Vietnam economy

Traditionally, the agriculture plays a leading role in Vietnam economy, especially rice culture, even until now.

With the arrival of the French colonialism in 1858, the country began to come into contact with European technology. Other economic areas were created: railways, mining, construction, metallurgy … new modern farms were founded by the French: Rubber, coffee…

But since World War II until 1986, the country was plunged into terrible wars without stops. The country was completely destroyed, isolated from the world … to open the border with China in 1991. For the historic reasons, Vietnam has adopted the style of the planned economy from Russia since the 60th until 80th century.

In addition, the economic embargo imposed by the United – States since 1975 until 1995 plunged the country into the total poverty.

Since 1986, the economic reforms carried out by the Vietnam Communist Party, the country has followed a free market economy, but with the orientation of the State. For example: The state plays the role of land owner, but farmers themselves decide their work, production…

Private companies have the right to develop by playing the leading role in the Vietnamese economy, beside the state enterprises.

The government spreads red carpet to foreign investors to develop industries: electronics … The firsts are: South Korea, Taiwan, Japan, and Singapore…

So, the agriculture is now ranked as first role in the country’s income, but we begin to see: crude oil, industry, tourism…

Today, Vietnam is in a period of integration into the global economy. The country is one of the leading exporters of agricultural products in the world and an attractive destination for foreign investment in Southeast of Asia.

Here are some results of the Vietnam economy:

In 2013, GDP was U.S. $ 170.020 billion compared to 135 billion in 2011.

In economic plan, the country is classified as 7th in the Southeast Asia and the 128th position in the world according to GDP by inhabitant.

According to forecasts in 2018, Vietnam is going to be the 28th position in 2025 and in the list of 20 countries with the most developed economy in the world in 2050.

Vietnam is also a member of WTO, IMF, World Bank, Bank of Asia Development…

Nevertheless, Vietnam economy is based much on agriculture, foreign capital, exportation: Crude oil, textile…But the results is clear and the life quality of its population is significantly improved.