Economy of Vietnam - https://www.confiduss.com/en/jurisdictions/vietnam/economy/ - Economy of Vietnam

Vietnam is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Vietnam may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Vietnam exports around $128.9 billion and imports roughly $121.4 billion. 2% of population in the country are unemployed. The total number of unemployed people in Vietnam is 1,929,823. In Vietnam, 11.3% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Vietnam is low, indicating that it has a stable economy. Investors should consider Vietnam to be a safe location for investments and other financial ventures. Government expenditure on education is 5.3% of GDP. The Gini Index of the country is 37.6. Vietnam is experiencing good equality. The majority of citizens in Vietnam fall within a narrow range of income, although some cases may show significant differences. Vietnam has a Human Development Index (HDI) of 0.638. Vietnam has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Vietnam is 1.848. Due to strong law enforcement presence and high social responsibility, Vietnam is very safe by international standards. The strength of legal rights index for Vietnam is 7. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency
The currency of Vietnam is Vietnamese dong. The plural form of the word Vietnamese dong is dongs. The symbol used for this currency is ₫, and it is abbreviated as VND. The Vietnamese dong is divided into Hao; there are 100 in one dong.

Credit rating
The depth of credit information index for Vietnam is 7, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Vietnam has a credit rating score of BB-, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Vietnam has a credit rating score of B+, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Vietnam has a credit rating score of B1, and the prospects of this rating are negative.

Central bank
In Vietnam, the institution that manages the state's currency, money supply, and interest rates is called State Bank of Vietnam. Locally, the central bank of Vietnam is called Ngân hàng nhà nước Việt Nam. The average deposit interest rate offered by local banks in Vietnam is 5.8%.

Public debt
Vietnam has a government debt of 48.2% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information
The corporate tax in Vietnam is set at 20%. Personal income tax ranges from 5% to 35%, depending on your specific situation and income level. VAT in Vietnam is 10%.

Finances
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Vietnam is $512582 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Vietnam was last recorded at $5 million. PPP in Vietnam is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Vietnam is 171,222 billion. Based on this statistic, Vietnam is considered to have a medium economy. Countries with medium economies support an average number of industries and opportunities for investment. It should not be too difficult to find worthwhile investment opportunities in medium economies. The Gross Domestic Product (GDP) per capita in Vietnam was last recorded at $2 million. The average citizen in Vietnam has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Vietnam averaged 5.5% in 2014. According to this percentage, Vietnam is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well.