional two million people indirectly benefited from the city-wide infrastructure improvements and the new social facilities. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Over the medium term, growth is projected to stay around 6.5 percent, as the impact of current cyclical uptick dissipates. Promote and stimulate low carbon energy generation. “To achieve its ambition to become a high-income economy by 2045, Vietnam must put productivity growth front and center of its economic model. Tra Mac. Between 2002 and 2018, GDP per capita increased by 2.7 times, reaching over US$2,700 in 2019, and more than 45 million people were lifted out of poverty. Direct access to our calendar releases and historical data. This was unexpected given the COVID 19 lockdown. One pillar helped improve inter-sectoral coastal planning and mainstream climate change into public investment across selected key sectors. Vietnam exceeded its 2017 GDP growth target of 6.7% with growth of 6.8%, primarily due to unexpected increases in domestic demand, and strong manufacturing exports. Experts have been optimistic about Vietnam’s economic growth in 2021. Vietnam joined the Human Capital Project in 2019 to improve nutrition and access to quality education and to enhance workforce development for a changing economy. Between 2013 and 2019, more than 1 million people had their water supply connected to sustainable water systems, while 400,000 new functioning water supply connections were built. Economy | March 23rd 2021 UK-Vietnam trade agreement set to take effect in May. Economy Vietnam to halve 2020 GDP growth target due to pandemic. 2000-2021 Data | 2022-2023 Forecast | Calendar, source: General Statistics Office of Vietnam. GDP grew by 2.9 percent in 2020. Resilient Shores: Vietnam’s Coastal Development Between Opportunity and ... Vietnam: Mobile Technology Enables Faster and Safer Social Allowance ... Nobody Left Behind - Scaling-Up Sanitation in Rural Vietnam, Vietnam 2035 : Toward Prosperity, Creativity, Equity, and Democracy, Timeline: The World Bank and Vietnam: A strong and enduring partnership, Enable inclusive growth and private sector participation, Ensure environmental sustainability and resilience. In addition, Vietnam benefits from a large and diverse portfolio of Advisory Services and Analytics (ASA), with 34 currently active tasks. “Economic recovery will not be a … Vietnam's gross domestic product grew by 6.88 percent year-on-year in the third quarter of 2018, compared with a 7.46 percent growth in the same period of the previous year. Vietnam's gross domestic product advanced by 4.48 percent year-on-year in the fourth quarter of 2020, accelerating from a marginally revised 2.69 percent growth in the previous period, as the economy gradually returned to normal conditions, after loosening the lockdown measures to contain the spread of the coronavirus, the preliminary estimate showed. GDP growth (annual %) - Vietnam. But the population is rapidly aging. The Key Drivers of Growth in Vietnam Interestingly, one of Vietnam’s most established economic drivers is trade, with the country known as a prominent exporter of goods to nations across the globe. According to the ADB’s Asian Development Outlook 2020 report published on April 3, 2020, Vietnam’s economic growth will decline sharply to 4.8 percent in 2020 but bounce back up to 6.8 percent in 2021, provided the pandemic is contained. Looking forward, we estimate GDP Annual Growth Rate in Vietnam to stand at 6.50 in 12 months time. The economy expanded 2.91% this year after having posted gross domestic product growth above 7% for two consecutive years, the General Statistics Office (GSO) said in a statement. Comprehensive engagement to strengthen private sector development and participation across sectors; Support to achieve the financial sustainability of public services and transfers; Support to poverty reduction amongst ethnic minorities, through livelihood and income generation activities; Multisector engagements to strengthen linkages between education and the labor market; and. However, this is still much better than many of other South East Asia countries and the world average. Earlier, the Bank conducted a ground-breaking study on conflict–of–interest issues in the context of growing interactions interactions between the public and private sectors. Vietnam’s economy that’s been on that track since the late 1980s probably grew around 6.3% last year for a lot of the same reasons and the government expects 6.8% in … Yet, in the past six years the growth in services outpaced significantly all other sectors, and today services account for 37 percent of GDP. Vietnam's gross domestic product advanced by 4.48 percent year-on-year in the first quarter of 2021, the same pace as in the previous period, as the economy gradually returned to normal conditions, after loosening the lockdown measures to contain the spread of the coronavirus, the preliminary estimate showed. In addition, policies supported by this program helped promote the uptake of water-efficient irrigation practices and technologies – and prompted provinces to establish protection corridors for main water sources. Vietnam is experiencing rapid demographic and social change. This was the slowest GDP growth rate since the series began in 2000, hampered by the coronavirus pandemic and weaker global demand. Considering the first nine months of 2020, the