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Viet Nam

Viet Nam has an ambitious goal: it intends to attain the status of an industrialised country by 2020. By pursuing a policy of gradual renewal ("Doi Moi"), the socialist republic has already achieved remarkable economic results over the last 25 years.

Capital

Hanoi

Offical Language

Vietnamese

Area

331,690 km²

Population

approx. 95.55 Million

Population growth

1.00 %

Rural Population

64 % of the overall population

Gross Domestic Product

241.3 Billion US Dollars

Annual Income per Capita

Approx. 2551US Dollars

Agriculture as a share of GDP

14.68 % (as of 2018)

Severity of hunger according to the World Hunger Index

moderate (WHI: 15.3)

Human Development Index

Index: 0,693/ Rank: 118 of 189

Combining Socialism with Market Economy

Viet Nam has an ambitious goal: it intends to attain the status of an industrialised country by 2020. Conditions for private-sector activity and international investment have improved, and exports have developed well. Viet Nam's gross national income per capita is 1,990 US dollars (2015), making it a middle-income country.
This economic progress has helped reduce poverty significantly. While 53 per cent of the people were still living below the national poverty line in 1996, this percentage had shrunk to 13.5 per cent by 2014. However, there are still many people, especially in rural areas, who are not yet able to benefit sufficiently from economic development. Ethnic minorities are particularly affected.
For the country to be able to continue its successful course, a number of structural problems first have to be resolved. For instance, the envisaged privatisation of selected state-owned enterprises is only proceeding slowly, and there is a huge shortage of skilled workers in the country. Moreover, economic growth in Viet Nam has been taking place at the expense of the environment. The country's natural resources are being ruthlessly exploited, and environmental degradation is reaching alarming levels.
What is more, the densely populated delta regions along the Vietnamese coast are particularly affected by the consequences of climate change. The rise in sea levels resulting from climate change and the expected increase in the frequency of extreme weather events could have serious consequences for the country's economic development. Viet Nam is also faced with land subsidence caused by excessive groundwater extraction. The Vietnamese government is therefore attaching great political importance to climate change adaptation measures.
In its foreign policy, Viet Nam is keen to cultivate close relations with its neighbours, and is stepping up its participation in international institutions and its economic cooperation with other countries. The country plays an active role within the Association of Southeast Asian Nations (ASEAN). The European Union is one of Viet Nam's most important trading partners.