This article only contains information on the economy of Vietnam after the year 1986; contributions dealing with the pre-1986 period are welcome.

For other uses of the initials WTO, see WTO (disambiguation). ... Purchasing power parity (PPP) is in economics the method of using the long-run equilibrium exchange rate of two currencies to equalize the currencies purchasing power. ... Map of world GDP (PPP) by country using the IMF list for 2005 There are three lists of countries of the world sorted by their gross domestic product (GDP) (the value of all final goods and services produced within a nation in a given year). ... In economics, a consumer price index (CPI) or retail price index (RPI) is a statistical time-series measure of a weighted average of prices of a specified set of goods and services purchased by consumers. ... Map of countries showing percentage of population who have an income below the national poverty line The poverty line is the level of income below which one cannot afford to purchase all the resources one requires to live. ... The Gini coefficient is a measure of inequality developed by the Italian statistician Corrado Gini and published in his 1912 paper Variabilità e mutabilità. It is usually used to measure income inequality, but can be used to measure any form of uneven distribution. ... An 1837 political cartoon about unemployment in the United States. ... ISO 4217 Code USD User(s) the United States, the British Indian Ocean Territory[1], the British Virgin Islands, East Timor, Ecuador, El Salvador, the Marshall Islands, Micronesia, Palau, Panama, Turks and Caicos Islands, and the insular areas of the United States Inflation 2. ...

Macro-economic trend

This is a chart of trend of gross domestic product of Vietnam at market prices estimated by the International Monetary Fund with figures in millions of ruling currency. The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance when requested. ...

For purchasing power parity comparisons, the US Dollar is exchanged at 3,474.82 New Dong only. The United States dollar is the official currency of the United States. ...

History after 1985

In 1986, the Sixth Party Congress of the Communist Party of Vietnam formally abandoned Marxist economic planning and began introducing market elements as part of a broad economic reform package called "Doi Moi" ("Renovation"). In many ways, this followed the Chinese model and achieved similar results. On the one hand, Vietnam achieved around 8% annual GDP growth from 1990 to 1997. The Communist Party of Vietnam (Đảng Cá»™ng sản Việt Nam) is the currently ruling, as well as the only legal political party in Vietnam. ... Marxism is the political practice and social theory based on the works of Karl Marx, a 19th century philosopher, economist, journalist, and revolutionary, along with Friedrich Engels. ... This box:      A planned economy is an economic system in which a single agency makes all decisions about the production and allocation of goods and services. ... Doi moi is the name given to the economic reforms initiated by the Socialist Republic of Vietnam in the mid-1980s. ... 1990 (MCMXC) was a common year starting on Monday of the Gregorian calendar. ... 1997 (MCMXCVII) was a common year starting on Wednesday of the Gregorian calendar. ...

Government control of the economy and a nonconvertible currency have protected Vietnam from what could have been a more severe impact resulting from the East Asian financial crisis in 1997. Nonetheless, the crisis, coupled with the loss of momentum as the first round of economic reforms ran its course, has exposed serious structural inefficiencies in Vietnam's economy. Vietnam's economic stance following the East Asian recession has been a cautious one, emphasizing macroeconomic stability rather than growth. While the country has shifted toward a more market-oriented economy, the Vietnamese government still continues to hold a tight rein over major sectors of the economy, such as the banking system, state-owned enterprises, and areas of foreign trade. The East Asian financial crisis was a period of economic unrest that started in July 1997 in Thailand and affected currencies, stock markets, and other asset prices in several Asian countries, many considered East Asian Tigers. ... East Asia is a subregion of Asia that can be defined in either geographical or cultural terms. ... Macroeconomics is the study of the entire economy in terms of the total amount of goods and services produced, total income earned, the level of employment of productive resources, and the general behavior of prices. ... Banker redirects here; see wiktionary:banker for more meanings. ... A state-owned enterprise (SOE) is an enterprise, often a corporation, owned by a government. ...

GDP growth fell to 6% in 1998 and 5% in 1999. Growth then rose to 6% to 7% in 2000-02 even against the background of global recession, making it the world's second-fastest growing economy. Simultaneously, investment grew three-fold and domestic savings quintupled. On the other hand, urban unemployment has been rising steadily in recent years, and rural unemployment, estimated to be up to 35% during nonharvest periods, is already at critical levels. Layoffs in the state sector and foreign-invested enterprises combined with the lasting effects of an earlier military demobilization further exacerbate the unemployment situation. Invest redirects here. ...

