|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.
Mitsubishi Corporation of Japan will invest in an onshore wind farm in the Lao People’s Democratic Republic (PDR) that will supply electricity to Viet Nam. The facility is set to have power generation capacity of 600 megawatts (MW) and is eyed to become the largest onshore wind farm in Southeast Asia. The project will be Lao PDR’s first endeavor in exporting wind power.
Chu Lai Port aims to become a major international freight forwarding hub for import and export of goods in Viet Nam’s central and Central Highlands regions. The Trường Hải International Logistics Limited Liability Company, operator of Chu Lai Port, has expanded the port's scale and upgraded its entire service chain to achieve this target. The port has linkages to coastal roads, highways, and large industrial clusters and offers accessibility to the East-West economic corridor.
A $97.9 million upgrade for Viet Nam’s National Highway 62 has been proposed to Viet Nam's Ministry of Transport. The renovation work will include road repairs and road widening of specific portions from nine to eleven meters to reduce the travel time from Ho Chi Minh City, Viet Nam, to Cambodia. The project is proposed to start in 2021 with scheduled completion by 2023.
The highway connects Vietnam’s highways No.1, N2 and the HCMC-Trung Luong-My Thuan Expressway. All three are major routes run from HCMC on through the Mekong Delta.
The Asian Development Bank (ADB) signed a $116 million green loan with Lien Lap Wind Power Joint Stock Company (Lien Lap), Phong Huy Wind Power Joint Stock Company (Phong Huy), and Phong Nguyen Wind Power Joint Stock Company (Phong Nguyen) to build and operate three 48-megawatt (MW) wind farms, totaling 144 MW, in Quang Tri Province, Viet Nam. The project will increase Viet Nam’s wind power capacity by 30%, helping the country meet the rapidly growing demand for energy.
Viet Nam will provide the Lao People's Democratic Republic (Lao PDR) $500,000 in urgent aid to support the country in overcoming the resurgence of the coronavirus disease (COVID-19).
The Asian Development Bank (ADB) has proposed a smart and energy efficient city project for Can Tho, Viet Nam, reported the VN Express.
Lao PDR President Thongloun Sisoulith congratulated newly-elected Viet Nam President Nguyễn Xuân Phúc in a telephone conversation on 5 April. The two leaders reiterated their commitment to work closely and deepen their bilateral relations.
Vung Ang Port (Lao-Viet International Port), a sea port in Ha Tinh, Viet Nam, that will facilitate cargo transportation from Viet Nam to Lao PDR, Thailand's northeastern region, and Viet Nam's central provinces, received its first container ship on 10 April. The shipment was transported from Tan Cang Port in Hai Phong, Viet Nam. The Vung Ang Port can accommodate cargo ships of up to 50,000 DWT (deadweight tonnage) and container ships of up to 2,000 TEU (twenty-foot equivalent unit).
A new cross-border rail freight service from Suzhou, People’s Republic of China (PRC), to Hanoi, Viet Nam was launched by the East Asia Region section of Nippon Express. Suzhou West Railway Station is located amid industrial clusters of eastern PRC.
The use of rail transport makes possible reliable lead times of 8-10 days. Ocean freight from PRC to Southeast Asia is usually challenged with constraints in space and reliable transport routes and schedule.
Cambodia Prime Minister Hun Sen, Lao PDR Prime Minister Thongloun Sisoulith, and Viet Nam Prime Minister Nguyen Xuan Phuc held a virtual discussion on 10 March 2021. They lauded their growing relationship and agreed to further strengthen their cooperation in the fight against COVID-19 and in other sectors, including connectivity, energy, and trade and investment.
Lao PDR expressed appreciation for Cambodia’s medical supply donation to help them combat COVID-19.