The total quantifiable benefits are estimated at approximately US$724 million in terms of saving in healthcare costs, productive time, flood control damage, and increased land value. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. source: General Statistics Office of Vietnam 3Y 10Y 25Y Parliament has set an official target of 6% growth this year, but the government hopes to push it as high as 6.5%. We face big challenges to help the world’s poorest people and ensure that everyone sees benefits from economic growth. Over the past 30 years, the provision of basic services has improved significantly. The Trung Son Hydropower Project supported the development of a 260 megawatt, grid-connected hydropower plant in the remote part of central Vietnam. Given the increasing reliance of fossil fuels, the power sector itself accounts for nearly two-thirds of the country’s greenhouse gas emissions. From 1993 to 2017, the infant mortality rate decreased from 32.6 to 16.7 (per 1,000 live births). Considering the first nine months of 2020, the economy expanded 2.12 percent from a year earlier. An additional two million people indirectly benefited from the city-wide infrastructure improvements and the new social facilities. In Vietnam, industry and construction constitute the biggest sector of the economy (41 percent of total GDP). 2020 was a remarkably difficult year. 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. However, the high and widening sex ratio at birth (115 in 2018) shows that fundamental gender discrimination persists. The vast majority of Vietnam’s remaining poor – 86 percent –are ethnic minorities. Vietnam is a member of Asia-Pacific Economic Cooperation, Association of Southeast Asian Nations and the World Trade Organization. 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. 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. Economy | March 31st 2021 Vietnam’s growth subdued in Q1 2021. Promote and stimulate low carbon energy generation. Vietnam’s universal health coverage index is at 73—higher than regional and global averages—with 87 percent of the population covered. Vietnams growth is projected to moderate to 6.6 percent in 2019, driven by credit tightening, slower private consumption and weaker external demand. A former Vietnamese government adviser claimed that the coronavirus outbreak will cause Vietnam’s economic growth rate to reduce around 1 percentage … And Vietnam’s emerging middle class, currently accounting for 13 percent of the population, is expected to reach 26 percent by 2026. Government spending and debt remained in check and bank capital rules were strengthened. 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 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. The project has helped improve the living conditions of about 625,000 direct beneficiaries by upgrading basic infrastructure. Inflationary pressures are projected to remain moderate, due to subdued global demand conditions and moderate global energy and food prices. In rural Vietnam, all too many people – especially children – live without sanitation. The current World Bank Group Country Partnership Framework (CPF) for Vietnam guides the Bank Group's engagements in the country from 2018 to 2022. GDP Growth rate(%) 2020: 1.600: 2021: 6.700: 2022: 7.440: 2023: 7.240: 2024: 6.931: 2025: 6.630 The guideline to develop a multi-sector economy has been carried out effectively. Vietnam economic growth rate constantly increases by years. Linked to this is the issue of marine plastics. The Second Northern Mountains Poverty Reduction Project, implemented in six mountainous provinces in the poorest region of Vietnam during 2010-2018, exemplifies this productive partnership. Since 2018, the World Bank has supported Vietnam’s Office of the Government (OOG) in its efforts to build a digital government to ehance the efficiency and transparency of public service delivery. Between 2012 and 2018, the project supported 40 coastal districts and 257 coastal communes to shift from fragmented sectoral planning to an integrated spatial planning for co-management of fisheries. 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%. This was unexpected given the COVID 19 lockdown. “To achieve its ambition to become a high-income economy by 2045, Vietnam must put productivity growth front and center of its economic model. Health outcomes have improved in tandem with rising living standards. In addition, Vietnam benefits from a large and diverse portfolio of Advisory Services and Analytics (ASA), with 34 currently active tasks. Urbanization and strong economic and population growth are causing rapidly increasing waste management and pollution challenges. 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. 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. Vietnam is forecast to have grown by 7% in 2018 and is one of the fastest-growing countries in the world. Regardless of the impact of the COVID-19 pandemic, Vietnam is forecast to be one of the fastest-growing economies in Southeast Asia. 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. Key strategies and plans to stimulate green growth and sustainable use of its natural assets are in place. 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. The World Bank has supported Vietnam in reforming the educational system at all levels. Vietnam’s development over the past 30 years has been remarkable. “Economic recovery will not be a … One pillar helped improve inter-sectoral coastal planning and mainstream climate change into public investment across selected key sectors. Vietnam's existing portfolio consists of 37 active projects, with total net commitments of US$7.19 billion. World Bank national accounts data, and OECD National Accounts data files. About 70 percent of water discharged from industrial zones was untreated. Access of households to infrastructure services has increased dramatically. 2.7% real GDP growth for Vietnam is much lower than 2019 growth of 7%. 