The July 13, 2000 signing of the Bilateral Trade Agreement (BTA) between the U.S. and Vietnam was a significant milestone for Vietnam's economy. The BTA provideded for Normal Trade Relations (NTR) status of Vietnamese goods in the U.S. market. Access to the U.S. market will allow Vietnam to hasten its transformation into a manufacturing-based, export-oriented economy. It would also concomitantly attract foreign investment to Vietnam, not only from the U.S., but also from Europe, Asia, and other regions. Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from... A Spanish kilometre stone A milestone on the Boston Post Road in Harvard Square, Massachusetts, USA Slate milestone near Bangor, Wales A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in... Manufacturing, a branch of industry which accounts for about one-quarter of the worlds economic activity, is the application of tools and a processing medium to the transformation of raw materials into finished goods for sale. ... This article is 150 kilobytes or more in size. ... World map showing the location of Asia. ...

Vietnam had an average growth in GDP of 7.1% per year from 2000 to 2004. The GDP growth was 8.4% in 2005, the second largest growth in Asia, trailing only China's. Governement figures of GDP growth in 2006, was 8.17%. According to Vietnam's Minister of Planning and Investment, the government targets a GDP growth of around 8.5% for 2007.

7 November 2006, Vietnam became WTO's 150th member, after 11 years of preperation, including 8 years of negotiation. Vietnam's access to WTO should provide an important boost to Vietnams economy and should help to ensure the continuation of liberalizing reforms and create options for trade expansion. For other uses of the initials WTO, see WTO (disambiguation). ...

However, WTO accession also brings serious challenges, requiring Vietnam's economic sectors to open the door to increased foreign competition.

Agriculture and Industry

Vietnam is now the world's largest robusta coffee, cashew nuts and pepper exporter, and the second largest rice exporter worldwide. Vietnam has the highest percent of land use for permanent crops, 6.93%, of any nation in the Greater Mekong Subregion.[3][4]. Besides rice, key exports are coffee, tea, rubber, crude oil, pepper, garments and fishery products. However, agriculture's share of economic output has declined, falling as a share of GDP from 42% in 1989 to 26% in 1999, as production in other sectors of the economy has risen. A cup of coffee Coffee is a widely consumed beverage prepared from the roasted seeds—commonly referred to as beans—of the coffee plant. ... Tea leaves in a Chinese gaiwan. ... Latex being collected from a tapped rubber tree Rubber is an elastic hydrocarbon polymer which occurs as a milky colloidal suspension (known as latex) in the sap of several varieties of plants. ... Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ... Look up pepper in Wiktionary, the free dictionary. ... (See also List of types of clothing) Introduction Humans often wear articles of clothing (also known as dress, garments or attire) on the body (for the alternative, see nudity). ...

Parallelling its efforts to increase agricultural output, Vietnam has sought with some success to invigorate industrial production. Industry contributed 32.5% of GDP in 1999. However, most branches of heavy industry -- cement, phosphate, steel, etc. -- have stagnated or declined. Nevertheless, foreign direct investment (FDI) -- much of it gravitating to the new industrial zones in the south -- has gone some way towards transforming the industrial landscape of Vietnam.

In addition, Vietnam has achieved some success in increasing exports of some labor-intensive manufactured goods in recent years.

Mining is a key industry in Vietnam. Coal is a main export of this particular country. The chemical plants in Vietnam are starting to grow stronger. Some manufacturing also improves the economy.

Trade and Balance of Payments

From the late 1970s until the 1990s, Vietnam was a member of the Comecon, and therefore heavily dependent on trade with the Soviet Union and its allies. Following the dissolution of the Comecon and the loss of its traditional trading partners, Vietnam was forced to liberalize trade, devalue its exchange rate to increase exports, and embarke on a policy of regional and international economic capitalization. A Soviet poster reading COMECON: Unity of Goals, Unity of Action The Council for Mutual Economic Assistance (COMECON / Comecon / CMEA / CEMA), 1949 – 1991, was an economic organization of communist states and a kind of Eastern Bloc equivalent to—but more inclusive than—the European Economic Community. ...

Throughout the 1990's, exports expanded significantly, growing by as much as 20%-30% in some years. In 1999, exports accounted for 40% of GDP, an impressive performance in a recovering Asia. Efforts to control Vietnam's import growth have been fairly successful. In the last 4 years, import levels have remained fairly stable. For the second consecutive year, Vietnam had a balance-of-payments surplus in 1999. The country's balance-of-payments surplus has been due not only to robust trade performance but also to official development assistance and remittances from overseas Vietnamese. Vietnam's total external debt, accounting for 37.1% of GDP in 1999, is $10.6 billion.

By 2006, Vietnam had reduced the percentage of its people living in abject poverty — less than $1 a day — to 8 percent from 51 percent in 1990. Deep poverty, defined as a percent of the population living under $1 per day, has declined significantly and is now smaller than that of China, India, and the Philippines. Vietnam is working to promote job creation to keep up with the country's high population growth rate.

