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VIET NAM Viet Nam Overview
LAND OF OPPORTUNITIES Recent Socio-Economic Achievements
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VIET NAM O VER VIEW
RECENT SOCIO-ECONOMIC

ACHIEVEMENTS

Under the impact of the COVID-19 pandemic, Viet Nam was one of only a few countries to post
positive economic growth in 2020, of 2.91%. Growth was nonetheless down sharply compared
to annual forecasts of 6.5-7% and was the lowest figure for three decades. Viet Nam, however,
is still considered one of the most resilient economies in the region and the world, as it fulfilled
the “dual goals” of promoting economic growth and containing the COVID-19 pandemic. Its
GDP grew by 5.64% in the first half of 2021, much higher than the 1.82% recorded in the same
period of 2020. Reviewing socio-economic development in the 2016-2020 period, the 13th
National Congress of the Communist Party of Viet Nam stated that: “Viet Nam has gained
significant and quite comprehensive achievements, creating many outstanding imprints,
especially in the context of COVID-19, showing its determination to control the pandemic while
maintaining socio-economic activities; the macro-economy remained stable and firm, inflation
was controlled and maintained at a low level, creating an environment and driving force for
socio-economic development; the balance of exports and imports shifted from deficit to
surplus. Major balances of the economy were basically ensured.”

Viet Nam’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. Viet Nam is now one of the most dynamic emerging
countries in the East Asia region.

WORLD BANK
Source: https://www.worldbank.org/en/country/Vietnam/overview