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. Unsustainable exploitation of natural assets such as sand, fisheries, and timber could negatively affect prospects for long-term growth. In addition, 19 new small hydropower plants were built with a total capacity of 320MW, which supplied an annual volume of 1,260GWh. Due to the coronavirus pandemic, also Vietnam’s growth is affected. Its economy is expected to grow 2.4% this year, … 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. The country also battled one of the century’s worst droughts and just recently reeled from the worst floods in decades. Publish your articles and forecasts in our website. Economy | March 23rd 2021 UK-Vietnam trade agreement set to take effect in May. Find out what the Bank Group's branches are doing in Vietnam. 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. 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. In addition, about 1.4 million people in 203 communes gained access to commune-wide sanitation. 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. 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. This site uses cookies to optimize functionality and give you the best possible experience. 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. 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. 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. This is significant given that the number of industrial zones has increased by 26.4 percent. Direct access to our calendar releases and historical data. 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 will create challenges for continued growth of modern infrastructure services required for the next phase of growth. 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. 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. The economy will grow by 5.3% in real terms in 2021—a slower pace relative to recent years, amid a gradual recovery from the coronavirus pandemic. 2020 is a tough year for Vietnam, yet the economy has reaped remarkable achievements. The plant has also helped mitigate flood risks in downstream communities. The GDP growth was driven mainly by agriculture, forestry and fisheries sectors (2.93 percent); industry and construction (2.95 percent) and service sector (2.75 percent). 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). However, this is still much better than many of other South East Asia countries and the world average. 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. Data released by the General Statistics Office (GSO) estimated a 1.81 percent... Vietnam’s continued FDI growth despite pandemic. Vietnam has minimised the economic damage from Covid-19 and is the only country in South East Asia on track for growth this year. 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. 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. 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: 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. Experts have been optimistic about Vietnam’s economic growth in 2021. 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. 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 … 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. 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. Experts have been optimistic about Vietnam’s economic growth in 2021. 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. Vietnam’s rapid growth and industrialization have had detrimental impacts on the environment and natural assets. Vietnam Institute for Economic and Policy Research (VEPR) made the forecast in its latest Vietnam macro-economic report. 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 … 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. Tra Mac. Looking forward, we estimate GDP Annual Growth Rate in Vietnam to stand at 6.50 in 12 months time. To learn more about cookies, click here. Vietnam economic growth for 2019 was $261.92B, a 6.81% increase from 2018. 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. COVID-19 hit all socio-economic sectors throughout Vietnam. As of March 22, 2021, the Bank has provided US$24.94 billion in grants, credits, and concessional loans to Vietnam through 209 operations. Improved sanitary latrines were built in some 142,000 households and 1,500 schools. 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 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. 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. 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. The World Bank Group works in every major area of development. The country, however, is now at a turning point where some of its traditional drivers of growth are gradually weakening,” said Ousmane Dione, World Bank Country Director for Vietnam. Current economic risks relate to geopolitics, trade policy uncertainty, and domestic reform implementation. FDI Data Shows Vietnam’s Steady Economic Growth Vietnam’s economy shows positive signs. There is an urgent need to accelerate the clean energy transition. 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 is among the 10 countries worldwide that are most affected by air pollution. GDP growth (annual %) - Vietnam. Q2 2020 Vietnam economy grew by 0.36% year on year (H1 expansion of 1.81% year on year). Vietnam economic growth for 2018 was $245.21B, a 9.58% increase from 2017. 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. Poverty rates declined sharply from over 70 percent to below 6 percent (US$3.2/day PPP). Demand for water continues to increase, while water productivity is low, about 12 percent of global benchmarks. 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. Poverty is expected to decline further, as labor market conditions remain favorable. Vietnam has recorded an impressive economic growth since 2012, posting a 6 percent growth or higher every year. 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. Water pollution has significant costs on productivity of key sectors and human health. Economy Vietnam to halve 2020 GDP growth target due to pandemic. But the population is rapidly aging. 