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Vietnam

Author(s):
International Monetary Fund
Published Date:
July 1999
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Table 1.Vietnam: Gross Domestic Product by Expenditure Categories at Current Prices, 1990-98 1/(In billions of dong)
199019911992199319941995199619971998

Official Est.
Consumption40,73668,95995,314116,719148,037187,233225,231250,584289,712
Private37,57263,90487,661106,440133,299168,492202,509225,084262,189
Government3,1645,0557,65310,27914,73818,74122,72225,50027,523
Gross capital formation6,02511,50619,49834,02045,48362,13176,45088,754105,835
Fixed assets5,49510,49918,40630,63543,32558,18771,59783,73496,437
Change in stocks5301,0071,0923,3852,1583,9444,8535,0209,398
Domestic demand46,76180,465114,812150,739193,520249,364301,681339,338395,547
Net exports-3,876-3,925-4,516-12,296-16,866-20,819-29,839-25,526-26,785
Exports11,08423,71438,40540,28660,72575,106111,177135,180154,960
Imports14,96027,63942,92152,58277,59195,925141,016160,706181,745
Statistical discrepancy 2/-9301672391,6151,880347194-189-72
GDP41,95576,707110,535140,058178,534228,892272,036313,623368,690
(In percent of GDP)
Consumption97.189.986.283.382.981.882.879.978.6
Private89.683.379.376.074.773.674.471.871.1
Government7.56.66.97.38.38.28.48.17.5
Gross capital formation14.415.017.624.325.527.128.128.328.7
Fixed assets13.113.716.721.924.325.426.326.726.2
Change in stocks1.31.31.02.41.21.71.81.62.5
Domestic demand111.5104.9103.9107.6108.4108.9110.9108.2107.3
Net exports-9.2-5.1-4.1-8.8-9.4-9.1-11.0-8.1-7.3
Exports26.430.934.728.834.032.840.943.142.0
Imports35.736.038.837.543.541.951.851.249.3
Statistical discrepancy 2/-2.20.20.21.21.10.20.1-0.10.0
(Percentage change)
Consumption69.338.222.526.826.520.311.315.6
Private70.137.221.425.226.420.211.116.5
Government59.851.434.343.427.221.212.27.9
Gross capital formation91.069.574.533.736.623.016.119.2
Fixed assets91.175.366.441.434.323.017.015.2
Domestic demand72.142.731.328.428.921.012.516.6
Exports113.962.04.950.723.748.021.614.6
Imports84.855.322.547.623.647.014.013.1
GDP82.844.126.727.528.218.815.317.6
(Contribution to nominal growth, percent)
Domestic demand97.0101.5121.7111.2110.9121.390.5102.1
Private consumption81.277.972.581.477.888.161.071.1
Fixed capital formation14.423.441.433.029.531.129.223.1
Change in stocks1.40.37.8-3.23.52.10.48.0
Net exports-0.1-1.7-26.4-11.9-7.8-20.910.4-2.3
Statistical discrepancy 2/3.20.24.70.7-3.0-0.4-0.90.2
GDP100.0100.0100.0100.0100.0100.0100.0100.0
Source: Data provided by the General Statistical Office.

These data are latest official revisions of historical GDP estimates (see Annex I).

Difference between production-based estimates of GDP (which are considered to be more accurate) and expenditure-based estimates.

Source: Data provided by the General Statistical Office.

These data are latest official revisions of historical GDP estimates (see Annex I).

Difference between production-based estimates of GDP (which are considered to be more accurate) and expenditure-based estimates.

Table 2.Vietnam: Gross Domestic Product by Sector and Ownership at Current Prices, 1990-98 1/(In billions of dong)
199019911992199319941995199619971998

Official Est.
Gross Domestic Product41,95576,707110,535140,258178,534228,892272,036313,623368,690
State12,29022,43533,82154,96471,62391,977108,634126,924148,107
Excluding state management 2/9,50916,80425,81043,06465,13983,69999,217116,464135,960
Nonstate29,66554,27276,71485,294106,911136,915163,402186,699220,583
Agriculture17,10731,05838,58340,79848,96862,22075,51380,82595,777
State6881,2941,4641,8242,1902,6643,4243,5824,267
Nonstate16,41929,76437,11938,97446,77859,55672,08977,24391,510
Industry and construction9,57218,02826,21940,15451,54065,81980,877100,595120,564
State4,3278,05612,35620,51926,24033,09739,22848,28257,413
Of which: Oil 3/1,5824,0926,3786,9097,2548,62911,26613,07312,656
Nonstate5,2459,97213,86319,63525,30032,72241,64952,31363,151
Services15,27627,62145,73359,30678,026100,853115,646132,203152,349
State7,27513,08520,00132,62143,19356,21665,98275,06086,427
Excluding state management 2/4,4947,45411,99020,72136,70947,93856,56564,60074,280
Nonstate8,00114,53625,73226,68534,83344,63749,66457,14365,922
Wholesale and retail trade5,98111,42719,11722,01030,18537,49143,12548,91456,486
Hotels and restaurants4,8556,91712,49617,1896,1258,6259,77611,30712,404
Transport, storage and communication1,2502,6524,6105,9837,1549,11710,39012,41814,101
Financial intermediation4099941,4992,2243,4504,6045,1485,4446,197
Real estate services9,13512,39213,50715,35518,139
State management 2/2,7815,6318,01111,9006,4848,2789,41710,46012,147
Education and training6,4968,2939,88711,27413,399
Health and social work2,7573,6424,0074,3815,152
Other services6,2408,41110,38912,65014,324
15,27627,62145,73359,30678,026100,853115,646132,202152,349
(Share in GDP, in percent)
State sector29.329.230.639.240.140.239.940.540.2
Excluding state management 2/22.721.923.430.736.536.636.537.136.9
Nonstate sector70.770.869.460.859.959.860.159.559.8
Agriculture40.840.534.929.127.427.227.825.826.0
State1.61.71.31.31.21.21.31.11.2
Nonstate39.138.833.627.826.226.026.524.624.8
Industry and construction22.823.523.728.628.928.829.732.132.7
State10.310.511.214.614.714.514.415.415.6
Of which: Oil 3/3.85.35.84.94.13.84.14.23.4
Nonstate12.513.012.514.014.214.315.316.717.1
Services36.436.041.442.343.744.142.542.241.3
State17.317.118.123.324.224.624.323.923.4
Excluding state management 2/10.79.710.814.820.620.920.820.620.1
Nonstate19.119.023.319.019.519.518.318.217.9
Wholesale and retail trade14.314.917.315.716.916.415.915.615.3
Hotels and restaurants11.69.011.312.33.43.83.63.63.4
Transport, storage and communication3.03.54.24.34.04.03.84.03.8
Financial intermediation1.01.31.41.61.92.01.91.71.7
Real estate services5.15.45.04.94.9
State management 2/6.67.37.28.53.63.63.53.33.3
Education and training3.63.63.63.63.6
Health and social work1.51.61.51.41.4
Other services3.53.73.84.03.9
Source: Data provided by the General Statistical Office.

These data are latest official revisions of historical GDP estimates (see Annex I).

State management includes public administration, defense, and compulsory social security.

Value added from crude oil production is estimated assuming a 25 percent share of intermediate consumption in gross output.

Source: Data provided by the General Statistical Office.

These data are latest official revisions of historical GDP estimates (see Annex I).

State management includes public administration, defense, and compulsory social security.

Value added from crude oil production is estimated assuming a 25 percent share of intermediate consumption in gross output.

Table 3.Vietnam: Gross Domestic Product by Sector at Constant Prices, 1990-98 1/(In billions of dong, at constant 1994 prices)
199019911992199319941995199619971998

