Considering the first nine months of 2020, the economy expanded 2.12 percent from a year earlier. Economy Vietnam to halve 2020 GDP growth target due to pandemic. The GDP of Vietnam is $255 million, and the country has achieved GDP growth of 6.5% in recent years. 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 expansion was driven mainly by agriculture, forestry and fisheries (3.16 percent); industry and construction (6.30 percent), manufacturing (9.45 percent) and service sector (3.34 percent). In addition, 19 new small hydropower plants were built with a total capacity of 320MW, which supplied an annual volume of 1,260GWh. Linked to this is the issue of marine plastics. Vietnam's existing portfolio consists of 37 active projects, with total net commitments of US$7.19 billion. 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 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. Vietnam’s GDP is … 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. Vietnam is among the 10 countries worldwide that are most affected by air pollution. In the northern part of Vietnam, 13.7 million people—many of them from remote areas—have better access to quality healthcare. 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 … There is an urgent need to accelerate the clean energy transition. Vietnam’s universal health coverage index is at 73—higher than regional and global averages—with 87 percent of the population covered. World Bank national accounts data, and OECD National Accounts data files. 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. Finally, agriculture, forestry and fishing represent 22 percent of total output. If you continue to navigate this website beyond this page, cookies will be placed on your browser. In rural Vietnam, all too many people – especially children – live without sanitation. This will create challenges for continued growth of modern infrastructure services required for the next phase of growth. The current World Bank Group Country Partnership Framework (CPF) for Vietnam guides the Bank Group's engagements in the country from 2018 to 2022. COVID-19 hit all socio-economic sectors throughout Vietnam. This is significant given that the number of industrial zones has increased by 26.4 percent. Vietnam economic growth for 2018 was $245.21B, a 9.58% increase from 2017. The program also significantly strengthened institutional mechanisms for WSS monitoring, and evaluation processes within the implementing agencies of participating provinces. 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. This is higher than the average for East Asia and the Pacific region and lower middle income countries. 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. Direct access to our calendar releases and historical data. Publish your articles and forecasts in our website. Given its deep integration with the global economy, the Vietnamese economy  has been hit by the ongoing COVID-19 pandemic, but has shown remarkable resilience. Experts have been optimistic about Vietnam’s economic growth in 2021. 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. But the population is rapidly aging. The World Bank supports Vietnam’s efforts to provide quality, afforable health care services for all citizens. In addition, Vietnam benefits from a large and diverse portfolio of Advisory Services and Analytics (ASA), with 34 currently active tasks. Perhaps it is relevant to say that in 2020, Vietnam is an exception by continuing to show its role as the center of trade flows. 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. The Basic Statistics brochure presents data on selected social, economic, and SDG indicators such as population, poverty, annual growth rate of gross domestic product, inflation, and government finance for economies in Asia and the Pacific. Find out what the Bank Group's branches are doing in Vietnam. “To achieve its ambition to become a high-income economy by 2045, Vietnam must put productivity growth front and center of its economic model. Vietnam Institute for Economic and Policy Research (VEPR) made the forecast in its latest Vietnam macro-economic report. 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. Waste generation in Vietnam is expected to double in less than 15 years. 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. 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. 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. 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. 2020 was a remarkably difficult year. Inflationary pressures are projected to remain moderate, due to subdued global demand conditions and moderate global energy and food prices. 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. Its population reached 96.5 million in 2019 (up from about 60 million in 1986) and is expected to expand to 120 million by 2050. Vietnam Economy Growth Despite Pandemic. Experts have been optimistic about Vietnam’s economic growth in 2021. This site uses cookies to optimize functionality and give you the best possible experience. 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. The project helped raise the living standards of ethnic minorities by improving their access to productive infrastructure, building capacity of local governments and communities, and promoting market linkages and business innovations. The project has helped improve the living conditions of about 625,000 direct beneficiaries by upgrading basic infrastructure. Its economy is expected to grow 2.4% this year, … 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. Poverty is expected to decline further, as labor market conditions remain favorable. This was unexpected given the COVID 19 lockdown. To learn more about cookies, click here. Promote and stimulate low carbon energy generation. The government is working to lower the environmental footprint of the country’s growth and effectively mitigate and adapt to climate change. The video analyses and evaluates some of the key growth drivers and evaluates barriers to growth including environmental challenges and vulnerability to external economic shocks. 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 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. 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 Trading Economics Application Programming Interface (API) provides direct access to our data. Unsustainable exploitation of natural assets such as sand, fisheries, and timber could negatively affect prospects for long-term growth. Vietnam has made great strides in reducing poverty and improving quality of life for millions. At the same time, Vietnam is one of the most rapidly aging countries and the 65+ age group is expected to increase 2.5 times by 2050. From 1993 to 2017, the infant mortality rate decreased from 32.6 to 16.7 (per 1,000 live births). About 70 percent of water discharged from industrial zones was untreated. A grant from the Pandemic Emergency Financing Facility, helped ramp up testing capacity for 84 laboratories nationwide, cutting the turnaround time from 24-48 hours to 4-6 hours. 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. However, in recent years, Vietnam’s physical capital investment as a percentage of GDP has been among the lowest in the ASEAN region. The assessment was given by the International Monetary Fund (IMF) in its 2020 Article IV Consultation report with Vietnam, expecting the upward trend in economic growth would continue to 2022 as the country’s economic growth may reach 7.2%. 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.