Country explorer: Vietnam
EXPERIMENTAL
2024
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Overview
Vietnam is a coastal, lower-middle-income country in Southeast Asia with a medium-sized population. Its economy has grown very rapidly in recent decades, and is based on manufacturing, agriculture and services.
Vietnam maintains a fast-growing economy with a focus on industrial development.
Economy
Vietnam has experienced remarkable economic growth characterized by significant increases in GDP per capita, substantial reductions in poverty across all thresholds, consistently low unemployment rates compared to regional standards, and moderate inflation, positioning it as an exemplar of rapid economic development and increasing living standards among lower-middle-income countries.
Demographics
Vietnam has seen a stabilizing population growth, a modest net migration gain, a dramatic reduction in fertility rate in line with industrialized standards, and a notable increase in life expectancy, illustrating a significant socioeconomic transformation that mirrors trends observed in rapidly developing nations.
Basic needs
Vietnam has markedly improved access to basic needs such as clean cooking fuels, electricity, safely managed drinking water, and sanitation facilities, showcasing rapid socioeconomic development and public health advancements, aligning with the progress observed in other lower-middle-income countries.
Human development
Vietnam has demonstrated remarkable improvements in human development indicators such as the Human Development Index, child mortality rate, literacy rate, and average learning-adjusted years of schooling, reflecting significant societal transformations and positioning it as a standout performer among lower-middle-income countries.
Environment & energy
Vietnam has showcased a surge in energy production from renewable sources, particularly in solar and wind, while simultaneously addressing challenges of modest per capita CO2 emissions, decreasing per capita renewable freshwater resources, and expanding forest area, reflecting its distinctive journey towards balancing economic growth with environmental sustainability compared to its peers.
Technology & innovation
Vietnam has exhibited a remarkable digital and mobile connectivity transformation exemplified by sustained increases in internet usage, mobile phone subscriptions, alongside significant growth in scientific output and increased research & development spending, positioning it as a rapidly advancing tech hub in the Southeast Asian region.
Culture & society
Vietnam has experienced modest but consistent improvements in societal conditions, reflected through a very low share of the population born abroad, steadily increasing self-reported life satisfaction, notable strides in reducing gender inequality, and a manageable age dependency ratio, positioning it distinctively among lower-middle-income countries with its cohesive social fabric and progressive human development.
Governance
Vietnam has exhibited tighter governance controls, indicated by declining scores in rule of law, increasing public perception of corruption, significantly reduced political civil liberties, and increasing restrictions on press freedom, differentiating it from some regional peers by adopting a more restrictive approach towards governance and civil freedoms.