Official Est.
1998

Staff Est.
Agriculture, forestry, and fishery41,77342,60045,86747,38148,96851,31953,57755,89557,422
Agriculture35,93438,90740,39441,83943,65845,65247,91549,242
Forestry2,1992,3252,2562,2652,3992,4482,4502,444
Fishery4,4674,6354,7314,8645,2625,4775,5305,736
Industry32,48635,28840,38345,45551,54058,55067,01675,47383,209
Mining and quarrying9,11410,34511,75313,30415,063
Manufacturing24,51226,92731,04434,50526,62430,23134,33938,74342,613
Electricity, gas, and water supply2,8563,3843,9864,5725,099
Construction7,9748,3619,33910,95012,94614,59016,93818,85520,434
Services57,52461,81365,53171,19878,02685,69893,24099,895104,110
Wholesale and retail trade23,48024,56526,21727,79430,18533,59536,86639,42241,031
Hotels and restaurants14,70516,50217,83819,9266,1256,7417,4287,9498,179
Transport, storage and communication5,5305,8876,2956,7087,1547,8518,4299,1789,548
Financial intermediation1,8392,1702,4172,8183,4503,9404,3884,5784,777
Real estate services9,1359,73810,33711,07111,510
State management 2/11,97012,68912,76413,9526,4847,0637,5587,8608,096
Education and training6,4966,9687,5268,0628,614
Health and social work2,7573,0093,2203,3483,501
Other services6,2406,7927,4878,4278,854
Gross Domestic Product131,783139,701151,781164,034178,534195,567213,833231,263244,741
(Real growth rate, in percent)
Agriculture, forestry, and fishery2.07.73.33.34.84.44.32.72.7
Agriculture8.33.83.64.34.65.02.8
Forestry5.7-3.00.45.92.00.1-0.2
Fishery3.82.12.88.24.11.03.7
Industry8.614.412.613.413.614.512.610.38.0
Mining and quarrying13.513.613.213.213.2
Manufacturing9.915.311.1-22.813.513.612.810.08.0
Electricity, gas, and water supply18.517.814.711.511.5
Construction4.911.717.318.212.716.111.38.43.0
Services7.56.08.69.69.88.87.14.20.5
Wholesale and retail trade4.66.76.08.611.39.76.94.14.1
Hotels and restaurants12.28.111.7-69.310.110.27.02.9-15.0
Transport, storage and communication6.56.96.66.69.77.48.94.0-1.2
Financial intermediation18.011.416.622.414.211.44.34.31.4
Real estate services6.66.17.14.0-10.0
State management 2/6.00.69.3-53.58.97.04.03.0
Education and training7.38.07.16.8
Health and social work9.17.04.04.6
Other services8.810.212.65.1
Gross Domestic Product6.08.68.18.89.59.38.25.83.5
(Deflator, percentage change)
Agriculture, forestry, and fishery87.312.94.615.221.216.32.615.3
Agriculture11.82.015.620.710.82.816.7
Forestry0.115.79.218.561.92.410.3
Fishery33.324.814.926.640.92.79.4
Industry76.645.015.211.712.47.410.48.7
Mining and quarrying6.422.214.32.3
Manufacturing75.137.69.313.213.55.911.012.0
Electricity, gas, and water supply38.918.114.79.3
Construction80.581.938.27.48.2-3.13.85.7
Services56.647.319.114.717.75.46.710.6
Wholesale and retail trade70.247.88.420.611.64.86.111.0
Hotels and restaurants18.157.722.910.827.92.98.16.6
Transport, storage and communication85.453.321.57.216.16.19.89.2
Financial intermediation91.327.827.021.216.90.41.49.1
Real estate services2.76.113.6
State management 2/77.633.435.612.117.26.36.812.7
Education and training10.46.411.2
Health and social work2.85.212.5
Other services12.18.27.8
Gross Domestic Product71.633.513.414.017.08.76.611.1
Sources: General Statistical Office and staff estimates.

These data are latest official revisions of historical GDP estimates (see Annex I).

State management includes public administration, defense, and compulsory social security.

Sources: General Statistical Office and staff estimates.

These data are latest official revisions of historical GDP estimates (see Annex I).

State management includes public administration, defense, and compulsory social security.

Table 4:Vietnam: Consumer Price Inflation, 1994-99(12-month percentage changes)
Food
Overall

Index
GoodsAll

Food
Staples 1/Other

Food
Consumer

Goods
Services
1994 December14.514.823.639.116.26.113.0
Average9.48.213.819.710.63.216.6
1995 December13.013.519.820.419.26.99.8
Average16.917.827.035.222.98.412.1
1996 December4.43.94.40.46.33.28.2
Average5.85.36.96.17.23.68.3
1997 January4.33.83.8-0.96.23.78.2
February3.62.72.1-5.05.73.39.6
March2.31.2-0.9-7.12.23.68.9
April1.50.3-2.6-9.50.93.49.5
May1.50.2-2.9-10.20.83.610.0
June2.11.1-1.9-8.61.54.39.3
July3.02.1-0.3-3.51.24.79.3
August3.62.81.10.31.44.69.0
September3.93.22.21.92.24.29.2
October4.23.52.93.02.84.18.8
November3.62.91.60.62.04.28.6
December3.62.91.3-1.42.54.68.6
Average3.12.20.5-3.42.54.09.1
FoodTransport,

Telecom

Services
Overall

Index
Clothes,

Footwear
All

Food
Staples 1/Other

Food
Household

Goods
Weight (percent)100.006.6360.8627.0 2/73.0 2/4.607.23
1998 January4.22.72.02.01.94.19.6
February4.56.02.94.71.77.811.9
March4.53.24.35.41.62.57.7
April6.76.17.27.87.87.25.0
May8.83.711.218.17.83.66.1
June8.75.211.722.37.75.20.4
July8.12.410.720.76.63.04.2
August9.13.812.425.66.92.55.1
September9.73.313.127.97.53.48.5
October9.64.112.827.37.22.28.1
November9.44.512.424.57.63.07.4
December9.22.312.323.18.62.53.0
Average7.73.99.417.56.13.96.4
1999 January9.14.112.321.39.04.70.7
February8.94.711.420.97.33.8-0.1
March9.05.111.319.57.84.10.1
Average9.04.611.720.68.04.20.2
Sources: General Statistical Office, and staff estimates.

Since January 1998, CPI index has been calculated under a new methodology and with different weights for compo

Staff estimate.

Sources: General Statistical Office, and staff estimates.

Since January 1998, CPI index has been calculated under a new methodology and with different weights for compo

Staff estimate.

Table 5.Vietnam: Gross Value of Agricultural Production at Constant Prices, 1994-97
1994199519961997
(In billions of dong, at constant 1994 prices)
Total74,83879,81283,96788,663
Food crops51,46554,03456,81459,559
Paddy and other cereals40,22042,11044,65446,953
Vegetables and beans4,5314,9845,0885,246
Fruits5,4315,5785,6885,943
Other1,2831,3621,3841,417
Industrial crops10,33112,14912,80613,898
Animal husbandry13,04213,62914,34715,206
(Share in total, percent)
Food crops68.867.767.767.2
Paddy and other cereals53.752.853.253.0
Vegetables and beans6.16.26.15.9
Fruits7.37.06.86.7
Industrial crops13.815.215.315.7
Animal husbandry17.417.117.117.2
(Percentage change)
Total4.86.65.25.6
Food crops2.85.05.14.8
Paddy and other cereals2.94.76.05.1
Vegetables and beans3.910.02.13.1
Fruits1.52.72.04.5
Other6.11.62.4
Industrial crops14.617.65.48.5
Animal husbandry5.44.55.36.0
Source: General Statistical Office.
Source: General Statistical Office.
Table 6.Vietnam: Production of Food Staples, 1993-97
19931994199519961997

Preliminary
(In thousands of tons)
Total production25,50226,19927,57129,21830,562
By product
Rice paddy22,83723,52824,96426,39727,646
Spring crop9,03610,50410,73712,21013,309
Autumn crop5,6335,6306,5016,8796,550
Winter crop8,1687,3957,7267,3097,787
Other staples (rice equivalent units)2,6652,6702,6072,8212,916
Other staples (gross output)5,9965,6675,3345,3015,267
Maize8821,1441,1771,5371,641
Sweet potato2,4051,9061,6861,6971,643
Cassava2,4502,3582,2122,0671,983
Potatoes259259260
By region
North10,7989,88310,57610,92711,965
South14,70416,31616,99518,29118,596
(In thousands of hectares)
Total area cultivated7,7777,8267,9738,2018,295
By product
Rice paddy6,5606,5996,7667,0047,091
Spring crop2,3262,3812,4212,5412,683
Autumn crop1,5491,5771,7421,9841,867
Winter crop2,6852,6402,6022,4792,542
Maize496535557615659
Sweet potato387344305303267
Cassava278279278276239
Other567068339
By region
North3,3913,3383,3333,3383,358
South4,3864,4894,6404,8634,937
Yield(In metric tons per hectare)
By product
Rice paddy3.53.63.73.83.9
Spring crop3.94.44.44.85.0
Autumn crop3.63.63.73.53.5
Winter crop3.02.83.02.93.1
Maize1.82.12.12.52.5
Sweet potato6.25.55.55.66.2
Cassava8.88.48.07.58.3
By region
North3.23.03.23.33.6
South3.43.63.73.83.8
(Percentage change)
Rice paddy5.83.06.15.74.7
Spring crop-1.316.32.213.79.0
Autumn crop14.7-0.115.55.8-4.8
Winter crop8.5-9.54.5-5.46.5
Other staples (rice equivalent units)1.60.2-2.48.23.4
Maize17.929.72.930.66.8
Sweet potato-7.3-20.8-11.50.7-3.2
Cassava-4.6-3.7-6.2-6.6-4.1
Potatoes0.00.00.2
Per capita production(Metric tons)
Total staples359361373388398
Rice322324338350360
Other staples3837353738
Other staples/Total (percent)101091010
Sources: Ministry of Agriculture and Forestry, General Statistical Office, and staff estimates.
Sources: Ministry of Agriculture and Forestry, General Statistical Office, and staff estimates.
Table 7.Vietnam: Industrial Crop Production and Livestock, 1993-97
19931994199519961997

