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Economy of Vietnam

Economy of Vietnam
Vietnamese đồng
CountryVietnam
Width250
CaptionVietnamese đồng
CurrencyVietnamese đồng
YearCalendar year
OrgansAFTA, WTO
Rank46
Gdp$276.6 billion (2010 est.)
Gdp(nominal)$103.6 billion (2010 est.)
Growth6.8% (2010 est.)
Per Capita$3,100 (PPP, 2010 est.)
SectorsAgriculture: 20.6%, industry: 41.1%, services: 38.3% (2010 est.)
Inflation13.89% (2010)
Poverty10.6% (2010 est.)
Gini37 (2004)
Labor46.21 million (2010 est.)
OccupationsAgriculture: 53.9%, industry: 20.3%, services: 25.8% (2009)
Unemployment4.4% (2010)
Edbr78th
Industriespaddy rice, coffee, rubber, cotton, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas, poultry, fish, seafood
Exports$72.03 billion (2010 est.)
Export-goodsclothes, shoes, marine products, crude oil, electronics, wooden products, rice, machinery
Export-partnersUS 20%, Japan 10.7%, China 9.8%, South Korea 4.3% (2010 est.)
Imports$84.3 billion (2010 est.)
Import-goodsmachinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles
Import-partnersChina 23.8%, South Korea 11.6%, Japan 10.8%, Taiwan 8.4%, Thailand 6.7%, Singapore 4.9% (2010 est.)
Gross External Debt$33.45 billion (December 2010 est.)
Debt44.5% of GDP (2008 est.)
Revenue$22.39 billion (2008 est.)
Expenses$24.19 billion (2008 est.)
CreditStandard & Poor's:
BB- (Domestic)
BB- (Foreign)
BB (T&C Assessment)
Outlook: Negative
Moody's:
B1
Outlook: Negative
Fitch:
B+
Outlook: Stable
Aid$2.8 billion pledged (2000)
Cianamevm

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The economy of Vietnam is a developing planned-market economy. Since the mid-1980s, through the "Đổi Mới" reform period, Vietnam has made a shift from a highly-centralized planned economy to a socialist-oriented market economy which use both directive and indicative planning (see Five-Year Plans of Vietnam). Over that period, the economy has experienced rapid growth. Nowadays, Vietnam is in the period of integrating into the world's economy, as a part of globalization. Almost all Vietnamese enterprises are SMEs. Vietnam has been rising as a leading agricultural exporter and an attractive foreign investment destination in Southeast Asia.

In 2010, the nominal GDP reached $104.6 billion, with nominal GDP per capita of $1218.

According to a forecast in December 2005 by Goldman-Sachs, Vietnamese economy will become the 17th largest economy in the world with nominal GDP of $ 436 billion and nominal GDP per capita of 4,357 USD by 2025.

According to a forecast by the PricewaterhouseCoopers in 2008, Vietnam may be the fastest growing of emerging economies by 2025, with a potential growth rate of almost 10% per annum in real dollar terms that could push it up to around 70% of the size of the UK economy by 2050.

Vietnam has been listed in the Next Eleven countries.


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