Economy of Vietnam
The economy of Vietnam is a socialist-oriented market economy. It is the 47th-largest economy in the world measured by nominal gross domestic product (GDP) and 35th-largest in the world measured by purchasing power parity (PPP). The country is a member of Asia-Pacific Economic Cooperation, Association of Southeast Asian Nations and the World Trade Organization.
Since the mid-1980s, through the Doi Moi reform period Vietnam has made a shift from a highly centralized command economyto a mixed economy that uses both directive and indicative planning through five-year plans. Over that period, the economy has experienced rapid growth. In the 21st century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises (SMEs). Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia. In a similar fashion to other Communist countriesafter the end of the Cold War, the planned economy of Vietnam lost the momentum for productivity and sustainable growth.
In the current period, Vietnam’s economy relies largely on foreign direct investment to attract the capital from overseas to support its continual economic rigorour. Foreign investment on the luxury hotel and sector and resorts will rise to support high-end tourist industry.
According to a forecast by PricewaterhouseCoopers in February 2017, Vietnam may be the fastest-growing of the world’s economies, with a potential annual GDP growth rate of about 5.1%, which would make its economy the 20th-largest in the world by 2050. Vietnam has also been named among the Next Eleven and CIVETS countries. Despite economic achievement following Doi Moi, there exist issues that cause many analysts and researchers to remain worried about the economic slowdown in the country in recent years
Go to topasiatravel.net for more useful information about Vietnam tours with Top Asia Travel
Hotline: 0931.939.888 – 0985.339.888