Vietnam

Vietnam GDP per Capita

*Update in April, October each year*

According to the World Bank's GDP per capita category, Vietnam is an upper middle-income country with a per capita GDP of US $4,316 in 2023, ranking sixth in the ASEAN region after Singapore, Brunei, Malaysia, Thailand and Indonesia. In recent years, with the advantages of Vietnam's economic reform and opening up and the signing of FTA with many countries, the country's economic scale has gradually grown, and the IMF estimates that Vietnam's GDP per capita will grow 5.6% to US$4,636 in 2024.

Vietnam's population has exceeded 100 million in 2023, making it the 15th most populous country in the world and the third most populous country in ASEAN, after Indonesia and the Philippines. At present, Vietnam's population structure is quite conducive to stable economic development, with a high proportion of the working population (about 60%), and the number of working population is expected to increase in the next decade, which will continue to promote Vietnam's economic growth.

Vietnam CPI

*Update in April, October each year*

The consumer price index in Vietnam is compiled monthly and consists of a representative sample of consumer goods and services, and the categories of goods and services covered are updated every five years to match the consumption structure of each period. According to the calculating method of Vietnam's CPI, the top five most important categories are food (36.1% of the total weight), housing and construction materials (15.8%), transport (9.4%), household appliances (7.1%), and clothing and footwear (6.4%). This was followed by education (6%), health services (5%), culture, entertainment and tourism (4.3%), beverages and tobacco (3.6%), miscellaneous goods and services (3.3%), and posts and communications (3%).

In 2023, Vietnam's CPI increased by 3.25% from the same period of the previous year, in line with Vietnam's official target of less than 4%. The annual exponential growth is mainly driven by education, health care, electricity, rice, among which, the tuition fee has the biggest increase and up to 7.4%, mainly because the Vietnamese Ministry of Education passed a new bill to allow high schools and universities to raise tuition fees, making a number of national universities’ (such as Ho Chi Minh City University of Technology) tuition fee increased by 10-30% in 2023 compared with the previous year.

Vietnam PPI

*Update in April, October each year*

In Vietnam, the producer price index is compiled annually to cover commodity prices in sectors such as agriculture, forestry, fisheries, mining, manufacturing, electricity and natural gas, and the weights of each industry item are updated every five years. The index measures the change in the price of goods traded between producers, and as the Vietnamese government begins to raise the national minimum wage in 2024, which will drive up labor costs, the PPI is expected to continue to rise in 2024.

Vietnam FDI

*Update in April, October each year*

In 2023, Vietnam's foreign direct investment was US$36.6 billion, up 32% from US$27.7 billion in 2022, showing that Vietnam has become a high-profile investment country in the ASEAN region due to its low labor costs and increasingly open investment and trade policies.

Vietnam has the highest proportion of investment partners in Asia. According to the FDI data in Vietnam in 2023, these six Asian countries (Singapore, Japan, Hong Kong, China, South Korea, Taiwan) account for 81.4% of the country's total investment, and these six countries also rank among the top six in terms of investment value. Singapore (US$6.8 billion), Japan (US$6.6 billion), Hong Kong (US$4.7 billion), China (US$4.5 billion), South Korea (US$4.4 billion), and Taiwan (US$2.9 billion) followed. In addition, the main industries attracting foreign investment in 2023 include processing and manufacturing (64.2%), real estate (12.8%), electricity, gas, water and air conditioning production and transmission (6.5%), finance, banking, insurance (4.3%), and high-tech industries (3.5%).

Vietnam International Trade

*Update in April, October each year*

As international countries gradually transfer their manufacturing plants to Vietnam, the amount of Vietnam's international trade has increased year by year. Between 2014 and 2023, Vietnam had a trade surplus every year and the surplus increased from US$23.7 billion to US$28.3 billion, an increase of 19.4%.

The top five exporters of Vietnam in 2023 will be the United States (US$97 billion), China (US$61.2 billion), South Korea (US$23.5 billion), Japan (US$23.3 billion) and the Netherlands (US$10.2 billion), mainly exporting computer, electronic products and components, machinery products, textiles, and steel. In 2023, Vietnam's top five importers will be China (US$110.6 billion), South Korea (US$52.5 billion), Japan (US$21.6 billion), Taiwan (US$18.4 billion) and the United States (US$13.8 billion), with major imports including textile fibers, plastic raw materials, petroleum and chemical products.