Vietnam at a glance
1. Overview of Vietnam’s economy - 2015
GDP Growth
The country’s GDP was estimated to increase by 6.68% in 2015, higher than the planned target of 6.2% for 2015 and reaching a five-year high.
The agriculture, forestry and fishery sector rose 2.41%, lower than 2014’s growth rate of 3.44%, contributing 0.4 percentage points to the general growth rate. The industry and construction sector grew by 9.64%, higher than the previous year’s growth rate of 6.42%, contributing 3.20 percentage points, of which the industry went up by 9.39% against the previous year (the manufacturing rose 10.60%); the construction grew by 10.82%, topping the highest growth rate as from 2010. The service jumped up 6.33%, contributing 2.43 percentage points.
The GDP per capita was estimated at VN$45.7 million in 2015, equivalent to US$2,109, up by US$57 compared to 2014.
Agriculture, forestry and fishery - 2015
Rice production was estimated to reach 45.2 million tons, a rise of 240.9 thousand tons against 2014.
Cultivated area: 7.8 million hectares;
Rice productivity: 5,770 kilograms per hectare, up 20 kilograms per hectare.
Herd of livestock: (as of 01 October 2015) 2.5 million heads of water buffaloes, (up 0.1% on year); 5.4 million heads of bovine animal (up 2.5%); 27.7 million pigs (up 3.7%); 341.9 million fowls (up 4.3%).
Live-weight output of meat: 85.8 thousand tons of water buffalo meat, increased by 0.1%; 299.3 thousand tons of beef, up by 2.2%; 3.5 million tons of pork, by 4.2%; the output of achieved 908.1 thousand tons of poultry, up by 3.8%.
Estimated afforestation area: 240.6 thousand hectares, up 8.5% from 2014; wood production: 8,309 thousand cubic meters, up by 11.9%.
Estimated fishing production: 6549.7 thousand tons, rose 3.4% over the previous year, of which 3,513.4 thousand tons coming from aquaculture, up by 2.9%; and 3,036.3 thousand tons from marine fishing, up by 4%.
Industry
Industrial Production Indexes (IIP) was estimated to grow by 9.8% from 2014, higher than the increase of 5.9% in 2013 and 7.6% in 2014. The mining and quarrying went up by 6.5%; the manufacturing by 10.6%; the power generation and supply by 11.4%.
Main industrial products – 2015
| unit | 2015 | Change (%) vs 2014 |
Coal (pure) | ‘000 tons | 42339.3 | 105.1 |
Extracted crude oil | ‘000 tons | 16709.0 | 107.5 |
Natural gas | mln. m3 | 10660.0 | 104.6 |
Liquidized gas (LPG) | ‘000 tons | 728.2 | 115.7 |
Processed seafood | ‘000 tons | 2091.8 | 106.4 |
Fresh milk | mln. liters | 1103.8 | 115.4 |
Powdered milk | ‘000 tons | 97.3 | 118.5 |
Refined sugar | ‘000 tons | 1599.6 | 99.7 |
Monosodium glutamate | ‘000 tons | 260.1 | 103.6 |
Feedstuff | ‘000 tons | 11771.3 | 116.5 |
Aquaculture feeds | ‘000 tons | 3517.5 | 114.0 |
Beer | mln. liters | 3373.6 | 107.3 |
Cigarettes | mln. packets | 5228.5 | 103.8 |
Textiles from natural yarn | mln m2 | 325.5 | 103.7 |
Textiles from PE or artificial yarn | mln m2 | 661.9 | 95.7 |
Garments | mln. pieces | 3208.4 | 105.2 |
Footwear | mln. pairs | 305.9 | 117.8 |
Urea fertilizer | ‘000 tons | 2208.4 | 100.2 |
N.P.K mixed fertilizer | ‘000 tons | 2538.3 | 98.5 |
Chemical paint | ‘000 tons | 594.8 | 110.4 |
Shampoo and hair conditioner | ‘000 tons | 64.1 | 101.1 |
Cement | mln. tons | 67.9 | 110.7 |
Crude steel | ‘000 tons | 4127.0 | 103.3 |
Rolled steel | ‘000 tons | 4198.0 | 117.8 |
Steel, rods and angles | ‘000 tons | 4162.4 | 118.6 |
Mobile phones | mln. sets | 227.3 | 131.6 |
Televisions | ‘000 sets | 5424.6 | 151.2 |
Automobiles | ‘000 units | 199.2 | 154.5 |
Motorbikes | ‘000 units | 2871.3 | 87.3 |
Electricity | bln. kwh | 157.6 | 111.6 |
Water supply | mln. m3 | 2363.3 | 106.9 |
Number of start-up enterprises
94,754 start-up enterprises with a total registered capital of VN$601.5 trillion in 2015, an increase of 26.6% in the number of businesses and 39.1% in the registered capital against 2014
The average registered capital per enterprise in 2015: VN$6.3 billion, up 9.9% compared to the previous year.
