06/12/2020
Vietnam's economy is based on large state-owned industries such as textiles, food, furniture, plastics and paper as well as tourism and telecommunications. Agriculture represents 14.7% of GDP and employs 39.4% of the total workforce. Main crops include rice, coffee, cashew nuts, corn, pepper, sweet potatoes, peanuts, cotton, rubber and tea as well as aquaculture. While agricultural trade surplus edged up on the year in 2019, the livestock industry continued to suffer from various diseases, including swine flu.
Industry contributes 34.2% of GDP and employs 25.8% of the total workforce. The energy sector has boomed in recent years (coal, hydrocarbons, electricity, cement, steel industry). Despite being a 'newcomer' in the oil industry, Vietnam has become the third largest Southeast Asian producer. The country has also invested in high value-added industries such as cars, electronic and computer technologies (software). Manufacturing rose by 10.9% year-on-year in 2019, contributing a record industrial trade surplus of over USD 10 billion (Vietnamese government).
Services represent 45.5% of GDP and employ 34.7% of the total workforce. Main services include tourism and telecommunications. Double-digit growth is expected from the Vietnamese retail sector from 2019 to 2024 (AP).