Preliminary
(In thousands of metric tons)
Production of annual crops
Sugarcane6,0837,55010,71111,37211,428
Peanuts259294334358353
Soybeans106125126114103
Tobacco2022282428
Production of perennial crops
Tea3842404752
Coffee136180218320400
Rubber97129123143181
(Percentage change)
Production
Sugarcane-5.524.141.96.20.5
Peanuts14.413.513.67.0-1.4
Soybeans32.117.80.8-9.3-9.6
Tobacco-25.66.927.6-15.216.7
Tea4.111.4-4.316.410.6
Coffee14.332.421.146.825.1
Rubber44.632.9-4.714.426.6
(In thousands of hectares)
Area cultivated
Annual crops555613674651630
Of which: Sugarcane143167225237251
Of which: Peanuts217248260263251
Of which: Soybeans120132121110100
Of which: Tobacco2425282428
Perennial crops615632704811681
Of which: Tea6367677582
Of which: Coffee101124186254270
Of which: Rubber242258278303329
(In millions of heads)
Livestock
Buffalo3.03.03.03.02.9
Cattle3.33.53.63.83.9
Pigs (over two months old)14.915.616.316.917.6
Poultry133.4137.8142.1151.4160.6
Sources: Ministry of Agriculture and Forestry, and General Statistical Office.
Sources: Ministry of Agriculture and Forestry, and General Statistical Office.
Table 8.Vietnam: Gross Industrial Production at Constant Prices, 1995-97 1/
199519961997
(In trillions of dong, at constant 1994 prices)
Mining13.916.018.2
Coal1.71.92.2
Oil and Gas10.812.514.3
Manufacturing83.394.8107.2
Food and beverages27.030.935.1
Cigarettes and tobacco4.04.24.4
Textiles and garments9.19.811.0
Leather tanning and processing3.64.55.3
Wood and paper products5.25.56.0
Printing, copying, publishing1.51.51.6
Chemical and petroleum products5.46.57.5
Rubber and plastics2.32.83.1
Nonmetallic products9.210.111.5
Metal products5.77.08.1
Machinery and equipment1.31.61.9
Electric and electronic products3.44.75.5
Vehicles and transport equipment3.43.43.7
Furniture and other2.12.42.6
Elecricity, gas, water6.27.38.3
Electricity and gas5.46.57.4
Water supply0.80.80.9
Total103.4118.1133.7
(Percentage change)
Mining13.515.113.8
Oil and Gas13.211.815.7
Manufacturing13.513.913.1
Food and beverages12.914.413.5
Textiles and garments46.47.712.0
Metal products22.815.7
Electric and electronic products38.217.1
Vehicles and transport equipment0.07.8
Elecricity, gas, water18.518.713.1
Total15.014.213.2
Source: General Statistical Office.

Due to reclassification of industrial activities, previously published idustrial sector data are not comparable with the data in this table.

Source: General Statistical Office.

Due to reclassification of industrial activities, previously published idustrial sector data are not comparable with the data in this table.

Table 9.Vietnam: Industrial Production by Ownership Sector at Constant Prices, 1995-98 1/
1995199619971998

Preliminary
(In billions of dong, at 1994 prices)
Total103,375118,097133,685150,684
State sector51,99158,16664,45669,588
Excluding oil and gas41,14645,69950,174
Central33,92038,41142,17545,598
Excluding oil and gas23,07525,94427,893
Local18,07119,75522,28123,990
Nonstate sector25,45128,36831,06233,149
Cooperatives650684725
Private2,2772,7923,215
Household18,19118,97719,722
Mixed4,3335,9157,400
Foreign invested sector25,93331,56238,16747,947
(Share in percent)
State sector50.349.348.246.2
Excluding oil and gas39.838.737.5
Central32.832.531.530.3
Excluding oil and gas22.322.020.9
Local17.516.716.715.9
Nonstate sector24.624.023.222.0
Cooperatives0.60.60.5
Private2.22.42.4
Household17.616.114.8
Mixed4.25.05.5
Foreign invested sector25.126.728.531.8
(Percentage change)
Total14.514.213.212.7
State sector13.611.910.88.0
Excluding oil and gas13.811.19.8
Central14.013.29.88.1
Excluding oil and gas14.412.47.5
Local12.69.312.87.7
Nonstate sector 2/18.511.59.5
Cooperatives5.26.0
Private22.615.2
Household4.33.9
Mixed36.525.1
Foreign invested sector21.720.925.6
Sources: General Statistical Office; and staff estimates.

Due to reclassification of industrial activities, previously published idustrial sector data are not comparable with the data in this table.

Growth rate for 1995 covers both nonstate and foreign invested sectors.

Sources: General Statistical Office; and staff estimates.

Due to reclassification of industrial activities, previously published idustrial sector data are not comparable with the data in this table.

Growth rate for 1995 covers both nonstate and foreign invested sectors.

Table 10.Vietnam: Population and Employment, 1993-98
199319941995199619971998

Estimate
(In thousands of persons)
Total population71,02672,50973,96275,35576,71578,059
Urban 1/13,66314,13914,57515,08515,72516,445
Rural 1/56,31857,32658,34259,22559,93960,601
Female36,35537,12337,86738,43239,20439,835
Male34,64735,38636,09536,92337,51138,224
Age under 1527,91328,42328,99329,464
Age 15-6440,69841,62042,38143,253
Age 64 and over2,4152,4662,5882,638
Total employment32,71833,66434,59035,79236,99438,200
(Share in total population, percent)
Urban 1/19.219.519.720.020.521.1
Rural 1/79.379.178.978.678.177.6
Female51.251.251.251.051.151.0
Male48.848.848.849.048.949.0
Age under 1539.339.239.239.1
Age 15-6457.357.457.357.4
Age 64 and over3.43.43.53.5
Total employment46.146.446.847.548.248.9
Memorandum items
Population growth2.32.12.01.91.81.8
Employment/population aged 15-6480.380.380.783.0
Source: General Statistical Office.

Armed forces and some other special groups are excluded from urban/rural categories.

Source: General Statistical Office.

Armed forces and some other special groups are excluded from urban/rural categories.

Table 11.Vietnam: Employment by Economic Sector, 1993-98
199319941995199619971998

Estimate
(In thousands of persons)
Total employment32,71833,66434,59035,79236,99438,200
Agriculture and forestry23,89824,13124,76524,77524,814
Agriculture23,68423,90824,53724,543
Forestry214223228232
Industry and construction4,3704,3524,3754,4174,633
Industry3,5223,3803,3793,4423,656
Construction848972996975977
Trade, transport, and communication2,3252,7622,8583,5333,528
Trade1,7762,2072,2902,6772,672
Transport496499512799856
Communication53565657
Education, health, science, and arts1,2691,3951,4641,488433
Education848900973994999
Science4841383941
Culture, arts, and sport46105949696
Public Health327349358359296
Other8561,0241,1281,5793,587
(Share in total employment, percent)
Agriculture and forestry73.071.771.669.267.1
Industry and construction13.412.912.612.312.5
Trade, transport, and communication7.18.28.39.99.5
Education, health, science, and arts3.94.14.24.21.2
Other2.63.03.34.49.7
(Growth rate, percent)
Total employment2.82.92.73.53.43.3
Agriculture and forestry3.01.02.60.00.2
Industry and construction2.2-0.40.51.04.9
Trade, transport, and communication2.418.83.523.6-0.2
Education, health, science, and arts2.69.94.91.7-70.9
Other3.319.610.140.0127.1
Sources: General Statistical Office; and staff estimates.
Sources: General Statistical Office; and staff estimates.
Table 12.Vietnam: Employment by Sector and Ownership, 1993-98
199319941995199619971998

Estimate
(In thousands of persons)
Total employment32,71833,66434,59035,79236,99438,200
Nonstate sector29,75030,73031,58732,59933,72734,861
State sector2,9602,9283,0533,1383,2673,339
Government1,1991,1781,2581,278
Central260257261201
Local9399219971,077
State enterprises1,7611,7561,7451,915
Central9959871,0011,084
Local766769744831
(Share in total employment, percent)
Nonstate sector90.991.391.391.191.291.3
State sector9.08.78.88.88.88.7
Government3.73.53.63.6
Central0.80.80.80.6
Local2.92.72.93.0
State enterprises5.45.25.05.4
Central3.02.92.93.0
Local2.32.32.22.3
(Growth rate, percent)
Total employment2.82.92.73.53.43.3
Nonstate sector3.13.32.83.23.53.4
State sector-0.5-1.14.32.84.12.2
Government0.5-1.86.81.6
Central-1.5-1.21.6-23.0
Local1.1-1.98.38.0
State enterprises-1.2-0.3-0.69.7
Central1.7-0.81.48.3
Local-4.70.4-3.311.7
Sources: General Statistical Office; and staff estimates.
Sources: General Statistical Office; and staff estimates.
Table 13.Vietnam: Employment in the Public Sector, 1993-98 1/
199319941995199619971998

Estimate
(In thousands of persons)
Total employment2,9602,9283,0533,1383,2673,339
Agriculture and forestry322289282248257255
Industry and construction9969921,0511,0821,1461,183
Industry703727754787807833
Construction294265297294338350
Trade, transport, and communication385389393417402397
Trade212198198208205202
Transport174191195210197195
Education, health, science, and arts8938919339731,0161,044
Science382727323233
Education669680711741777798
Culture, arts, and sport273032323335
Public Health160154163168173178
Other364368394418447461
(Share in total public sector employment, percent)
Agriculture and forestry10.99.99.27.97.97.6
Industry and construction33.733.934.434.535.135.4
Industry23.724.824.725.124.724.9
Construction9.99.09.79.410.410.5
Trade, transport, and communication13.013.312.913.312.311.9
Trade7.16.86.56.66.36.1
Transport5.96.56.46.76.05.8
Education, health, science, and arts30.230.430.531.031.131.3
Science1.30.90.91.01.01.0
Education22.623.223.323.623.823.9
Culture, arts, and sport0.91.01.01.01.01.0
Public Health5.45.35.45.35.35.3
Other12.312.612.913.313.713.8
(Growth rate, percent)
Total employment1.8-1.14.32.84.12.2
Agriculture and forestry0.0-10.3-2.3-12.13.6-0.9
Industry and construction3.4-0.56.02.95.93.2
Industry2.43.43.84.42.53.2
Construction5.8-9.912.0-0.715.03.4
Trade, transport, and communication-7.81.11.06.0-3.6-1.2
Trade-28.1-6.20.14.6-1.1-1.4
Transport40.210.02.07.5-6.0-1.0
Education, health, science, and arts0.6-0.34.74.34.42.8
Science0.3-27.7-1.519.40.93.1
Education1.41.64.54.24.82.8
Culture, arts, and sport0.412.06.71.63.43.9
Public Health-2.8-3.86.02.63.32.5
Other14.81.17.26.26.83.2
Sources: General Statistical Office; and staff estimates.