Retail sales of consumer goods and services
Total estimated retail sales of consumer goods and services in 2015: VN$3242.9 trillion, up 9.5% compared to the previous year (if the price factor were excluded, the growth rate would be 8.4%, higher than 2014’s increase of 8.1%).
- Retail sales of goods: VN$2469.9 trillion, up 10.6%;
- Sales of accommodation and catering services: VN$372.2 trillion, up 5.2%; travelling VN$30.4 trillion, up 9.5%; other services VN$370.3 trillion, up 7%.
International visitors to Vietnam
Estimated number of international visitors to Vietnam: 7943.7 thousand arrivals, down 0.2% from the last year. Visitors coming by air increased by 0.8%; by road down by 6.5%; by sea sharply up by 27.5%.
Foreign direct investment
Up to 15 December 2015: 2,013 new FDI projects with the registered capital of US$ 15.58 billion, an increase of 26.8% in the number of projects and a decrease of 0.4% in the registered capital from the same period of 2014.
Total registered capital of new projects and additional investments: US$22.76 billion, up by 12.5% against 2014.
Disbursed FDI capital in 2015 was estimated at US$14.5 billion, up by 17.4% from the previous year.
Exports
Estimated export turnover in 2015: US$162.4 billion, up by 8.1% over 2014 (If the price factor were excluded, it would go up by 12.4%). Export turnover from the FDI sector were estimated at US$ 115.1 billion, up 13.8%; the domestic economic at US$ 47.3 billion, down 3.5%.
Structure of export goods: heavy industrial goods and minerals accounting for 45.5% of the total export turnover, up by 1.5 percentage points against 2014; light industrial goods and handicrafts accounting for 39.9%, up by 0.6 percentage points; agricultural and forestry products making up 10.5%, down by 1 percentage points while aquatic products representing 4.1%, down by 1.1 percentage points.
The United States remained the biggest export market for Vietnamese goods, making up 20.6% of the country’s total export turnover; the EU coming next with the proportion of 19%;
Imports
Estimated import expenditure in 2015: US$165.6 billion, up by 12% over the previous year, US$98 billion of which coming from the FDI sector (up by 16.4%), and US$67.6 billion from the domestic economic sector (up by 6.3%).
Structure of imported goods: machinery and equipment accounting for 91.3% of the country’s total import expenditure, increasing by 0.2 percentage points against 2014, while consumer goods making up 8.7%, down by 0.2 percentage points.
China was still the largest supplier to Vietnam with imports accounting for 28.8% of the country’s total import expenditure; South Korea coming next with 16.7%; ASEAN 14.4%.
Trade deficit: US$ 3.2 billion in 2015. The domestic economic sector suffered a trade deficit of US$ 20.3 billion whilst the FDI sector had a trade surplus of US$ 17.1 billion. It was noteworthy that estimated trade deficit with China was up to US$ 32.3 billion, up 12.5% from a year earlier; and after many years of trade surplus, Vietnam had a trade deficit of over US$ 300 million with Japan in 2015.
Exports and imports of services
Service exports: US$ 11.2 billion, up 2.1% over 2014, of which travel service export reaching US$ 7.3 billion, down 0.4%.
Estimated service imports in 2015: US$ 15.5 billion, up 6.9% over the previous year, of which transportation service and insurance service reaching US$ 9 billion.
2015’s trade deficit of services was estimated at US$ 4.3 billion, up 16% from 2014.
