Asian Development Bank and Viet Nam: Fact Sheet

Abstract

Updated yearly, this ADB Fact Sheet provides social and economic indicators on Viet Nam as well as concise information on ADB's operations in the country and contact information. Viet Nam has been one of Asia’s fastest growing economies over the last 20 years, with growth of real gross domestic product (GDP) averaging 7.4% during 1989–2008. Strong economic growth, combined with improved social safety nets, has enabled Viet Nam to reduce poverty dramatically. Poverty incidence has declined from 58.1% in 1993 to 16.0% in 2006. Viet Nam has been able to sustain strong economic growth for a long period and to significantly improve the efficiency of social safety nets by carrying out a broad range of economic and institutional reforms fostering economic growth and improved targeting of social security provision. Viet Nam is in transition from a centrally planned to a market economy, and from a social protection system that relied heavily on price subsidies to one based on targeted programs. Market-oriented reforms have involved partial privatization of state-owned enterprises, liberalization of markets and recognition of private property rights, which has resulted in the emergence of a vibrant private sector.