Viet Nam: Asian Development Bank Member Fact Sheet 2018 Updated

Abstract

Viet Nam has enjoyed relative prosperity over the past 5 years. Economic growth—propelled by a surge in foreign direct investment, buoyant domestic consumption, and export-oriented manufacturing—has been strong, while inflation has remained single digit and well-balanced policies have helped maintain macroeconomic stability, improve the business environment, and build investor confidence. Despite remarkable achievements in reducing poverty, Viet Nam still faces growing income inequality and other socioeconomic disparities, particularly for ethnic minorities and other vulnerable groups. The country is also one that is most at risk of the impacts of climate change, with extreme weather events becoming more common and threatening to undo past development gains. To overcome these challenges, Viet Nam needs to continue to develop a more dynamic and inclusive economy to compete globally and deliver sustainable, equitable growth over the long term.