Vietnam at a glance
2011 | 2012 | 2013 | 2014 | 2015 | |
Population (million) | 87.8 | 88.8 | 89.7 | 90.6 | 91.6 |
GDP per capita (USD) | 1,373 | 1,754 | 1,894 | 2,032 | 2,036 |
GDP (USD bn) | 121 | 156 | 170 | 184 | 186 |
Economic Growth (GDP, annual variation in %) | 6.2 | 5.2 | 5.4 | 6.0 | 6.7 |
Industrial Production (annual variation in %) | 13.5 | 4.8 | 5.9 | 7.5 | 9.8 |
Unemployment Rate | 3.6 | 3.2 | 3.6 | 3.4 | - |
Inflation Rate (CPI, annual variation in %, eop) | 18.1 | 6.8 | 6.0 | 1.8 | 0.6 |
Inflation Rate (CPI, annual variation in %) | 18.7 | 9.1 | 6.6 | 4.1 | 0.6 |
Inflation (PPI, annual variation in %) | 18.4 | 9.3 | 5.3 | 3.3 | -0.3 |
Exchange Rate (vs USD) | 21,034 | 20,840 | 21,095 | 21,388 | 22,485 |
Trade Balance (USD billion) | -8.9 | 2.0 | 0.4 | 0.8 | -4.1 |
Exports (USD billion) | 95.4 | 114 | 133 | 150 | 162 |
Imports (USD billion) | 104 | 112 | 133 | 149 | 166 |
Exports (annual variation in %) | 33.1 | 20.0 | 16.5 | 12.6 | 7.9 |
Imports (annual variation in %) | 24.4 | 7.9 | 18.2 | 12.3 | 11.3 |
Top 10 exported commodities of Vietnam in 2015
| Major Products | Value (billion USD) | Compared to 2014 (%) |
1 | Telephones, mobile phones and parts thereof | 30.18 | 27.9% |
2 | Textile and garment | 22.81 | 9.1% |
3 | Computer, electrical products, spare parts and components thereof | 15.61 | 36.5% |
4 | Footwear | 12.01 | 16.3% |
5 | Machines, equipment, tools and instruments | 8.17 | 11.7 |
6 | Wood and wooden products | 6.9 | 10.7% |
7 | Fishery products | 6.57 | -1.25% |
8 | Crude oil | 3.72 | -48.5% |
9 | Bags, pockets, wallets, suitcases, hats and umbrellas | 2.88 | 13.5% |
10 | Rice | 2.8 | -4.5% |
(Source: Vietnam Customs)
Vietnam’s exports and imports in 2015
Continent/market | Export | Import | Trade volume | |||
Value (billion USD) | Compared to 2014 (%) | Value (billion USD | Compared to 2014 (%) | Value (billion USD | Compared to 2014 (%) | |
Asia | 79.88 | 5.4 | 135.02 | 11.1 | 214.90 | 8.9 |
ASEAN | 18.16 | -3.7 | 23.83 | 3.7 | 41.99 | 0.4 |
China | 17.14 | 14.8 | 49.53 | 13.3 | 66.67 | 13.7 |
Japan | 14.14 | -3.8 | 14.37 | 11.2 | 28.51 | 3.2 |
S. Korea | 8.93 | 25.0 | 27.63 | 27.0 | 36.56 | 26.5 |
America | 41.51 | 17.4 | 13.91 | 22.6 | 55.42 | 18.6 |
United States | 33.48 | 16.9 | 7.80 | 23.8 | 41.28 | 18.1 |
Europe | 34.25 | 7.7 | 12.30 | 14.4 | 46.55 | 9.4 |
EU (27) | 30.94 | 10.9 | 10.45 | 17.8 | 41.39 | 12.5 |
Africa | 3.14 | 5.9 | 1.97 | 16.6 | 5.11 | 9.8 |
Oceania | 3.33 | -22.9 | 2.45 | -4.9 | 5.79 | -16.2 |
(Source: Vietnam Customs)
Top foreign investors in Vietnam - 2015
|
| Number of FDI projects injecting additional investment | Additional investment (million USD) | Total new and additional investments (million USD) |
1 | S. Korea | 293 | 4,021.6 | 6.983.159 |
2 | Malaysia | 20 | 30.8 | 2.478.790 |
3 | Japan | 156 | 486.1 | 1.803.418 |
4 | Taiwan | 72 | 465.3 | 1.468.161 |
5 | Samoa | 12 | 81.1 | 1.395.176 |
6 | United Kingdom | 6 | 5.5 | 1.288.726 |
7 | Singapore | 66 | 862.9 | 2.082.472 |
8 | British Virgin Islands | 33 | 515.4 | 1.217.307 |
9 | Hong Kong | 54 | 566.7 | 1.148.139 |
10 | China | 35 | 69.3 | 744.115 |
Source: Foreign Investment Agency (FIA)
Top FDI provincial destinations in Vietnam - 2015
|
| Number of FDI projects injecting additional investment | Additional investment (million USD) | Total new and additional investments (million USD) |
1 | Ho Chi Minh City | 191 | 1,117.5 | 4.100.2 |
2 | Bac Ninh | 107 | 3,512.5 | 3.663.0 |
3 | Binh Duong | 105 | 493.1 | 3.128.6 |
4 | Tra Vinh |
| 0.0 | 2.526.8 |
5 | Dong Nai | 92 | 332.9 | 1.805.1 |
6 | Ha Noi | 77 | 183.7 | 1.126.9 |
7 | Hai Phong | 38 | 248.6 | 902.7 |
8 | Ba Ria – Vung Tau | 22 | 432.1 | 759.7 |
9 | Long An | 47 | 268.4 | 651.8 |
10 | Tay Ninh | 8 | 25.3 | 540.6 |
Source: Foreign Investment Agency (FIA)
Helpful source
·General Statistics Office of Vietnam: Vietnam Development Report