Revised historical estimates, provided to the staff in May 1999.

Sources: General Statistical Office; and staff estimates.

Revised historical estimates, provided to the staff in May 1999.

Table 14.Vietnam: Employment in the Private Sector, 1993-98
199319941995199619971998

Preliminary
(In thousands of persons)
Total employment29,75030,73031,58732,59933,72734,861
Agriculture and forestry23,57023,81624,46924,423
Agriculture23,41923,63624,28124,233
Forestry151180188190
Industry and construction3,3663,3633,3383,345
Industry2,8162,6812,6342,679
Construction550682704666
Trade, transport, and communication1,8832,3242,4473,107
Trade1,5061,9432,0612,441
Transport377381386666
Communication0000
Education, health, science, and arts388519543530
Science96126
Education193246270269
Culture, arts, and sport19786264
Public Health167189199191
Other5447087901,194
(Share in total private sector employment, percent)
Agriculture and forestry79.277.577.574.9
Industry and construction11.310.910.610.3
Trade, transport, and communication6.37.67.79.5
Education, health, science, and arts1.31.71.71.6
Other1.82.32.53.7
(Growth rate, percent)
Total employment3.13.32.83.23.53.4
Agriculture and forestry3.11.02.7-0.2
Industry and construction1.7-0.1-0.70.2
Trade, transport, and communication4.523.55.327.0
Education, health, science, and arts11.233.84.6-2.4
Other6.330.111.651.2
Sources: General Statistical Office; and staff estimates.
Sources: General Statistical Office; and staff estimates.
Table 15.Vietnam:Output per Worker by Economic Sector, 1992-98 1/
1992199319941995199619971998

Estimate
(In thousands of dong at 1994 prices)
Total output per employee4,7705,0145,3035,6545,9746,2516,407
Agriculture and forestry1,9761,9832,0292,0722,1632,253
Industry and construction9,44610,40211,84313,38315,17416,292
Industry8,9989,79711,41813,00814,55115,486
Construction11,32012,91313,31914,65417,37219,309
Services15,11316,00015,06015,72514,12713,235
Trade15,11115,65013,67714,67013,77114,755
Transport and communications12,65513,28613,87614,92810,39510,642
(Percent change)
Total output per employee5.85.15.86.65.74.62.5
Agriculture and forestry4.30.32.42.14.44.2
Industry and construction12.810.113.913.013.47.4
Industry13.48.916.513.911.96.4
Construction11.014.13.110.018.511.1
Services4.65.9-5.94.4-10.2-6.3
Trade5.73.6-12.67.3-6.17.1
Transport and communications5.35.04.47.6-30.42.4
Sources: General Statistical Office; and staff estimates.

Based on revised historical estimates of GDP (see Annex I).

Sources: General Statistical Office; and staff estimates.

Based on revised historical estimates of GDP (see Annex I).

Table 16.Vietnam: Average Income of State Employees by Economic Sector, 1993-98 1/
199319941995199619971998

Estimate
(In thousands of dong per month)
Average nominal wage274390478543642655
Industry3715767547088411,012
Construction358417499573738740
Agriculture206287366422480439
Transportation4075548791,0181,1321,162
Trade290403490582688670
Science214349361505555520
Education183294310329405455
Culture, arts, and sports194311347400453492
Public health186300327363440488
State management203328357380435470
Other 2/334681807940
(Percentage change)
Average nominal wage growth42.422.513.618.22.0
Industry55.031.0-6.118.720.4
Construction16.719.714.729.00.3
Agriculture39.327.815.113.8-8.5
Transportation36.058.715.811.12.6
Trade39.221.618.618.2-2.6
Science62.93.439.89.8-6.3
Education60.95.46.223.312.4
Culture, arts, and sports59.911.815.213.38.5
Public health60.89.111.021.211.1
State management61.38.86.414.67.9
Financial intermediation2/103.718.516.4
Average real wage growth 3/30.14.87.414.5-5.3
Industry41.712.0-11.215.111.8
Construction6.72.48.425.0-6.9
Agriculture27.39.38.810.3-15.1
Transportation24.335.89.57.7-4.7
Trade27.34.012.114.6-9.6
Education47.1-9.80.319.54.3
Public health46.9-6.64.917.43.2
State management47.5-6.90.611.10.2
Consumer price inflation9.416.95.83.27.7
Sources: General Statistical Office; and staff estimates.

Cash income, including payments in kind, bonus payments, and social security contributions.

Until 1994, also includes housing and other services.

Nominal wage growth deflated by consumer price inflation.

Sources: General Statistical Office; and staff estimates.

Cash income, including payments in kind, bonus payments, and social security contributions.

Until 1994, also includes housing and other services.

Nominal wage growth deflated by consumer price inflation.

Table 17.Vietnam: Summary of General Government Budgetary Operations, 1994-99
1994199519961997Budget

1998
Est.

1998
Budget

1999
(In trillions of dong)
Revenue and grants42.153.462.466.368.868.669.5
Revenue40.951.860.863.767.066.767.6
Tax revenue32.442.451.853.857.757.258.7
Non-tax revenue8.59.49.19.99.39.48.9
Grants1.21.61.52.61.82.01.9
Total expenditure (incl on-lending)45.155.164.371.776.675.780.7
Total expenditure (excl on-lending)44.754.662.968.972.270.373.6
Current expenditure33.442.547.350.849.651.650.0
Current non-interest expenditures31.139.644.648.947.549.647.5
Interest payments (scheduled)3.74.14.13.92.22.02.5
O/w paid2.22.92.71.92.22.02.5
Capital expenditure and on-lending11.712.617.120.923.724.228.1
O/w on-lending0.40.51.42.84.45.47.1
Contingency3.30.02.6
Current cash balance8.810.915.115.419.117.019.5
Overall accrual balance-4.4-2.9-3.3-7.4-7.8-7.1-11.2
Overall cash balance-2.9-1.7-1.9-5.4-7.8-7.1-11.2
Statistical discrepancy0.00.00.00.00.00.10.0
Financing2.91.71.95.47.87.011.2
Domestic2.32.70.62.41.4-0.1-0.1
Banking system 1/0.40.1-0.30.0-0.20.0-0.2
Non-banking (net)1.92.60.82.41.6-0.10.0
Foreign0.6-1.01.43.06.47.111.3
Disbursements1.92.03.86.010.110.214.3
Amortization paid (-)1.33.02.53.03.73.13.0
(In percent of GDP)
Revenue and grants24.723.124.122.420.720.718.6
Revenue24.022.423.521.520.220.118.1
Tax revenue19.018.320.018.217.417.215.7
Non-tax revenue5.04.13.53.32.82.82.4
Grants0.70.70.60.90.50.60.5
Total expenditure (incl on-lending)26.523.824.924.223.122.821.6
Total expenditure (excl on-lending)26.223.624.323.321.721.219.7
Current expenditure19.618.418.317.214.915.513.4
Current non-interest expenditures18.317.117.216.514.314.912.7
Capital expenditure and onlending6.95.46.67.17.17.37.5
Contingency0.00.00.00.01.00.00.7
Cash basis
Current account balance (excl. grants)4.44.05.34.35.24.54.7
Overall fiscal balance (excl. grants)-2.4-1.4-1.3-2.7-2.9-3.5-3.5
Overall fiscal balance (incl. grants)-1.7-0.7-0.7-1.8-2.4-2.1-3.0
Overall fiscal balance (incl. grants, excl.on-lending)-1.5-0.5-0.2-0.9-1.0-0.5-1.1
Domestic financing1.41.20.20.80.40.00.0
o/w banking system0.20.0-0.10.0-0.10.00.0
Foreign financing (net)0.4-0.40.51.01.92.13.0
Memorandum Items:
Wage and salary bill (in trillions of dong) 2/13.714.516.821.623.623.9
Operation and maintenance (in trillions of dong) 2/1.72.02.22.5
Social spending (in percent of GDP)8.07.97.98.07.27.56.6
Bank recapitalization (in trillions of dong)2.4
Sources: Ministry of Finance, State Budget Department; and staff estimates.

Discrepancy between bank financing and the net claims on government in the monetary survey is due to the bank recapitalization operation.

Estimated by FAD technical assistance.

Sources: Ministry of Finance, State Budget Department; and staff estimates.

Discrepancy between bank financing and the net claims on government in the monetary survey is due to the bank recapitalization operation.

Estimated by FAD technical assistance.

