A brief overview of the Vietnam economy

Socialist Republic of Vietnam is an agro-industrial state.

The Vietnamese economy is one of the fastest growing among Asian countries. The average annual GDP growth rate is about 6.5% that together with stable population growth and an increase in prosperity makes Vietnam an attractive market in the long term.

The level of GDP for 2021 reached more than 352 billion US dollars.

The priority sectors of the economy are energy, processing industry, high-tech industry (electronics), mining, metallurgical and chemical industries.

Agriculture (including forestry and fishing) remains an important area of the country’s economic life. It employs about 40% of the economically active resources, and 65% of the population lives in rural area.

The services market is actively developing. It accounted for 30% of the country’s GDP.

Since 2012 the country’s trade balance has been in the surplus.

Vietnam’s main import positions are:

♦ machinery and equipment;
♦ computer and electronic equipment;
♦ fabrics, raw materials and consumables for light industry;
♦ rolling of ferrous metals;
♦ plastic.

The most prospective export positions of Belarusian enterprises to Vietnam are:

♦ lorries and dump trucks;
♦ tractor equipment;
♦ milk and dairy products;
♦ electrical equipment;
♦ optical measuring instruments and equipment;
♦ perfumery and cosmetic products;
♦ pharmaceutical products.

As an export-oriented economy, Vietnam has over 90 bilateral trade agreements and nearly 60 bilateral investment promotion and protection agreements.

Vietnam’s accession to ASEAN and the WTO allowed the country to strengthen its integration into the world economy and accelerate the pace of improving investment legislation, and a long-term policy aimed at improving conditions and guarantees for investors created a stable investment structure that made Vietnam one of the most attractive countries for foreign capital.