Inflation rate in Vietnam 2029*

In 2023, the average inflation rate in Vietnam amounted to 3.25 percent compared to the previous year. After a severe drop below one percent in 2015, Vietnam’s inflation seems to have stabilized again and is expected to level off at around 3.4 percent in the next few years.

Vietnam’s economic struggles

Around 2012, Vietnam suffered the consequences of the global economic crisis and domestic economic mismanagement, which saw enterprises going bankrupt, inflation peaking at over nine percent, and gross domestic product slumping to a dramatic low. Fortunately, the country recovered quickly and seemed out of the red and on a stable path by 2016.

Rich in rice

Vietnam’s economy is largely rooted in services and industry, but around 16 percent of it is generated by agriculture, mainly rice cultivation. Almost half of the Vietnamese workforce is active in this sector. Vietnam is, in fact, one of the largest exporters of rice in the world, but also one of the main consumers. Paddy production in Vietnam has decreased a bit in the last few years, but overall, the country’s economy is perceived to improving.