Vietnam s steel industry in 2012 total apparently steel consumptions in 2012 products 2012 compares to 2011 quantity % long steel products 5,473,000 5,961,000 91. Vietnam gdp growth slows slightly in q4 but remains rapid. Economic indicators for viet nam the spread of covid19 and the resulting abrupt global slowdown will slash growth to 4. Vietnam s real gdp growth has decelerated to a still robust 6. A political economy of economic restructuring in vietnam. There are few countries in the world whose economic growth can compare to vietnam s. Gdp is certainly not the only measure of economic performance, but it provides a consistent metric and a.
However, growing trade tensions between the united states and china, if escalated further, could slow global trade and put the brakes on vietnam s economic growth. Economic forums 2017 global competitiveness report. The political economy of development in china and vietnam. Us economic and military aid to south vietnam grew through the 1960s in an attempt to bolster the government, but us armed forces were withdrawn following a ceasefire agreement in 1973. The economic context of vietnam economic and political. The economy performed better than expected in the third quarter according to recent data, with both the industrial and services sectors picking up speed.
The vietnam fatherland front is a political alliance and a voluntary union of political. Motivated by these aspirations, in july 2014, the government of vietnam and the world bank group jointly initiated the vietnam 2035 report. Party secretary general nguyen phu trong and president truong tan sang vied for control of the states political and economic machinery in a still. Vietnam economy gdp, inflation, cpi and interest rate. With a population of nearly 100 million people, over 60% are under the age of 35, viet nam is wellpositioned to supply a young, abundant and quality workforce at competitive cost. A political economy of economic restructuring in vietnam jstor. Economic strategy and economic reality vietstudies. Collectively, asean is the fifthlargest economy in the world 1. The government tightened price controls for air travel, energy.
Every region continues to be represented by at least one of the top 20 freest economies, but some notable reshuffling has occurred in the 20 index. Vietnam will remain one of the fastestgrowing economies in the asiapacific region over the medium term. Despite the return of peace, for over a decade the. Strong and sustainable growth by improving the quality and competitiveness of the economy. Vietnam s development record over the past 30 years is remarkable. For the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the oecd economic outlook interim report coronavirus. Human rights and citizens fundamental rights and duties article 14 1. Economy economic indicators for viet nam the spread of covid19 and the resulting abrupt global slowdown will slash growth to 4. Vietnam 2035 xi be a modern and industrialized nation moving toward becoming a prosperous, creative, equitable, and democratic society. Vietnam has made steady progress in improving its investment climate, as evidenced by higher scores in the world economic forums competitiveness index up five points to. Learn more about the vietnam economy, including the population of vietnam, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom. Controlling inflation and stabilizing the macro economy will remain to be the top priorities for the government of vietnam in 20. Mediumterm economic outlook forecast, 2017 average gdp growth percentage change.
Vietnams economy and its transition from a planned economy to one with many. Access the latest politics analysis and economic growth summary through 2011 for vietnam from the economist intelligence unit vietnam economy, politics and gdp growth summary. This page has economic forecasts for vietnam including a longterm outlook for the next decades, plus mediumterm expectations for the next four quarters and shortterm market predictions for the next release affecting the vietnam economy. Vietnam s economy continued to post stellar growth in the first quarter, fueled by an export boom. Vietnam is one of developing countries with fast growth rate, about 7% per year. This analysis begins by providing background on the development of vietnam s economy and its transition from a planned economy to one with many market features.
Vietnam exported 836 million usd worth of fruits and vegetables in the first quarter of 2020, a yearonyear decline of 10. Vietnam 2035 open knowledge repository world bank group. Vietnam, economic growth, politics, political economy, in dustrialisation. Viet nams constitution of 1992 with amendments through 20.
Vietnam continues to ride the wave of foreign investment and lowcost manufacturing. More rok, vietnam eye closer economic ties despite pandemic. The vietnamese economy is expected to grow at around 6. Vietnams economy expands more than 7% in first quarter. East asiasoutheast asia vietnam the world factbook. Vietnam, economic growth, economic transition, productivity, nicholas. The government will also pursue economic liberalisation over the next few years. Mediumterm economic outlook forecast, 20 17 average gdp growth percentage change. Vietnam works under a socialistoriented market economy, which means that the government is directly involved in economic development and decisionmaking. In the socialist republic of vietnam, political, civic, economic, cultural and social human rights and citizens rights are recognized, respected. Vietnam s amended constitution 1992 recognized the role of private sector in the economy. The leadership is promoting a socialistoriented market economy and friendly. Since 2010, viet nams gdp growth has been at least 5% per year, and in 2017 it peaked at 6. It then examines vietnam s current economic challenges, including those raised by the us withdrawal from.
