Published: Monday, 21th October 2024
The Standard of living in Dominican Republic is 1.14 times better as compared to Vietnam.
In this page, you will find side-by-side Standard of Living comparison between Dominican Republic and Vietnam. We have created 53 standard-of-living indicators. We average the values and ranges of all those indicators and take a mathematically calculated approach to determine which country has a better standard of living between Dominican Republic and Vietnam.
 Indicators  | Dominican Republic  | Vietnam  |
|---|---|---|
Gross Domestic Product (GDP)(2023)  | $127.913 billion USD | $465.814 billion USD |
GDP Per Capita (2023)  | 11,825 USD | 4,623 USD |
GINI Ratio (2023)  | 0.37 | 0.37 |
Inflation on Consumer Prices (2023)  | 4.79 % annually | 3.25 % annually |
Central Government Debt (2023)  | 16.4 % of GDP | Yet to Update |
Gross Domestic Product (GDP) is a measure of the total value of all goods and services produced within a country in a specific time period, usually a year. It is used to gauge the economic performance of a country and indicates how wealthy and productive a nation is. In simple terms, GDP tells us how much a country is producing and how well its economy is doing.
As per the statistics from the World Bank Data for the year 2023, the total GDP of Dominican Republic is $127.913 billion USD and that of Vietnam is $465.814 billion USD.
On the other hand, Gross Domestic Product (GDP) Per Capita is the average economic output per person in a country. Simply put, it shows how much, on average, each person contributes to the economy, giving an idea of the standard of living and economic well-being of the people in that country.
From the above data, we can say that a person living and working in Dominican Republic contributes more to the country's economy compared to a person working in Vietnam.
Indicators | Dominican Republic | Vietnam |
|---|---|---|
Human Development Index (HDI) (2024)  | 0.766 | 0.726 |
Human Capital Index (HCI) (2024)  | 0.5 | 0.69 |
Literacy Rate (2023)  | 95.5% (15 years+ above age) | 96.13% (15 years+ above age) |
Life Expectancy Ratio (2023)  | 73.3 years | 73.8 years |
Healthy Life Expectancy Ratio (2023)  | 63.6 years | 65.4 years |
Poverty Ratio (2023)  | 23.9% of total Population | 4.8% of total Population |
Unemployment Rate (2023)  | 5.56% of total labor force | 1.6% of total labor force |
The Human Development Index (HDI) is a measure used to assess the overall well-being and quality of life of people living in a country. The key dimensions that give a country good HDI rank are a long and healthy life, being knowledgeable and having a decent standard of living.
From the above given statistics, we can see that the HDI of Dominican Republic is [ 0.766 ] and the HDI of Vietnam is [ 0.726 ].
The data shows that the people living in Dominican Republic has better income, life expectancy and education level compared to Vietnam.
Indicators | Dominican Republic | Vietnam |
|---|---|---|
Gross National Expenditure (2023)  | 107.34 % of GDP | 96.29 % of GDP |
Total Health Expenditure (2023)  | 4.92 % of GDP | 4.59 % of GDP |
Research and Development Expenditure (2023)  | Yet to Update | 0.43 % of GDP |
Government Expenditure on Education (2023)  | 3.94 % of GDP | 2.9 % of GDP |
International Tourism Expenditure (2023)  | 444 million USD | 4,360 million USD |
Number of International Tourists Arrivals (2023)  | 2,748,000 | 3,837,000 |
Military Expenditure (2023)  | 0.72 % of GDP | 2.28 (% of GDP) |
The total Gross National Expenditure of Dominican Republic is 107.34% of its GDP and the total Gross National Expenditure of Vietnam is 96.29% of its GDP.
From the above data, we can say that Dominican Republic spends 1.11 times more of its GDP on Gross National Expenditure compared to Vietnam.