Table 18.Vietnam: Government Revenues, 1994-99
BudgetEstBudget
1994199519961997199819981999
(In trillions of dong)
Total revenue and grants42.153.462.466.368.868.669.5
Tax revenue32.442.451.853.857.757.258.7
Corporate income tax 1/6.57.49.612.211.411.512.3
Individual income tax0.30.51.41.51.31.81.5
Capital user charge1.21.31.51.51.61.41.3
Land and housing tax0.20.30.40.30.30.30.3
License tax0.10.20.20.40.30.40.4
Tax on the transfer of properties1.21.01.0
Tax on land use right0.30.40.3
VAT 2/5.77.810.112.311.513.314.0
Excises2.12.53.24.23.34.54.4
Slaughter tax0.10.10.10.10.10.10.0
Natural resources tax1.92.43.03.43.23.33.7
Agricultural tax1.11.61.91.71.72.01.8
Taxes on trade10.013.315.113.515.014.815.5
Petroleum surcharge0.00.00.00.00.01.71.5
Other taxes3.14.95.31.27.90.80.5
Nontax revenue8.59.49.19.99.39.48.9
Fees and charges3.94.04.0
Rental of land0.50.60.5
Net profit after tax2.42.22.5
Capital revenues0.80.80.5
Other2.31.81.4
Grants1.21.61.52.61.82.01.9
(In percent of GDP)
Total revenue and grants24.723.124.122.420.720.718.6
Tax revenue19.018.320.018.217.417.215.7
Corporate income tax 1/3.83.23.74.13.43.53.3
Individual income tax0.20.20.50.50.40.50.4
Capital user charge0.70.60.60.50.50.40.4
Land and housing tax0.10.10.10.10.10.10.1
License tax0.10.10.10.10.10.10.1
Tax on the transfer of properties0.40.30.3
Tax on land use right0.10.10.1
VAT 2/3.43.43.94.23.54.03.8
Excises1.21.11.21.41.01.41.2
Slaughter tax0.00.00.00.00.00.00.0
Natural resources tax1.11.01.21.21.01.01.0
Agricultural tax0.70.70.70.60.50.60.5
Taxes on trade5.95.75.84.64.54.54.2
Petroleum surcharge0.00.00.00.00.00.50.4
Other taxes1.82.12.00.42.40.20.1
Nontax revenue5.04.13.53.32.82.82.4
Fees and charges1.31.21.1
Rental of land0.20.20.1
Net profit after tax0.80.70.7
Capital revenues0.30.20.1
Other0.80.60.4
Grants0.70.70.60.90.50.60.5
Source: Ministry of Finance, Budget Department and staff estimates.

Profit tax until and including 1998

Turnover tax until and including 1998

Source: Ministry of Finance, Budget Department and staff estimates.

Profit tax until and including 1998

Turnover tax until and including 1998

Table 19.Vietnam: Government Expenditures, 1994-99
BudgetEst.Budget
1994199519961997199819981999
(In trillions of dong)
Total expenditure45.155.164.371.776.675.780.7
Total current expenditure33.442.547.350.849.651.650.0
General administrative services3.95.76.46.15.15.44.8
Economic services3.24.04.25.45.45.64.8
Social services13.618.220.323.723.924.824.7
Education3.74.75.57.27.17.87.9
Health1.92.42.83.03.02.22.9
Social subsidies5.37.48.29.29.09.38.9
Other2.83.83.94.34.85.65.0
Other 1/10.411.713.713.713.113.713.2
Interest3.74.14.13.92.22.02.5
On foreign loans2.62.62.62.91.20.8
Paid1.11.41.20.91.20.8
Arrears1.51.21.42.00.00.0
On domestic loans1.11.51.51.01.01.2
Capital expenditure and onlending11.712.617.120.923.724.228.1
Capital expenditure11.312.115.618.019.318.821.0
Foreign financed (project loans)1.11.50.2
Other, including program loan-financed10.210.615.5
Onlending0.40.51.42.84.45.47.1
Contingency3.30.02.6
Bank recapitalization2.4
(In percent of GDP)
Total expenditure26.523.824.924.223.122.821.6
Total current expenditure19.618.418.317.214.915.513.4
General administrative services2.32.52.52.11.51.61.3
Economic services1.91.71.61.81.61.71.3
Social services8.07.97.98.07.27.56.6
Education2.22.02.12.42.12.32.1
Health1.11.01.11.00.90.70.8
Social subsidies3.13.23.23.12.72.82.4
Other1.61.61.51.51.41.71.3
Other 1/6.15.15.34.63.94.13.5
Interest2.21.81.61.30.70.60.7
On foreign loans1.51.11.01.00.30.2
Paid0.60.60.50.30.30.2
Arrears0.90.50.50.70.00.0
On domestic loans0.70.70.60.30.30.4
Capital expenditure and onlending6.95.46.67.17.17.37.5
Contingency1.00.00.7
Bank recapitalization0.7
Source: Ministry of Finance (State Budget Department) and staff estimates.

Includes defense expenditures.

Source: Ministry of Finance (State Budget Department) and staff estimates.

Includes defense expenditures.

Table 20.Vietnam: One-Year Treasury Bills Issues, 1996-99 1/(In billions of dong)
Auction dateAmount soldAverage yieldEnd-month

outstanding stock
1996June100.09.0100.0
July120.08.4220.0
August300.08.4520.0
September120.08.4640.0
October167.07.9807.0
November16.98.0823.9
December0.0823.9
1997January0.0823.9
February60.011.3883.9
March118.411.71,002.3
April1.012.01,003.3
May200.012.01,203.3
June340.011.81,443.3
July548.211.21,871.5
August253.010.91,824.5
September520.910.32,225.4
October671.09.52,729.4
November202.09.32,914.5
December3.09.02,917.5
1998January0.02,917.5
February24.511.32,882.0
March33.112.02,796.7
April184.011.72,979.7
May378.011.83,157.7
June369.511.53,187.2
July529.011.73,168.0
August688.011.73,603.0
September396.011.73,478.1
October550.011.63,357.1
November200.011.63,355.1
December369.011.63,721.1
1999January65.511.53,786.6
February 2/69.011.53,831.1
Source: State Bank of Vietnam; and staff estimates.

This table reports only 1-year bills placed at auction. In addition to these amounts, VND 246 billion in shorter maturity bills were auctioned during 1995-96. Bills of varying maturities have also been placed directly with the public through the Ministry of Finance’s retail network.

As of February 3, 1999

Source: State Bank of Vietnam; and staff estimates.

This table reports only 1-year bills placed at auction. In addition to these amounts, VND 246 billion in shorter maturity bills were auctioned during 1995-96. Bills of varying maturities have also been placed directly with the public through the Ministry of Finance’s retail network.

As of February 3, 1999

Table 21.Vietnam: Monetary Survey, 1994-98 1/
19941995199619971998
Mar.Jun.Sep.Dec.
(In trillions of dong, end of period)
Net foreign assets6.910.914.321.022.524.727.731.4
Foreign assets17.024.731.237.939.740.944.147.9
Foreign liabilities-10.0-13.9-17.0-16.9-17.2-16.2-16.4-16.5
Net domestic assets36.141.950.460.661.662.565.969.7
Domestic credit38.047.155.366.868.269.372.979.3
Net claims on government 2/4.64.74.44.43.83.54.06.7
Credit to the economy33.442.450.962.464.465.768.972.7
Claims on state enterprises20.524.126.831.032.233.335.937.7
Claims on other sectors12.918.324.131.432.332.433.034.9
Other items, net-1.9-5.2-4.9-6.2-6.6-6.8-7.0-9.6
Broad money43.052.764.781.684.187.293.6101.1
Dong liquidity33.541.651.562.964.465.869.076.2
Currency outside banks18.619.222.625.125.323.925.027.0
Deposits14.922.528.937.839.141.943.949.2
Foreign currency deposits9.511.113.218.719.721.524.624.9
In millions of U.S. dollars8621,0041,1801,5211,5181,6521,7711,795
Memorandum items:(Annual percentage changes)
Broad money27.822.622.726.125.823.123.524.0
Credit to the economy39.826.920.122.623.121.920.716.4
Credit to state enterprises28.817.711.315.617.618.323.821.7
Credit to other sectors61.741.431.730.529.025.817.511.2
Dong deposits51.328.530.829.525.117.330.3
Foreign currency deposits16.119.042.037.744.561.633.4
Velocity 3/4.04.24.03.63.3
Money multiplier 4/1.82.02.02.32.42.52.62.6
Currency/Dong deposits (percent)55.685.378.466.564.657.257.054.8
Currency/Total deposits (percent)76.457.253.944.543.037.836.536.4
Sources: State Bank of Vietnam; and staff estimates.

Based on the monetary survey of four state-owned commercial banks and 24 nonstate-owned banks.

Includes D 2.4 trillion recapitalization of state-owned commercial banks (SOCBs) in October 1998, under which frozen loans of SOCBs were written off by the SBV on behalf of the government and swapped for government equity in SOCBs; no loans were formally extended by the SBV to the government for this operation.

Velocity is measured as the ratio of GDP to end-of-period broad money.

Money multiplier is measured as the ratio of broad to reserve money.

Sources: State Bank of Vietnam; and staff estimates.

Based on the monetary survey of four state-owned commercial banks and 24 nonstate-owned banks.

Includes D 2.4 trillion recapitalization of state-owned commercial banks (SOCBs) in October 1998, under which frozen loans of SOCBs were written off by the SBV on behalf of the government and swapped for government equity in SOCBs; no loans were formally extended by the SBV to the government for this operation.

Velocity is measured as the ratio of GDP to end-of-period broad money.

Money multiplier is measured as the ratio of broad to reserve money.

