Overview: This is a centrally planned, developing economy with extensive government ownership and control of productive facilities. The economy is primarily agricultural, employing about 65% of the labor force and accounting for almost half of GNP. Rice is the staple crop; substantial amounts of maize, sorghum, cassava, and sweet potatoes are also grown. The government permits sale of surplus grain on the open market. Most of the mineral resources are located in the north, including coal, which is an important export item. Following the end of the war in 1975, heavy handed government measures undermined efforts at an efficient merger of the agricultural resources of the south and the industrial resources of the north. The economy remains heavily dependent on foreign aid and has received assistance from Communist countries, Sweden, and UN agencies. Inflation, although down from recent triple-digit levels, is still a major weakness, and per capita output is among the world's lowest. Since early 1989 the government has sponsored a broad reform program that seeks to turn more economic activity over to the private sector.

GNP: $14.2 billion, per capita $215; real growth rate 8% (1989 est.)

Inflation rate (consumer prices): 40% (1989 est.)

Unemployment rate: 25% (1989 est.)

Budget: revenues $3.2 billion; expenditures $4.3 billion, including capital expenditures of $528 million (1987 est.)

Exports: $1.1 billion (f.o.b., 1988); commodities--agricultural and handicraft products, coal, minerals, ores; partners--USSR, Eastern Europe, Japan, Singapore

Imports: $2.5 billion (c.i.f., 1988); commodities--petroleum, steel products, railroad equipment, chemicals, medicines, raw cotton, fertilizer, grain; partners--USSR, Eastern Europe, Japan, Singapore

External debt: $16 billion (1989)

Industrial production: growth rate 10% (1989)

Electricity: 2,465,000 kW capacity; 6,730 million kWh produced, 100 kWh per capita (1989)

Industries: food processing, textiles, machine building, mining, cement, chemical fertilizer, glass, tires, oil, fishing

Agriculture: accounts for half of GNP; paddy rice, corn, potatoes make up 50% of farm output; commercial crops (rubber, soybeans, coffee, tea, bananas) and animal products other 50%; not self-sufficient in food staple rice; fish catch of 900,000 metric tons (1988 est.)

Aid: US commitments, including Ex-Im (FY70-74), $3.1 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $2.7 billion; OPEC bilateral aid (1979-89), $61 million; Communist countries (1970-88), $10.9 million

Currency: new dong (plural--new dong); 1 new dong (D) = 100 xu

Exchange rates: new dong (D) per US$1--4,000 (March 1990), 900 (1988), 225 (1987), 18 (1986), 12 (1985); note--1985-89 figures are end of year

Fiscal year: calendar year

NOTE: The information regarding Vietnam on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vietnam Economy 1990 information contained here. All suggestions for corrections of any errors about Vietnam Economy 1990 should be addressed to the CIA.