Economy of Vietnam
After the long years of war, the great difficulties linked to the American embargo, the bureaucratization and the "bao cap" model (market economy gradually phased out to make room for state leadership), the economy of Vietnam was found again in delicate position.
With the opening of the "Doi Moi" (renewal) policy from the beginning of the 1990s, the market economy, privatization, competition and cooperation with foreign countries came into being. This policy quickly brought the country out of economic and diplomatic difficulties.
At present, Vietnam's economy presents a mix between the state-planned economy and a market economy, controlled by supply and demand.
Its gross domestic product (GDP) in 2016 was $ 202.6 billion with a per capita GDP of $ 2,185. The active population is 54.61 million people.
Vietnam will be one of the fastest growing emerging markets in the world by 2020 with an estimated GDP of $ 436 billion.
The main economic sectors
- The industry: textiles, the food industry, the furniture industry, the plastics and paper industry, the industry related to energy needs (growing)
- The agricultural sector: rice (fourth largest producer), coffee (second largest producer), cashew, maize, pepper, sweet potato, peanut, cotton, rubber, tea, aquaculture.
- The service sector: tourism.
Vietnam ranks 28th in exports worldwide, worth $ 165 billion worth of goods each year, including broadcast equipment, computers, crude oil, and leather shoes. The majority of these exports are destined for the United States, China, Japan, South Korea and Germany.