The accession to WTO, among other benefits, will allow Vietnam to take advantage of the phase out of the Agreement on Textiles and Clothing, which eliminated quotas on textiles and clothing for WTO partners on 1 January 2005.

Statistics

GDP:

• Purchasing power parity: $203.7 B (2003 est.)
• Real growth rate: 7.2% (2003 est.)
• Per capita: purchasing power parity - $2,500 (2003 est.)
• Composition by sector:
  • agriculture: 21.8%
  • industry: 39.7%
  • services: 38.5% (2003 est.)

Population:

• below poverty line: 37% (1998 est.)
• Household income or consumption by percentage share:
  • Lowest 10%: 3.6%
  • Highest 10%: 29.9% (1998)

Labour force:

• 45.74 million (2003 est.)
• By occupation:
  • Agriculture 63%
  • Industry and services 37% (2000 est.)
• Unemployment rate: 6.1% (2003 est.)

Budget:

• Revenues: $8.689 billion
• Expenditures: $9.718 billion, including capital expenditures of $1.8 billion (2003 est.)

Industrial production:

• Products: food processing, garments, shoes, machine building, mining, cement, chemical fertilizer, glass, tires, oil, coal, steel, paper
• Growth rate: 16% (2003 est.)

Electricity:

• Production: 29,800 GWh (2001)
• By source:
  • Fossil fuel: 12.95%
  • Hydro: 87.05%
  • Nuclear: 0%
  • Other: 0% (1998)
• Consumption: 27,710 GWh (2001)
• Exports: 0 kWh (2001)
• Imports: 0 kWh (2001)

Agriculture:

• Products: paddy rice, corn, potatoes, rubber, soybeans, coffee, tea, bananas, poultry, pigs, fish

Exports:

• $19.88 billion (f.o.b., 2003 est.)
• Commodities: crude oil, marine products, rice, coffee, rubber, tea, garments, shoes , pepper
• Partners: Japan, Germany, Singapore, Taiwan, Hong Kong, France, South Korea, U.S., People's Republic of China

Imports: Motto: (Out Of Many, One) (traditional) In God We Trust (1956 to date) Anthem: The Star-Spangled Banner Capital Washington D.C. Largest city New York City None at federal level (English de facto) Government Federal constitutional republic  - President George Walker Bush (R)  - Vice President Dick Cheney (R) Independence from...

• $22.5 billion (f.o.b., 2003 est.)
• Commodities: machinery and equipment, petroleum products, fertilizer, steel products, raw cotton, grain, cement, motorcycles
• Partners: Singapore, South Korea, Japan, France, Hong Kong, Taiwan, Thailand, Sweden

Debt: A machine is any mechanical or electrical device that transmits or modifies energy to perform or assist in the performance of tasks. ... Pumpjack pumping an oil well near Sarnia, Ontario Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... Spreading manure, an organic fertilizer Fertilizers (British English fertilisers) are compounds given to plants to promote growth; they are usually applied either via the soil, for uptake by plant roots, or by foliar feeding, for uptake through leaves. ... Look up steel in Wiktionary, the free dictionary. ... Cotton ready for harvest. ... This article is about cereals in general. ... In the most general sense of the word, cement is a binder, a substance which sets and hardens independently, and can bind other materials together. ... A motorcycle (or motorbike) is a two-wheeled vehicle powered by an engine. ...

• External: $14.69 billion (2003)

Economic aid

• Recipient: $2.8 billion in credits and grants pledged by international donors for 2000 (2004)

Currency:

• Inflation rate (consumer prices): 4% (1999 est.)
• Exchange rates: new đong (D) per US$1 - 16,050 (December 2006), 15,788 (January 2005), 14,020 (January 2000), 13,900 (December 1998), 11,100 (December 1996), 11,193 (1995 average), 11,000 (October 1994), 10,800 (November 1993)
• Fiscal year: calendar year

ISO 4217 Code VND User(s) Vietnam Subunit 1/10 hào 1/100 xu Symbol ₫ Coins 200₫, 500₫, 1,000₫, 2,000₫, 5,000₫ Banknotes 100₫, 200₫, 500₫, 1,000₫, 2,000₫, 5,000₫, 10,000₫, 20,000₫, 50,000₫, 100,000₫, 200,000₫, 500,000₫ Central bank State...

See also

• List of economic geography topics
• List of Vietnamese companies

Economic geography provides an overview of economic geography topics. ... To meet Wikipedias quality standards, this article or section may require cleanup. ...

References

• [5]
• [6]
• [7]

External links

• Investing in Vietnam Stocks - 11/2006 Article includes global investor perspecitve on the recent state of Vietnamese stocks and companies.