Vietnam has shown an impressive development over the last 30 years Economic and political reforms have fueled rapid economic growth, transforming what was then one of the world's poorest nations into a lower middle-income country. GDP per capita rose by 2.7 times from 2002 to 2018, hitting over US$ 2.700 in 2019, and more than 45 million people were out of poverty. Vietnam's economy continued to show strength and resilience, backed by strong domestic demand and export-oriented manufacturing.
Vietnam is also experiencing rapid demographic and social transition. The population exceeded 97 million in 2018 and is projected to grow to 120 million by 2050. Currently, 70 % of the population is under the age of 35, with a life expectancy of 76 years, the lowest among countries in the world at equivalent income rates. The rising middle class, currently accounting for 13 per cent of the nation, is projected to hit 26 per cent by 2026.
Vietnam's economy is focused on big state-owned industries such as textiles, fruit, clothing, plastics and paper, as well as tourism and telecommunications. The energy sector has also been booming in recent years and Vietnam has become the third largest Southeast Asian oil producer. The country has also invested in high value-added industries such as cars, electronics and computer technology.
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