Vietnams economy centre for management practice smu. To continue strong economic growth, vietnam will need to reform stateowned enterprises, reduce red tape, increase businesssec tor transparency, and increase recognition of private property rights. Government spending and debt remained in check and bank capital rules were strengthened. International bank for reconstruction and development international development association international finance corporation multilateral investment guarantee agency for the socialist republic of vietnam for the period fy18fy22 may 4, 2017 vietnam country management unit east asia and pacific region the international finance corporation. Its robust trade ties are likely to support exportdriven growth in the medium term.
The nation boasts enviable, consistent growth rates which has attracted foreign direct investment, encouraged exports, and strengthened the country from within, spurring domestic demand and spawning a rising middle and upper class. Available data so far in 2020 has been mixed, after strong expansions in manufacturing and services drove stellar growth in the final quarter of last year. Library of congress federal research division country profile. It will be one of the main beneficiaries of the ongoing uschina trade war as relocation out of china accelerates. The ncifs report shows that the economic growth in the period of 2016 2018 is on the rebound, but improving. Vietnam is a member of asiapacific economic cooperation, association of southeast asian nations and the world trade organization. Ado 2020 viet nams inflation rates forecasted at 3. Currently, it is a mix between this stateplanned economy and a market economy, which is controlled by supply and demand.
Economic leaders in decline the overall stagnation observed. These quickresponse articles analyse key events in terms of how we expect them to affect our political and economic forecast, and are closely tied to the structure of our country report service. The economy of vietnam is a socialistoriented market economy, which is the 44thlargest in the world as measured by nominal gross domestic product gdp and 32ndlargest in the world as measured by purchasing power parity ppp. Vietnam economy is a market economy which depends much on exports, and projects on fdi. Vietnam news politics, business, economy, society, life.
Vietnam economy remains outperformer as growth tops 7%. With such rapid economic growth, the country grew from one of the poorest countries in the world to a comfortably middleincome one. Declassified in part sanitized copy approved for release 20822. The past and the hopeful future of vietnams economy centre for. Vietnam economy, politics and gdp growth summary the. Administrative procedures have been streamlined, and the regulatory framework for smaller businesses has been improved. The labor market has become more flexible and dynamic. Rolling plan for the socialist republic of vietnam promotion of economic growth and strengthening international competitiveness note. The economy of vietnam is a socialistoriented market economy, which is the 44thlargest in. The uschina trade dispute has given vietnam growth opportunities but it still has to overcome key challenges.
Notably, the economy grew at an average annual rate of 7. The economy ranks sixth in southeast asia, and fiftyseventh in the global market. Economy profile of vietnam doing business 2020 indicators in order of appearance in the document. We discuss in section 3 the role of key reforms in agriculture, the enterprise sector, and integration of vietnam into the global economy that could have contributed toward the shift of labor out of agriculture. Vietnam economy forecast to grow by more than 7% in 2019. The highly agrarian nature of vietnam s economy placed it in the top quintile of countries with the largest share of agriculture in gdp and. Nguyen dieu tu uyen, manufacturing output surges on the back of electronics. Characterised by political, social and macro economic. Vietnam 20 unofficial translation from vietnamese by international idea.
Amidst rising global headwinds, vietnam s economic growth momentum has been slowing since the beginning of the year. The report recognizes six key transformations that will help vietnam. President luong was chief of state, and prime minister khai was head of government. Vietnam is a small, developing, transition, and integrated economy in a fast changing world vietnam s growth in the last 2 decade is impressive but relies mostly on quantitative expansion the competitiveness of the nation and the firm is relatively weak compared to major competitors biggest opportunities emerge from integration. Vietnam economy remains outperformer as growth tops 7% mark by. In order to achieve national target of industrialization by 2020, vietnam needs to. Englishstatisticscalendarsattachments7152017t08k11xenpr. We examine the role of structural change in the economic development of vietnam from 1990 to 2008. Vietnam has been transforming itself into a more marketoriented economy. Over the next five years, the regions economy is expected to expand by just under 50%, a shortterm growth phase that is unprecedented in aseans history. Two years later, north vietnamese forces overran the south reuniting the country under communist rule. Despite rising trade tensions and volatility in emerging economies throughout 2018, vietnam s economy saw broadbased growth and low inflation. In january, retail sales were up 10% yearonyear, boding well for domestic demand, while tourist arrivals and fdi surged. Over the next decade or so, vietnam experienced little economic growth, largely.
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