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Vietnam Economy 1996
Vietnam has made significant progress in recent years moving away from the
planned economic model toward a more effective market-based economic system.
Most prices are now fully decontrolled, and the Vietnamese currency has been
effectively devalued and floated at world market rates. In addition, the
scope for private sector activity has been expanded, primarily through
decollectivization of the agricultural sector and introduction of laws
giving legal recognition to private business. Nearly three-quarters of
export earnings are generated by only two commodities, rice and crude oil.
Led by industry and construction, the economy did well in 1993 and 1994 with
output rising 7% and 9% respectively. However, the industrial sector remains
burdened by noncompetitive state-owned enterprises the government is
unwilling or unable to privatize. Unemployment looms as a serious problem
with roughly 20% of the work force without jobs and with population growth
swelling the ranks of the labor force yearly.
GDP - purchasing power parity - $83.5 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$4.5 billion, including capital expenditures of $NA (1994 est.)
$3.6 billion (f.o.b., 1994 est.)
petroleum, rice, agricultural products, marine products, coffee
Japan, Singapore, Hong Kong, France, South Korea
$4.2 billion (f.o.b., 1994 est.)
petroleum products, machinery and equipment, steel products, fertilizer, raw
cotton, grain
Singapore, Japan, South Korea, France, Hong Kong, Taiwan
$4 billion Western countries; $4.5 billion CEMA debts primarily to Russia;
growth rate 13% (1994 est.); accounts for 21% of GDP
food processing, textiles, machine building, mining, cement, chemical
fertilizer, glass, tires, oil
accounts for 36% of GDP; paddy rice, corn, potatoes make up 50% of farm
output; commercial crops (rubber, soybeans, coffee, tea, bananas) and animal
products 50%; since 1989 self-sufficient in food staple rice; fish catch of
943,100 metric tons (1989 est.); note - the third largest exporter of rice
in the World, behind the US and Thailand
opium producer and increasingly important transit point for Southeast Asian
heroin destined for the US and Europe; growing opium addiction; small-scale
heroin producer
$2 billion in credits and grants pledged by international donors for 1995,
Japan largest contributor with $650 million pledged for 1995
new dong (D) per US$1 - 11,000 (October 1994), 10,800 (November 1993), 8,100
(July 1991), 7,280 (December 1990), 3,996 (March 1990)
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