economy expanded 2.12 percent from a year earlier. Poverty is expected to decline further, as labor market conditions remain favorable. The Bank also provides strategic advice for Vietnam on how to prepare its workforce for future jobs. In Vietnam, industry and construction constitute the biggest sector of the economy (41 percent of total GDP). Vietnam’s human capital index (HCI) stands at 0.69, meaning a child born in Vietnam today will be 69 percent as productive when she grows up as she could be if she enjoyed complete education and full health. The vast majority of Vietnam’s remaining poor – 86 percent –are ethnic minorities. The Vietnam Renewable Energy Development Project supported some of the first large-scale private-sector led deployments of renewable energy into Vietnam’s power mix, which has significantly expanded today, accounting for nearly 10 percent of Vietnam’s power generation capacity. GDP Growth rate(%) 2020: 1.600: 2021: 6.700: 2022: 7.440: 2023: 7.240: 2024: 6.931: 2025: 6.630 In addition, 19 new small hydropower plants were built with a total capacity of 320MW, which supplied an annual volume of 1,260GWh. Vietnam now is one of the most dynamic emerging countries in East Asia region. Regardless of the impact of the COVID-19 pandemic, Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia. The World Bank provided advice to the government through a series of policy notes on strategies to protect vulnerable groups from the negative impacts of COVID-19 and also stimulate a broad-based recovery. Vietnam's gross domestic product expanded by 0.36 percent year-on-year in the second quarter of 2020, following a 3.83 percent growth in the previous period, the preliminary estimate showed. Economic and political reforms under Đổi Mới, launched in 1986, have spurred rapid economic growth, transforming what was then one of the world’s poorest nations into a lower middle-income country. Vietnam: Mobile Technology Enables Faster and Safer Social Allowance Transfers for Ethnic Minorities, Internet of Things (IoT) helps Vietnamese farmers grow rice with less water, Internet of things (IoT) enables water-efficient rice cultivation in Vietnam. Over the past 30 years, the provision of basic services has improved significantly. Vietnam’s rapid growth and industrialization have had detrimental impacts on the environment and natural assets. Access of households to infrastructure services has increased dramatically. The economy of Vietnam is a socialist-oriented market economy, which is the 36th-largest in the world as measured by nominal gross domestic product (GDP) and 23rd-largest in the world as measured by purchasing power parity (PPP). Q2 2020 Vietnam economy grew by 0.36% year on year (H1 expansion of 1.81% year on year). If you continue to navigate this website beyond this page, cookies will be placed on your browser. Waste generation in Vietnam is expected to double in less than 15 years. This site uses cookies to optimize functionality and give you the best possible experience. The plant has also helped mitigate flood risks in downstream communities. Vietnam Economy Growth Despite Pandemic. Inflationary pressures are projected to remain moderate, due to subdued global demand conditions and moderate global energy and food prices. The GDP growth was driven mainly by agriculture, forestry and fisheries sectors (4.69 percent); industry and construction (5.60 percent) and service sector (4.29 percent). It confirmed the relevance of the current CPF, aligned with the government of Vietnam’s development objectives and demand for WBG support. The World Bank has worked closely with Vietnam to address the last miles in poverty eradication as approximately 8 million of Vietnamese people still lived with less than US$3.2 per day in 2018. Vietnam is forecast to have grown by 7% in 2018 and is one of the fastest-growing countries in the world. Key interventions in five areas of cardiology, obstetrics/gynecology, pediatrics, oncology, and trauma (surgery) are now available at these hospitals, obviating the needs for patients to seek care at teritary hospitals far away from home. source: General Statistics Office of Vietnam 3Y 10Y 25Y The Vietnam Industrial Pollution Management Project has significantly improved compliance with industrial wastewater treatment regulations in four of the most industrialized provinces in Vietnam. There is an urgent need to accelerate the clean energy transition. Health outcomes have improved in tandem with rising living standards. World Bank national accounts data, and OECD National Accounts data files. Government estimates showed the Vietnamese economy growing 2.9% last year from a year ago, better than China's forecast-beating 2.3% growth during the same period. Vietnam's existing portfolio consists of 37 active projects, with total net commitments of US$7.19 billion. Vietnam's gross domestic product advanced by 2.62 percent year-on-year in the third quarter of 2020, accelerating from a marginally revised 0.39 percent growth in the previous period, as the economy gradually returned to normal conditions, after loosening the lockdown measures to contain the spread of the coronavirus, the preliminary estimate showed. The Trung Son Hydropower Project supported the development of a 260 megawatt, grid-connected hydropower plant in the remote part of central Vietnam.
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