Table 22.Vietnam: Consolidated Balance Sheet of Deposit Money Banks, 1994-98 1/
19941995199619971998
Mar.Jun.Sep.Dec
(Billions of dong)
Net foreign assets381-1492091,6043,2994,9046,4789,278
Foreign assets7,2939,57411,19612,28214,04014,61115,76718,710
Foreign liabilities6,9129,72310,98710,67810,7419,7079,2899,432
Net domestic assets36,49744,27753,61368,41268,78471,31475,93080,684
Credit33,90943,76350,02562,61663,80465,57168,96273,010
Government (net)5411,454-764365-520-15870359
State enterprises20,46424,07926,80930,98032,16833,33635,85537,706
Other sectors12,88118,19823,94231,22032,10032,33732,98134,889
Claims on NBFIs2332385156565656
Reserves5,0867,6099,3239,4519,2649,40410,0139,920
Other items, net-2,498-7,095-5,735-3,655-4,284-3,661-3,045-2,246
Liabilities36,87744,12853,82170,01572,08076,21682,40789,960
Dong deposits14,79721,98228,29237,57739,00741,84943,91049,221
Demand deposits5,0056,87010,21214,68114,68314,28715,73618,241
Time deposits9,79215,11218,08022,89624,32427,56228,17430,980
Foreign currency deposits9,52911,06113,15918,69119,70921,45224,63524,928
In millions of U.S. dollars8621,0041,1801,5211,5181,6521,7711,794
Demand deposits7,3908,92411,04215,61116,84618,84322,15922,098
Import/restricted deposits2,1392,1372,1173,0802,8632,6092,4762,830
Credit from SBV7,8575,7936,1335,5655,0934,4895,1624,249
Capital and reserves4,6945,2926,2378,1828,2718,4268,70011,562
(Annual percentage changes)
Foreign assets25.031.316.99.715.226.351.452.3
Foreign liabilities141.340.713.0-2.8-3.2-9.0-8.1-11.7
Total credit47.329.114.325.222.122.420.316.6
Credit to state enterprises31.917.711.315.617.618.323.821.7
Credit to other sectors68.041.331.630.429.126.317.911.8
Dong deposits39.748.628.732.829.525.417.831.0
Demand deposits4.437.348.643.845.624.79.824.2
Time deposits69.054.319.626.621.325.822.835.3
Foreign currency deposits28.716.119.042.037.744.561.633.4
Demand deposits25.420.823.741.436.946.964.541.6
Import/restricted deposits41.3-0.1-0.945.542.729.739.5-8.1
Credit from SBV18.7-26.35.9-9.3-13.4-15.92.0-23.6
Memorandum items
Foreign currency deposits
Adjusted for valuation effects 2/16.717.537.836.044.752.336.3
Change in millions of U.S. dollars 3/
Total foreign currency deposits142176340-2131251274
Of which: Demand deposits14118028028181323320
Sources: State Bank of Vietnam; and staff estimates.

Comprising four state-owned and 24 nonstate-owned commercial banks.

Twelve-month percentage shanges.

Change since beginning of year.

Sources: State Bank of Vietnam; and staff estimates.

Comprising four state-owned and 24 nonstate-owned commercial banks.

Twelve-month percentage shanges.

Change since beginning of year.

Table 23.Vietnam: Balance Sheet of the State Bank of Vietnam, 1995-98(In trillions of dong, end of period)
19941995199619971998
Mar.Jun.Sep.Dec.
Net foreign assets6.611.014.019.419.219.821.222.1
Foreign assets9.715.220.025.625.726.328.329.1
Foreign liabilities3.14.26.06.26.56.57.17.0
Net domestic assets17.315.818.216.416.615.015.416.6
Net domestic credit11.89.913.011.010.79.610.712.8
Net claims on government4.03.05.24.04.33.73.96.3
Claims on banks7.86.87.76.86.35.96.86.5
Claims on enterprises and NBFIs0.00.10.10.20.10.00.00.0
Other items, net5.56.05.25.45.85.44.73.7
Reserve money23.926.832.235.835.734.836.638.7
Currency in circulation19.420.023.826.326.925.526.528.3
Bank deposits4.46.37.89.38.79.310.110.4
Vault cash0.80.81.21.21.61.61.51.3
Required reserves 1/2.33.24.05.45.66.06.57.0
Excess reserves 1/2.03.64.22.92.01.82.01.6
Memorandum items(Annual percentage changes)
Claims on banks-12.613.5-11.9-15.4-14.05.2-3.8
Quarterly percentage change-6.012.55.1-7.4-6.215.3-3.9
Reserve money29.912.520.011.112.22.82.68.1
Quarterly percentage change8.12.70.3-0.2-2.55.15.6
Sources: State Bank of Vietnam; and staff estimates.

Staff estimate.

Sources: State Bank of Vietnam; and staff estimates.

Staff estimate.

Table 24.Vietnam: Nominal and Real Interest Rates, 1994-99(Percent per year, end of period)
199419951996199719981999
Sep.Dec.Jan.Sep.Dec.Feb.
Nominal interest rates
Deposit rates1/
Demand deposits, enterprises1.28.76.24.94.65.46.26.26.2
Three-month savings, households18.218.28.77.48.19.110.010.010.0
Lending rates2/
Working capital (short term)28.328.316.112.712.715.015.415.414.0
Fixed capital (medium term)22.422.417.514.014.015.016.116.014.7
Foreign currency loans9.09.59.58.58.58.57.57.57.5
Real interest rates3/
Deposit rates
Demand deposits, enterprises-11.1-4.92.41.30.81.5-2.6-2.9-2.6
Three-month savings, households3.73.44.93.74.15.10.90.60.9
Lending rates
Working capital12.712.311.98.88.610.85.95.54.6
Fixed capital7.57.113.310.19.910.86.56.05.2
Foreign currency loans-3.1-5.08.26.019.923.717.29.3-1.8
Memorandum items
Interest rate spread 4/10.210.27.35.24.66.05.45.44.0
Inflation 5/13.914.33.73.63.83.89.09.49.1
Exchange rate depreciation 6/1.2-0.82.41.214.818.318.811.2-0.4
Sources: State Bank of Vietnam; and staff estimates.

Mandated deposit rates through 1995; average of four state-owned commercial banks thereafter.

Maximum lending rates through 1995; average of four state-owned commercial banks thereafter.

Measured with respect to nominal interest rates at the end of each quarter and average monthly inflation during that quarter, using the exact Fisher formula. Real interest rates on foreign currency deposits and loans are adjusted for exchange rate depreciation, using the same formula.

Difference between interest rates on working capital and households’ three-month savings deposits.

Average monthly inflation during preceding quarter; not seasonally adjusted.

Average depreciation during preceding quarter, annualized.

Sources: State Bank of Vietnam; and staff estimates.

Mandated deposit rates through 1995; average of four state-owned commercial banks thereafter.

Maximum lending rates through 1995; average of four state-owned commercial banks thereafter.

Measured with respect to nominal interest rates at the end of each quarter and average monthly inflation during that quarter, using the exact Fisher formula. Real interest rates on foreign currency deposits and loans are adjusted for exchange rate depreciation, using the same formula.

Difference between interest rates on working capital and households’ three-month savings deposits.

Average monthly inflation during preceding quarter; not seasonally adjusted.

Average depreciation during preceding quarter, annualized.

Table 25.Vietnam: Overdue Loans of Deposit Money Banks, 1994-98 1/
1994199519961997Mar.

1998
Jun.

1998
Sep.

1998
Dec.

1998
In billions of dong
Deposit money banks3,1523,3374,7267,6827,9858,1048,592
State-owned commercial banks3,0043,0524,2095,7696,0345,9286,246
Nonstate-owned banks1482855171,9131,9512,1762,346
As percent of total loans
Deposit money banks8.97.99.312.312.412.612.5
State-owned commercial banks11.19.111.012.012.011.311.3
Nonstate-owned banks1.73.34.213.513.916.317.5
As percent of total assets
Deposit money banks5.64.85.57.47.57.37.3
State-owned commercial banks6.75.26.47.17.26.66.5
Nonstate-owned banks1.32.92.68.58.810.010.6
As percent of total overdues
State-owned enterprises58.849.744.234.835.535.435.5
Cooperatives2.12.11.71.31.31.31.6
Joint-stock companies3.45.311.845.744.847.246.1
Joint ventures0.10.20.60.60.70.91.3
Private sector35.742.741.717.517.715.115.6
As percent of total loans to the sector
State-owned enterprises9.16.97.88.68.88.68.5
Cooperatives22.526.329.740.239.840.443.0
Joint-stock companies4.53.77.434.334.637.037.6
Joint ventures0.30.41.01.21.41.92.7
Private sector11.712.714.98.18.16.97.4
Source: Data provided by the State Bank of Vietnam, and staff estimates.

Comprising four state-owned commercial banks and 24 nonstate-owned banks. Data on loans exclude loans to government.

Source: Data provided by the State Bank of Vietnam, and staff estimates.

Comprising four state-owned commercial banks and 24 nonstate-owned banks. Data on loans exclude loans to government.

