How has the structure of Vietnam’s GDP changed over the years?
GDP composition
GDP can be determined in three ways, all of which should, in principle, give the same result. They are the production (or output) approach, the income approach, and the expenditure approach. The expenditure approach is summarized in the formula: GDP = C (private consumption) + I (Investment) + G (public consumption) + X (export of goods and services) – M (import of goods and services).
The production approach measures the market value of all final goods and services calculated during the period. It sums up value add of each production process to avoid double counting. The value-added shares presented in the World Development Indicators for agriculture, industry, and services may not always add up to a hundred percent due to FISIM and net indirect taxes.
Vietnam’s GDP composition
Vietnam’s economy has been industrialized over the past two decades, with Industry averages for around 34% of GDP over the past ten years. The industrialization of the Vietnamese economy has relied a lot on the external market with the share of export (X) kept increasing and is now more than 100% of GDP.
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