Vietnam

Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the WTO in January 2007 following more than a decade-long negotiation process. WTO membership has provided Vietnam an anchor to the global market and reinforced the domestic economic reform process. Agriculture’s share of economic output has continued to shrink from about 25% in 2000 to about 21% in 2009. Deep poverty has declined significantly and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam’s export-oriented economy with GDP growing less than the 7% per annum average achieved during the last decade. In 2009 exports fell nearly 10% year-on-year, prompting the government to consider adjustments to tariffs to limit the trade deficit. The government has used stimulus spending, including a subsidized lending program, to help the economy through the global financial crisis. Vietnam’s managed currency, the dong, faced downward pressure during the recession and the government devalued it by nearly 7% in December 2009. Foreign donors pledged $8 billion in new development assistance for 2010. Export growth resumed in 2010, driving GDP upward. However, Hanoi has struggled to control one of the region’s highest inflation rates, which stands at 11.1% with interest hikes and multiple devaluations of the dong. Vietnam’s economy faces higher lending rates, additional IMF scrutiny, domestic inflationary pressures, and an underperforming stock market.

$278.1 billion (2010 est.)

$260.3 billion (2009 est.)

$247.2 billion (2008 est.)

$102 billion (2010 est.)

6.8% (2010 est.)

5.3% (2009 est.)

6.3% (2008 est.)

$3,100 (2010 est.)

$2,900 (2009 est.)

$2,800 (2008 est.)

47.49 million (2010 est.)

6.4% (2010 est.)

6.5% (2009 est.)

12.3% (2009 est.)

37 (2004)

36.1 (1998)

35.1% of GDP (2010 est.)

53.5% of GDP (2010 est.)

52.4% of GDP (2009 est.)

11.1% (2010 est.)

7% (2009 est.)

6% (31 December 2009)

10.25% (31 December 2008)

15.78% (31 December 2008)

11.18% (31 December 2007)

$33.76 billion (31 December 2010 est)

$31.75 billion (31 December 2009 est)

$118.8 billion (31 December 2010 est.)

$107.3 billion (31 December 2009 est.)

$132.1 billion (31 December 2010 est.)

$114.6 billion (31 December 2009 est.)

$21.2 billion (31 December 2009 est.)

$9.589 billion (31 December 2008)

$19.54 billion (31 December 2007)

paddy rice, coffee, rubber, cotton, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; poultry; fish, seafood

food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, paper

7.5% (2010 est.)

86.9 billion kWh (2009 est.)

74.5 billion kWh (2009 est.)

535 million kWh (2009 est.)

3.85 billion kWh (2009 est.)

338,400 bbl/day (2009 est.)

302,000 bbl/day (2009 est.)

29,400 bbl/day (2009 est.)

134,200 bbl/day (2009 est.)

4.7 billion bbl (1 January 2010 est.)

7.9 billion cu m (2008 est.)

8.1 billion cu m (2008 est.)

0 cu m (2009 est.)

380,000 cu m (2009 est.)

610 billion cu m (1 January 2009 est.)

-$9.622 billion (2010 est.)

-$7.44 billion (2009 est.)

$70.76 billion (2010 est.)

$57.1 billion (2009 est.)

crude oil, marine products, rice, coffee, rubber, tea, garments, shoes

US 21.43%, Japan 11.44%, China 7.27%, Australia 4.43%, Germany 4.27% (2009)

$81.73 billion (2010 est.)

$65.4 billion (2009 est.)

machinery and equipment, petroleum products, fertilizer, steel products, raw cotton, grain, cement, motorcycles

China 16.42%, Singapore 9.61%, Japan 8.96%, Taiwan 8.23%, South Korea 7.72%, Thailand 6.41%, Hong Kong 4.45%, US 4.27% (2009)

$16.3 billion (31 December 2010 est.)

$16.8 billion (31 December 2009 est.)

$33.45 billion (31 December 2010 est.)

$27.84 billion (31 December 2009 est.)

$59.52 billion (31 December 2010 est.)

$49.92 billion (31 December 2009 est.)

$7.7 billion (31 December 2009 est.)

$NA (31 December 2008)

dong (VND) per US dollar - 19,148.9 (2010), 17,799.6 (2009), 16,548.3 (2008), 16,119 (2007), 15,983 (2006)