Viet Nam
Quick Facts
| Population | 96 million (2017) |
| GDP at PPP (current international dollars) | 647 billion (2017) |
| GDP per capita at PPP (current international dollars) | 6,776 (2017) |
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Viet Nam has worked with its GMS partners to increase the productivity of its agriculture sector. The country has prioritized critical reforms that have resulted in steady growth in agricultural output, making Viet Nam the second largest exporter of rice in the world. As in other GMS countries, rural transport and market access have also improved agricultural and rural livelihoods.
Viet Nam seeks to develop its energy resources with better transparency, competition and economic efficiency in order to attract private investment, which will complement public sector investments, and ensure energy supply security for its rapidly growing domestic demand. Viet Nam has worked with its GMS neighbors to benefit from power trading arrangements being developed in the subregion, and on information sharing regarding the exploration, production, and transmission of energy resources. Viet Nam is also expanding electricity access to rural and remote areas, and boosting the share of renewable energy to total energy supply.
Similar to other fast-growing GMS economies, Viet Nam has had to respond to growing pressures on its environment and natural resources. The Government has enacted legislation and launched programs to mitigate the environmental impacts of urban expansion. Viet Nam, in coordination with its GMS partners, has invested in tree planting programs that are showing results in terms slowing the loss of forest cover.
With a large rural and young population that is in need of skills development and training, Viet Nam is seeking to train 27.5 million workers – including 10 million rural workers – by 2020. In coordination with its GMS partners, Viet Nam is focusing efforts on poverty reduction and gender mainstreaming in order to help vulnerable workers benefit from national training programs. As part of its national human resources development work, the country is also strengthening its emphasis on protecting migrant workers, both domestically and across borders.
Viet Nam is sharing knowledge with its GMS partners to develop its fixed and mobile telecommunications systems, as well as Internet service. To promote competition and universal access, the country is promoting more transparent telecommunications licensing procedures and fees (in line with its subregional neighbors), and efficient government regulations. Viet Nam takes part in GMS training programs designed to increase the expertise of officials across the subregion.
Making trade and investment easier between GMS countries is a key priority for Viet Nam. The country has worked with its subregional partners to harmonize and simplify trade and investment procedures.
Viet Nam is a vital link in the emerging subregional transport system of the GMS. It is home to key sections of major GMS corridors, such as the Ho Chi Minh City-Phnom Penh Highway, the East-West Transport Corridor, the Kunming-Haiphong Transport Corridor, and the Southern Coastal Corridor. The country has also embarked on the construction of major expressways to enhance its overall transport efficiency. Viet Nam also hosts important maritime links via its ports. Viet Nam’s fast-growing economy has been a strong contributor to the development of GMS economic corridors that have benefited its own people, and the citizens of neighboring countries.
Southeast Asia continues to benefit from the rise in global trade and the pickup in commodity prices. It is expected to maintain its 2017 growth rate of 5.2% in both 2018 and 2019, according to the Asian Development Outlook 2018.
MANILA, PHILIPPINES (13 April 2018) — The Asian Development Bank’s Trade Finance Program and Orient Commercial Bank today signed a $10 million loan agreement to further support trade in Viet Nam.
Singapore-based agribusiness group Olam International has secured $163 million in financing from the Asian Development Bank (ADB) and the Japan International Cooperation Agency (JICA), including $80 million in loans for its coffee subsidiary in Viet Nam.
The 6th Greater Mekong Subregion Summit of Leaders issued a joint declaration, entitled "Leveraging 25 Years of Cooperation for a Sustainable, Integrated and Prosperous GMS," in Ha Noi, Viet Nam on 31 March 2018.
HA NOI, VIET NAM (31 March 2018) — Asian Development Bank President Takehiko Nakao today congratulated the six member countries at the Summit of the Greater Mekong Subregion on 25 years of successful regional cooperation. He reaffirmed ADB’s continued support to the program, with $7 billion expected over the next 5 years to help the subregion achieve inclusive growth and sustainable development.
This is the statement issued by the Joint Committee for the Cross-Border Transport Facilitation Agreement during its sixth meeting in Hanoi, Viet Nam on 15 March 2018.
For 25 years, six countries in the Greater Mekong Subregion have been promoting regional economic development. Upgrading cross-border transport networks is a key area of investment.
Leaders of the six countries that share the Mekong River will gather in Viet Nam's capital Ha Noi for the 6th Greater Mekong Subregion (GMS) Summit on 31 March 2018.
The Stock Exchange of Thailand plans to launch a pan-Mekong board and index to tap growing investor interest in developing Mekong economies. The plan, however, is still in its early stages and has not yet reached the Securities and Exchange Commission.
Viet Nam’s poorer regions have started to benefit from a boom in tourism.