Table 26.Vietnam: Distribution of Credit, 1994-98
19941995199619971998
(In billions of dong, end of period)
Total nongovernment credit33,34542,27750,75162,20172,596
Of which: Foreign currency loans12,87316,35018,56419,40018,312
Credit extended by state-owned commercial banks27,61033,64738,32048,04259,087
To state enterprises18,60420,85522,03026,62533,848
Of which: Foreign currency loans8,6489,88610,49310,03210,892
To other sectors9,00612,79216,29021,41725,239
Of which: Foreign currency loans6811,0207711,1341,072
Credit extended by other banks 1/5,7358,63012,43114,15913,509
To state enterprises2,4003,2244,7804,5973,858
Of which: Foreign currency loans1,8122,5893,5823,3152,332
To other sectors3,3355,4067,6519,5629,651
Of which: Foreign currency loans1,7322,8553,7184,9194,016
(In percent of total nongovernment credit)
Total nongovernment credit100.0100.0100.0100.0100.0
Of which: Foreign currency loans38.638.736.631.225.2
Credit extended by state-owned commercial banks82.879.675.577.281.4
To state enterprises55.849.343.442.846.6
Of which: Foreign currency loans25.923.420.716.115.0
To other sectors27.030.332.134.434.8
Of which: Foreign currency loans2.02.41.51.81.5
Credit extended by other banks 1/17.220.424.522.818.6
To state enterprises7.27.69.423.721.1
Of which: Foreign currency loans5.46.17.15.33.2
To other sectors10.012.815.119.913.3
Of which: Foreign currency loans5.26.87.318.55.5
Source: State Bank of Vietnam; and staff estimates.

Includes joint-stock banks, joint-venture banks, and branches of foreign banks.

Source: State Bank of Vietnam; and staff estimates.

Includes joint-stock banks, joint-venture banks, and branches of foreign banks.

Table 27.Vietnam: Balance of Payments, 1993-1998(In millions of U.S. dollars)
199319941995199619971998

Estimate
Current account balance-1,395-1,872-2,648-2,431-1,664-1,067
Excluding official transfers-1,589-2,004-2,801-2,581-1,839-1,239
Trade balance-1,177-1,865-3,155-3,143-1,315-981
Exports, f.o.b.2,9854,0545,1987,3379,1459,365
Imports, f.o.b.4,1625,9198,35310,48010,46010,346
Non-factor services (net)7819159-61-623-539
Receipts7721,5162,4092,7092,5302,604
Payments6941,4972,2502,7703,1533,143
Investment income (net)-560-328-279-427-611-669
Receipts302796140136133
Payments590355375567747802
Of which: Scheduled interest330198232377433444
Actual payments113160190262348246
Transfers (net)2643026271,2008851,122
Private701704741,050710950
Official194132153150175172
Capital account4421,4762,3262,0791,662216
Gross foreign direct investment (FDI) inflows9361,6272,2761,8132,074800
Equity6971,0331,2878911,002240
Loan disbursements2385949899211,072560
FDI loan repayments00855174372
Medium and long-term loans (net)-597-275-25398375432
Disbursements542724437721,0071,121
ODA loans189336550796
Commercial loans100254436457326
Scheduled amortization651547696674632690
Short term capital (net)117124311224-612-644
Errors and omissions-103929971-2327
Overall balance-1,056-387-23-281-4-524
Financing1,056387232814524
Change in NIR (-, increase)438-19-405-260-319-15
Use of Fund credit (net)-3917592178-54-78
Other NIR477-194-497-438-26563
Arrears 1/-265406428541323126
Debt relief 1/8830000413
Financing gap000000
Memorandum items:
Gross official reserves, including gold4048761,3761,7972,0852,098
In weeks of imports5.17.78.68.910.410.6
Current account deficit (in percent of GDP)-10.9-12.5-13.1-10.4-6.5-4.2
Excluding official transfers-12.4-13.4-13.9-11.0-7.2-4.9
Export value growth20.635.828.241.124.62.4
Import value growth64.242.241.125.5-0.2-1.1
Sources: Data provided by the Vietnamese authorities; and staff estimates.

London Club rescheduling was concluded in early 1998. Restructuring of the Russian debt is assumed to be concluded in mid-1999 on terms at least comparable to the 1993 Paris Club rescheduling.

Sources: Data provided by the Vietnamese authorities; and staff estimates.

London Club rescheduling was concluded in early 1998. Restructuring of the Russian debt is assumed to be concluded in mid-1999 on terms at least comparable to the 1993 Paris Club rescheduling.

Table 28.Vietnam: Merchandise Exports by Commodity, 1994-98 1/(In millions of U.S. dollars, unless otherwise specified)
19941995199619971998
Total exports, f.o.b.4,0545,1987,3379,1459,365
(Excluding oil)3,1884,1745,9917,7268,132
Crude oil
Value8661,0241,3461,4191,233
Volume (′000 tons)6,9497,5938,7059,61412,145
Unit value (US$/ton)125135154148102
Rice
Value4254968558701,024
Volume (′000 tons)2,0401,9223,0033,5533,749
Unit value (US$/ton)208258285245273
Coal
Value7590115111101
Volume (′000 tons)2,3192,6193,6473,4493,162
Unit value (US$/ton)3234313232
Rubber
Value133159163191127
Volume (′000 tons)129132122195191
Unit value (US$/ton)1,0311,2081,337980668
Coffee
Value328565337491594
Volume (′000 tons)177240239389382
Unit value (US$/ton)1,8532,3491,4091,2611,555
Marine products
Value551431651780858
Garments
Value4764311,1501,3491,450
Footwear
Value1222005319651,032
Other1,0781,8022,1912,9832,959
Memorandum items:
Heavy industrial products and minerals1,1681,3781,8352,300
Light industrial products and handicraf9381,5502,1533,200
Agricultural, forestry and marine produ1,9482,5213,2673,400
Sources: Ministry of Trade; Customs Office and staff estimates.

Based on Ministry of Trade data for 1992-94, and Customs data for 1995-98.

Sources: Ministry of Trade; Customs Office and staff estimates.

Based on Ministry of Trade data for 1992-94, and Customs data for 1995-98.

Table 29.Vietnam: Merchandise Imports by Commodity, 1994-98 1/(In millions of U.S. dollars, unless otherwise specified)
19941995199619971998
Total imports, c.i.f.5,8278,38111,64411,7448,703
Fuel (gasoline, diesel, etc.)
Value6967241,0791,094827
Volume (′000 tons)4,5504,3915,8035,9476,830
Unit value (US$/ton)153165186184121
Fertilizer
Value247554628425475
Volume (′000 tons)1,4952,5082,8322,4583,454
Unit value (US$/ton)165221222173137
Steel and iron
Value204389529484524
Volume (′000 tons)7091,1261,5491,3201,735
Unit value (US$/ton)287345342367302
Cement
Value8481522
Volume (′000 tons)5721,4591,30287850
Unit value (US$/ton)57625942
Motorcycles
Value423434243351
Volume (000 unit)284404472220368
Unit value (US$/unit)1,0479181,104954
Textile yam
Value114158159157
Volume (′000 tons)65487477130
Unit value (US$/ton)2,3782,1282,0701,211
Cars
Value148155136130
Volume (000 units)1625191417
Unit value (US$/unit)6,0498,1319,7217,536
Other4,6805,9458,5809,1516,237
Memorandum items:
Machinery and equipment1,7212,0973,8002,340
Fuels and raw materials3,0684,7106,0447,881
Consumer goods1,0371,3481,3001,050
Sources: Ministry of Trade; Customs Office and staff estimates.

Based on Ministry of Trade data for 1992-94, and Customs data for 1995-98.

Sources: Ministry of Trade; Customs Office and staff estimates.

Based on Ministry of Trade data for 1992-94, and Customs data for 1995-98.

Table 30.Vietnam: Direction of Trade, 1993-98 1/(As percent of total)
199319941995199619971998

Sep.
Exports100.0100.0100.0100.0100.0100.0
Industrial Countries41.643.660.361.647.149.3
Japan31.429.127.326.418.114.9
France3.22.94.94.92.63.5
Germany1.72.89.08.14.45.5
Australia1.81.13.74.42.23.4
United Kingdom0.81.42.73.32.93.4
Netherlands0.91.51.61.72.83.2
Canada0.20.11.01.00.70.7
Other1.64.710.111.813.414.7
Developing countries58.456.439.738.452.950.7
Singapore12.714.67.15.713.013.9
Hong Kong SAR5.74.92.82.65.34.3
Malaysia1.91.62.02.01.61.0
Thailand2.42.40.70.92.52.4
Indonesia0.80.91.52.70.53.2
Taiwan POC4.85.44.34.18.88.2
Other30.126.621.420.521.217.7
Imports100.0100.0100.0100.0100.0100.0
Industrial countries25.423.522.629.628.329.0
Japan11.510.18.79.212.713.0
France6.84.13.06.04.93.4
Germany1.82.62.22.72.53.0
Australia0.81.11.41.31.71.9
Italy0.90.61.01.30.90.9
United Kingdom0.30.30.90.60.90.8
Other3.34.75.48.54.76.0
Developing countries74.676.577.470.471.771.0
Singapore27.019.716.813.818.422.2
Hong Kong SAR3.75.56.04.85.44.7
Korea12.312.412.712.913.812.6
Malaysia0.61.12.52.61.92.1
Thailand2.53.94.43.85.05.8
Indonesia2.12.02.02.71.82.3
Taiwan POC5.66.89.59.512.312.7
Other20.825.123.320.213.18.6
Source: IMF, Direction of Trade Statistics; and Vietnam Customs Office.