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. Over the medium term, growth is projected to stay around 6.5 percent, as the impact of current cyclical uptick dissipates. Download historical data for 20 million indicators using your browser. Finally, agriculture, forestry and fishing represent 22 percent of total output. Vietnam’s GDP is … Vietnam now is one of the most dynamic emerging countries in East Asia region. The School Readiness Promotion Project, for example, helped increase access to full-day preschool to 84 percent of five-year-old children in 2015 from 66 percent in 2011. March 12, 2021. In the northern part of Vietnam, 13.7 million people—many of them from remote areas—have better access to quality healthcare. 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. 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. 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. There is also a need to upgrade the skills of the workforce to create productive jobs at a large scale in the future. 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. Compounding the problem is the reality that much of Vietnam’s population and economy is highly vulnerable to climate impacts. 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. Despite a global economic crisis and likely recession in some of its neighboring countries, Vietnam aims for an economic growth of 5% this year. As of 2016, 99 percent of the population uses electricity as their main source of lighting, up from just 14 percent in 1993. Many ASA engagements leverage country-level partnerships and trust funds from development partners. Vietnam is experiencing rapid demographic and social change. Considering the whole year of 2020, the economy expanded 2.91 percent from a year earlier. The quality of preschool instruction improved through the introduction of a child-centered learning approach for 250,000 early childhood education teachers. 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. The IMF expects the country’s growth to slow to 2.7% this year but expects a recovery to 7% for 2021. GDP grew by 2.9 percent in 2020. 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. The World Bank supports Vietnam’s efforts to provide quality, afforable health care services for all citizens. 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. Through the Climate Change and Green Growth Development Financing, the World Bank made a strong contribution to the climate change and green growth reform agenda. 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. However, in recent years, Vietnam’s physical capital investment as a percentage of GDP has been among the lowest in the ASEAN region. Electricity consumption has tripled over the past decade, growing faster than output. 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. This is higher than the average for East Asia and the Pacific region and lower middle income countries. The long-term benefits go beyond the duration of the project. 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). 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. Between 2012 and 2018, the percentage of industrial zones compliant with wastewater treatment regulations increased from less than 30 percent to 72 percent. The program also significantly strengthened institutional mechanisms for WSS monitoring, and evaluation processes within the implementing agencies of participating provinces. 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. Improving the efficiency and integrity of the public sector is a priority for the World Bank in Vietnam. “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. 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. 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. Yet, in the past six years the growth in services outpaced significantly all other sectors, and today services account for 37 percent of GDP. Global data and statistics, research and publications, and topics in poverty and development, *Amounts include IBRD and IDA commitments, Environmental and Social Policies for Projects, Vietnam Renewable Energy Development Project, Climate Change and Green Growth Development Financing, Coastal Resources for Sustainable Development Project, Vietnam Industrial Pollution Management Project, Mekong Delta Region Urban Upgrading Project, Results-Based Rural Water Supply and Sanitation Under the National Target Program, Northeast and Red River Delta Regions Health System Support Project, Second Northern Mountains Poverty Reduction Project, Country Partnership Framework for the Period FY18-FY22, Performance and Learning Review of the Country Partnership Strategy for Vietnam (FY12 - 16), Joint Vietnam-World Bank Group Study Will Seek Path for Higher Economic Growth, Results from the World Bank Group’s 2012 – 2017 – Country Partnership Strategy for Vietnam, WBG Country Partnership Framework for Vietnam 2018 – 2022: Key Priorities. 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. The growth is mainly attributed to the strength of its manufacturing sector along with the increasing spending power of its population. A strong second quarter will be led by the industrial sector, which will push up annual growth rates in 2021. Between 1990 and 2016, life expectancy increased from 70.5 to 76.3 years, and is the highest in the region for countries at a similar income level. Vietnam has made great strides in reducing poverty and improving quality of life for millions. Hanoi will not raise minimum wage in 2021 for the first time in decades. The government is working to lower the environmental footprint of the country’s growth and effectively mitigate and adapt to climate change. All these plants followed global best practices on environmental and social risk management, setting new industry benchmarks in Vietnam. The Vietnam Industrial Pollution Management Project has significantly improved compliance with industrial wastewater treatment regulations in four of the most industrialized provinces in Vietnam. In the first half of this year, the economy advanced 1.91 percent from a year earlier. 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. Data and research help us understand these challenges and set priorities, share knowledge of what works, and measure progress. More. 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.
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