Indicators | Dominican Republic | Vietnam |
|---|---|---|
Number of Doctors (2023)  | 20.3 (Per 10,000 People) | 8.33 (Per 10,000 People) |
Number of Nurses (2023)  | 20.2 (Per 10,000 People) | 15.54 (Per 10,000 People) |
Number of Pharmacists (2023)  | 1.46 (Per 10,000 People) | 3.41 (Per 10,000 People) |
Available Hospital Beds (2023)  | 1.56 (Per 1000 People) | 2.6 (Per 1000 People) |
Pregnant Women Receiving Prenatal Care (2023)  | 98 % of total Population | 97 % of total Population |
Dominican Republic has 2.44 times more Doctors compared to Vietnam (Per 10,000 People).
Dominican Republic has 1.30 times more Nurses compared to Vietnam (Per 10,000 People).
Indicators | Dominican Republic | Vietnam |
|---|---|---|
Agricultural Land (2023)  | 24,290 Sq Km | 123,600 Sq Km |
Forest Area (2023)  | 21,521.9 Sq Km | 147,189.9 Sq Km |
CO2 Emissions (2023)  | 0.11 kg per PPP $ of GDP | 0.31 kg per PPP $ of GDP |
Access to Electricity (2023)  | 98.1 % of total Population | 100 % of total Population |
Access to Internet (2023)  | 85.24 % of total Population | 78.59 % of total Population |
Annual Fresh Water Withdrawals (2023)  | 7.14 Billion cubic meters | 81.86 Billion cubic meters |
98.1% of the total Population of Dominican Republic has access to the electricity in their homes, whereas, in case of Vietnam, 100% of the total Population has access to electricity.
Indicators | Dominican Republic | Vietnam |
|---|---|---|
Time Required to Start a Business (2023)  | 16.5 Days | 16 Days |
New Businesses Registered (2023)  | 10,204 (New Businesses) | 122,487 (New Businesses) |
New Businesses Registration Density (2023)  | 1.45 (Per 1000 People) | 1.82 (Per 1000 People) |
Cost of Business Start-Up Procedures (2023)  | 13.7 % of GNI Per Capita | 5.6 % of GNI Per Capita |
In the year 2023, 10,204 new businesses got registered in Dominican Republic and 122,487 new businesses got registered in Vietnam.
It usually takes 16.5 days in Dominican Republic and 16 days in Vietnam to register a new business legally and systematically.
Indicators | Dominican Republic | Vietnam |
|---|---|---|
Imports of Goods and Services (2023)  | 28.48 % of GDP | 89.98 % of GDP |
Total Fuel Imports (2023)  | 16.44 % of Merchandise Imports | 7.48 % of Merchandise Imports |
Cost to Import Border Compliance (2023)  | 579.17 USD | 373 USD |
Time to Import Border Compliance (2023)  | 24 Hours | 56 Hours |
Cost to Import Documentary Compliance (2023)  | 40 USD | 182.5 USD |
Time to Import Documentary Compliance (2023)  | 13.5 Hours | 76 Hours |
Indicators | Dominican Republic | Vietnam |
|---|---|---|
Exports of Goods and Services (2023)  | 21.14 % of GDP | 93.81 % of GDP |
Total Fuel Exports (2023)  | 1.09 % of Merchandise Exports | 1.17 % of Merchandise Exports |
Cost to Export Border Compliance (2023)  | 487.5 USD | 290 USD |
Time to Export Border Compliance (2023)  | 16 Hours | 55 Hours |
Cost to Export Documentary Compliance (2023)  | 15 USD | 139.23 USD |
Time to Export Documentary Compliance (2023)  | 10 Hours | 50 Hours |
Indicators | Dominican Republic | Vietnam |
|---|---|---|
Gross National Savings (2023)  | 27.49 % of GDP | 32.8 % of GDP |
Tax Revenue (2023)  | 13.82 % of GDP | Yet to Update |
Taxes on Exports (2023)  | 0.01 % of Tax Revenue | Yet to Update |
Taxes on Goods and Services (2023)  | 51.03 % of Tax Revenue | Yet to Update |
Taxes on International Trade (2023)  | 5.88 % of Revenue | Yet to Update |
Time to Prepare and Pay Taxes (2023)  | 317 Hours | 384 Hours |
Customs and Other Import Duties (2023)  | 5.85 % of Tax Revenue | Yet to Update |
We hope you enjoyed the detailed guide on the standard of living comparsion between Dominican Republic and Vietnam.
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