Based on IMF Direction of Trade Statistics for 1993-1996, and Vietnam Customs data for 1997-98.

Source: IMF, Direction of Trade Statistics; and Vietnam Customs Office.

Based on IMF Direction of Trade Statistics for 1993-1996, and Vietnam Customs data for 1997-98.

Table 31.Vietnam: Disbursements of Foreign Direct Investment, 1988-98 1/(In millions of U.S. dollars)
1988-911992199319941995199619971998
Industry3049266590737843969330
Heavy industries172074306296331422102
Economic processing zones0339391237525
Light industries101045149232324365123
Food3151441261716510880
Oil and gas6973375617582301150
Construction064438113274151250
Transportation and communications29192749159817715
Real estate2853113279433366423113
Hotels and tourism19438320925421929773
Office property and apartments910307018014612640
Agriculture, forestry and fisheries141232371217528541
Services-31046626115231672
Total1683169221,6362,2601,9632,074800
(Percent of total)
Industry18.115.428.836.032.642.946.741.2
Heavy industries10.36.58.018.713.116.920.312.7
Economic processing zones0.01.00.30.61.76.23.63.1
Light industries6.13.14.99.110.216.517.615.4
Food1.74.815.67.77.63.35.210.0
Oil and gas41.023.040.737.725.815.30.16.2
Construction0.21.94.82.35.013.97.331.2
Transportation and communications17.46.12.93.07.04.13.71.8
Real estate16.916.812.317.119.218.620.414.1
Hotels and tourism11.613.69.012.811.211.214.39.1
Office property and apartments5.33.23.34.38.07.46.15.0
Agriculture, forestry and fisheries8.33.93.42.35.43.813.75.1
Services-1.832.97.21.65.11.28.10.3
Total100.0100.0100.0100.0100.0100.0100.0100.0
Memorandum item
Disbursements as percent of GDP2.03.97.811.211.37.78.13.2
Source: Ministry of Planning and Investment (MPI), State Bank of Vietnam (SBV); and staff estimates.

MPI data, adjusted on the basis of SBV data and staff estimates and discussions with the authorities. Includes investments by domestic joint venture partners.

Source: Ministry of Planning and Investment (MPI), State Bank of Vietnam (SBV); and staff estimates.

MPI data, adjusted on the basis of SBV data and staff estimates and discussions with the authorities. Includes investments by domestic joint venture partners.

Table 32.Vietnam: Commitments of Foreign Direct Investment, 1995-97 1/(In millions of U.S. dollars)
199519961997
Industry2,4672,7351,658
Heavy industries1,4791,283985
Economic processing zones2460218
Light industries510862318
Food232590137
Oil and gas05251
Construction686630711
Transportation and communications439688784
Real estate2,6983,300338
Hotels and tourism810-65112
Office property and apartments1,8883,366225
Agriculture, forestry and fisheries318113589
Services114184324
Total6,7227,7024,456
(Percent of total)
Industry36.735.537.2
Heavy industries22.016.722.1
Economic processing zones3.70.04.9
Light industries7.611.27.1
Food3.57.73.1
Oil and gas0.00.71.1
Construction10.28.216.0
Transportation and communications6.58.917.6
Real estate40.142.87.6
Hotels and tourism12.0-0.82.5
Office property and apartments28.143.75.1
Agriculture, forestry and fisheries4.71.513.2
Services1.72.47.3
Total100.0100.0100.0
Source: Ministry of Planning and Investment (MPI), State Bank of Vietnam (SBV); and staff estimates.

MPI data, adjusted on the basis of SBV data and staff estimates and discussions with the authorities. Includes investments by domestic joint venture partners.

Source: Ministry of Planning and Investment (MPI), State Bank of Vietnam (SBV); and staff estimates.

MPI data, adjusted on the basis of SBV data and staff estimates and discussions with the authorities. Includes investments by domestic joint venture partners.

Table 33.Vietnam: Distribution of Foreign Direct Investment Commitments by Country of Origin, 1992-98 1/
1992199319941995199619971998 2/

Estimate
(In millions of U.S. dollars)
Total2,1072,8203,5925,6927,2404,1831,634
Singapore1303826625732,718478809
Taiwan POC5363914731,060485222218
Korea1214453185947496289
Japan1471002001,183591643130
British Virgin Islands793341134611,29019133
Hong Kong SAR260415542135251223127
Other8347531,2841,6861,1561,798308
(Percent of total)
Total100.0100.0100.0100.0100.0100.0100.0
Singapore6.113.618.410.137.511.449.5
Taiwan POC25.413.913.218.66.75.313.3
Korea5.715.88.910.410.315.00.6
Japan7.03.55.620.88.215.48.0
British Virgin Islands3.811.83.18.117.84.62.0
Hong Kong SAR12.314.715.12.43.55.37.8
Other39.626.735.729.616.043.018.8
Sources: Data provided by the Vietnamese authorities; and staff estimates.

Excludes investments by domestic joint-venture partners.

Through October 1998.

Sources: Data provided by the Vietnamese authorities; and staff estimates.

Excludes investments by domestic joint-venture partners.

Through October 1998.

Table 34.Vietnam: Medium- and Long Term External Debt in Convertible Currencies, 1993-97(In millions of U.S. dollars)
19931994199519961997

Estimate
External debt4,7885,4346,4528,2839,590
Principal4,4955,0496,0017,6379,149
Of which: in arrears612851853728706
Interest in arrears293385451646441
International organizations 1/2415497031,0611,260
Principal2415497031,0611,260
Of which: in arrears00000
Interest in arrears00000
Official creditors2,6582,3962,5142,2602,320
Principal2,5362,2172,3272,1942,254
Of which: in arrears250363339328238
Interest in arrears1221791876666
Private creditors 2/1,8892,4893,2354,9626,010
Principal1,7182,2832,9714,3825,635
Of which: in arrears362488514400468
Interest in arrears171206264580375
Memorandum items:
Public and publicly guaranteed debt4,0243,9364,2284,7575,296
Foreign direct investment loans7648701,8512,7183,615
IMF (including Trust Fund)100282377538490
Principal100282377538490
Of which: in arrears00000
Charges in arrears00000
Total arrears outstanding9051,2361,3041,3741,147
Sources: State Bank of Vietnam; and staff estimates.

Includes IMF.

Includes foreign direct investment loans.

Sources: State Bank of Vietnam; and staff estimates.

Includes IMF.

Includes foreign direct investment loans.

ANNEX I VIETNAM—REVISED HISTORICAL GDP DATA

The General Statistical Office (GSO) revised in March 1999 the historical production-based GDP data for 1992–97. The main revisions were as follows:

  • The level of GDP (both nominal and real) is on average 4¾ percent higher in 1994–97 than previously estimated (Annex Table I.1);
  • The growth rates of real GDP for 1994–96 and the official estimate for 1998 (5.8 percent) were not revised. For 1997 the final estimate was revised downward to 8.2 percent from 8.8 percent;
  • The growth rates of real value added for different sectors (classified by industry and ownership) were also revised;
  • There have also been substantial revisions of the GDP deflator (by up to 2½ percentage points) in 1995–97.

According to the authorities, the revisions to the historical GDP series were based on a sampling survey that determined new weights for intermediate consumption, and on a new method for calculating import duties, which resulted in an expanded coverage of imports in national income statistics.

In May 1999, the authorities provided to the staff the revised estimates of GDP at current prices by expenditure component (Statistical Appendix Table 1). Expenditure-based estimates of GDP at constant prices are not compiled by the authorities.

Except in Tables 12, the staff used old GSO estimates of nominal GDP for 1992–97 in calculating various ratios to GDP in this Statistical Appendix and in the Selected Issues paper. In calculating various real growth rates for 1992–97, the staff used revised GSO estimates of real GDP and its production components. For 1998, the staff estimates real GDP growth at 3½ percent. The main differences between the official estimate of 5.8 percent and the staff estimate of real GDP growth are in the estimates for construction and service sector, and are somewhat smaller for manufacturing (see Statistical Appendix Table 3). There is no major difference for agriculture and industry.

Table I.1.Vietnam: Comparison of Historical GDP Time Series, 1992-97
1992199319941995199619971998Average
1994-97
Nominal GDP (level)
Old GSO series110,535136,571170,258222,840258,609295,696
New GSO series117,413143,884178,534228,892272,036313,623368,690
New/Old series (percent)106.2105.4104.9102.7105.2106.1104.7
Real GDP at 1994 prices (level)
Old GSO series144,729156,431170,258186,501203,920221,865
New GSO series151,781164,034178,534195,567213,833231,263244,741
New/Old series (percent)104.9104.9104.9104.9104.9104.2104.7
Nominal GDP (growth rate)
Old GSO series44.123.624.730.916.114.321.5
New GSO series45.022.524.128.218.815.317.621.6
New less Old series (percentage points)0.9-1.0-0.6-2.72.80.90.1
Real GDP (growth rate)
Old GSO series8.68.18.89.59.38.89.1
New GSO series8.68.18.89.59.38.25.89.0
New less Old series (percentage points)0.00.00.00.00.0-0.6-0.2
GDP deflator
Old GSO series32.614.314.519.56.15.111.3
New GSO series33.513.414.017.08.76.611.111.6
New less Old series (percentage points)0.9-0.9-0.5-2.42.61.50.3
Sources: Data provided by the General Statistical Office, and staff estimates.
Sources: Data provided by the General Statistical Office, and staff estimates.

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