Realizing opportunities and keeping structural fragilities in check

Last update – January 2024
Business environment risk
Political risk
Financing risk
Commercial risk
The country risk assessments are your North Star metrics to make the right decision for your business and understand the risks in international trade.
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GDP USD408.8bn (World ranking 36, World Bank 2022)
Population 98.2mn (World ranking 16, World Bank 2022)
Form of state
Communist party-led state
Head of government
Nguyễn Xuân Phúc (PM)
Next elections
2026, legislative
  • Low wages but relatively skilled workforce
  • Competitive manufacturing hub
  • Development potential of various natural resources, especially minerals (iron ore, copper, gold) and energy (oil, natural gas, coal)
  • Relatively open economy with growth model based on trade
  • Ongoing shift towards higher value-added sectors
  • Lack of transparency
  • A fragile and opaque banking system
  • Infrastructure to be improved
  • A complicated business environment
  • Low external reserves
  • Recurrent tensions with China

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  Exports Rank Imports  
United States 29.8% 1 33.8% China
China 16.1% 2 17.7% Korea, Republic of
Japan 6.6% 3 6.6% Japan
Korea, Republic of 6.6% 4 6.5% Taiwan
China, Hong Kong SAR 2.9% 5
4.1% United States

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Exports Rank Imports
Telecommunication and sound recording apparatus 16.9%
21.7% Electrical machinery, apparatus and appliances, n.e.s.
 Office machines and automatic data processing machines 12.3%
9.1% Office machines and automatic data processing machines
Electrical machinery, apparatus and appliances, n.e.s 10.5%
6.1% Textile yarn and related products
Articles of apparel & clothing accessories 10.4%
5.1% Petroleum, petroleum products and related materials
Footwear 6.2%

4.5% Iron and steel

Francoise Huang
Allianz Trade
Francoise Huang
Allianz Trade