Viet Nam: Asian Development Bank Member Fact Sheet 2017

Abstract

Viet Nam has enjoyed a period of relative prosperity over the past 5 years. Economic growth—propelled by a surge in foreign direct investment and export oriented manufacturing—has been strong, while inflation has remained in single digits and well-balanced policies have helped maintain macroeconomic stability and build investor confidence. However, despite remarkable achievements in reducing poverty, Vietnam still faces income and other socioeconomic gaps, 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 market economy to compete globally and deliver sustainable, equitable growth over the long term.