Trang tiếng Việt
Overview of Vietnam’s Economy

vietnam_economy

VIETRADE - Vietnam initiated economic renovation in 1986, shifting from the centrally-planned economy with state subsidies to a socialist-oriented market economy in implementation of industrialization, modernization of the country, diversification and multilateral development of economic external relations for an open–door, world integration policy.

 

For more than a decade, GDP has grown notably year-on-year: 6.9% growth in 2001, 7.0% in 2002, 7.3% in 2003, 7.7% in 2004, 8.4% in 2005, 8.2% in 2006, 8.5% in 2007 and 6.18% in 2008. In 2008, GDP per capita reached about 17 million VND (US$ 1,024) per capita a year.

 

In 2009, Vietnamachieved economic growth of 5.3%, exceeded goals, and ranked highest in the world for economic growth. Sector growth rates for 2009: 1.8% for agriculture, forestry and fisheries; 5.5% for industry and construction; and 6.6% for the service sector.

 

Economic sector structures increasingly orientate toward the development of a multi-sector commodity economy operating through a state-managed market mechanism whereby private businesses freely develop in scale and operational territory in endeavors legally approved.

 

Vietnammaintains diplomatic relations with 169 countries; signed bilateral and multilateral trade agreements with 80 countries; and exchanged most favored nation privileges with over 70 countries and territories, namely those with high capital, industrial resources, and large markets such as found in theUS,Japan, EU and the newly industrialized economies of East Asia.

 

Since implementation of the open-door economic policy,Vietnamhas signed cooperative economic and trade agreements with EU (1992), engaged in ASEAN membership (1995) and AFTA, ASEAN Free Trade Agreement (2001), gained APEC admission (1998), sealed a US-Vietnam bilateral trade pact (2001), and won WTO admission as the 150th member of the organization with official recognition on January 11, 2007.

 

Gross Domestic Products


Year

GDP( billion VND)

Growth rate (%)

1995

222,840

9.5

1996

258,609

9.3

1997

295,696

8.2

1998

361,468

5.8

1999

399,942

4.8

2000

444,139

6.7

2001

484,492

6.8

2002

536,000

7.0

2003

605,491

7.2

2004

713,071

7.7

2005

837,858

8.4

2006

973,791

8.2

2007

1,112,200

8.5

2008

1,487,000

6.2

2009

1,658,400

5.3

(Source: General Statistics Office of Vietnam)

 
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