Vietnam

Background

In 1986, Vietnam initiated economic reforms aimed at moving from a planned economy to a market economy. Dramatic progress has since been made in economic development, and the country's economy has become one of the fastest-growing in the world.

Traditionally an agrarian society, the agricultural sector (including forestry and fisheries) still employs about 60 percent of the population, but its contribution to GDP has declined to about 20 percent in recent years from 40 percent in the early 1990s. The industrial sector has grown rapidly, and now accounts for about 40 percent of GDP, with relatively well-diversified sub sectors of steel, mining (mainly oil and gas), garments, footwear, cement, and vehicle assembly.
Following an extended period of strong performance, Vietnam’s economy was adversely affected by the global financial and economic crisis through weakening export growth, remittances, and foreign direct investment. To mitigate the impact of the crisis and support economic activity, the government made significant policy adjustments, including the easing of monetary and fiscal policies. These policies helped boost domestic demand, underpinning a recovery in industrial production and maintaining robust retail sales. By 2011, foreign donors had pledged nearly $8 billion in new development assistance. However, the government's strong growth-oriented economic policies have caused it to struggle to control one of the region's highest inflation rates. As of mid-2011, inflation was expected to remain elevated on the back of supply-side pressures and strong imported inflation.

Fiscal, monetary and credit tightening along with dong devaluation have dampened overheating risks but current external-sector pressures, credit boom and low confidence in the currency remain. Vietnam’s trade deficit was expected to hit $14 billion in 2011, slightly less than a previous forecast of $14.6 billion, according to the country’s ministry of planning and investment. To ensure long-term sustained rapid growth, it is important for the country to press ahead with the structural reform agenda, in particular the reform of state-owned enterprises and key economic institutions. In addition, substantial investment is needed in physical infrastructure and human capital.

Holidays

Ps: These festival's date(*)given above is approximation which is subject to change every new year.

Phone Codes

Country Code: 84
Outgoing International Code: 00
Main Area Codes:
An Giang 77
Ben Tre 62
Binh Duong 65
Can Tho 71
Cuu Long 70
Da Nang 51
Dong Nai 61
Hanoi 4
Ho Chi Minh City 8
Kien Giang 77
Long An 72
Long Xuyen 76
Minh Hai 78
Mobile Phones: 81, 85, 88, 89, 90, 91, 993
Soc Trang 79
Tra Vinh 74
Tay Ninh 66
Tien Giang 73
Vung Tau 64

Resources

Market Research

Vietnam Profile
Country profile and news articles - from The Economist Intelligence Unit

CIA - The World Factbook - Vietnam
This website indicates a wide range of detail information about Vietnam by introducing under 8 different fields as its geography,people, government, economy, communications, transportation, military, transnational issues.

About Vietnam
There is available to find out Vietnam's general outlook on the issues of its social and business profile, passport/visa, money, accommodation, government, duty free, health and so forth.

Trade Information

Vietnam Embassy in USA