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Vietnam Economy (300) (Future challenge (100) (Dependence on government…
Vietnam Economy
(300)
Economic model and restructure (100)
Following "the lost decade" (1975-1985), 1986 major political and economic reform Doi Moi
Centrally-planned economy - Market Socialism (Socialist-oriented market economy)
develop Private biz, consumer products
attract foreign investment
Milestone: 2000's Bilateral Trade Agreement with US
Officially open Vietnam to the world, beside traditional market (China, Russia)
Marked economic transformation toward manufacture-based, export-oriented direction
Further support by 2007 joining WTO
Since 12th National Congress of the Communist Party of Vietnam, move toward modern, service-oriented economy
Major development and achievement (100)
Government control and nonconvertible currency protect VN from impact of East Asia Financial Crisis
GDP, GDP Growth rate & GDP per capital
Labor
Labor force 54.93 mil
Low unemployment rate about 2% (last 5 years)
Future challenge (100)
Dependence on government competence
Decreasing FDI
Exporting face fierce competitions and high quality requirement
Social (wealth gap) and Environmental spill effect from fast growing economy
Decreasing growth rate