Overview: This is a centrally planned, developing economy with extensive government ownership and control of productive facilities. The economy is primarily agricultural; the sector employs about 65% of the labor force and accounts 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. Oil was discovered off the southern coast in 1986 with production reaching 54,000 b/d in 1990 and expected to increase in the years ahead. 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 is showing signs of accelerating upwards again. Per capita output is among the world's lowest. Since late 1986 the government has sponsored a broad reform program that seeks to turn more economic activity over to the private sector.

GNP: $15.2 billion, per capita $230; real growth rate 2.4% (1990 est.)

Inflation rate (consumer prices): 65% (1990 est.)

Unemployment rate: 33% (1990 est.)

Budget: revenues $892 million; expenditures $1.3 billion, including capital expenditures of $344 million (1990 est.)

Exports: $2.3 billion (f.o.b., 1990 est.); commodities--agricultural and handicraft products, coal, minerals, crude petroleum, ores, seafood; partners--USSR, Eastern Europe, Japan, Singapore

Imports: $2.6 billion (c.i.f., 1990 est.); commodities--petroleum products, steel products, railroad equipment, chemicals, medicines, raw cotton, fertilizer, grain; partners--USSR, Eastern Europe, Japan, Singapore

External debt: $16.8 billion (1990 est.)

Industrial production: growth rate 10% (1989); accounts for 30% of GNP

Electricity: 2,740,000 kW capacity; 7,500 million kWh produced, 110 kWh per capita (1990)

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%; since 1989 self-sufficient in food staple rice; fish catch of 943,100 metric tons (1989 est.)

Economic aid: US commitments, including Ex-Im (FY70-74), $3.1 billion; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $2.8 billion; OPEC bilateral aid (1979-89), $61 million; Communist countries (1970-89), $12.0 billion

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

Exchange rates: new dong (D) per US$1--7,530 (May 1991), 7,280 (December 1990), 3,996 (March 1990), 2,047 (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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vietnam Economy 1991 information contained here. All suggestions for corrections of any errors about Vietnam Economy 1991 should be addressed to the CIA.