Official name
Political capital Hanoi
Local currency Vietnamese Dong (VND)
Official languages Vietnamese

Why Vietnam

Vietnam is developing country that has been transitioning from the rigidities of a centrally-planned economy.Vietnam joined the World Trade Organization in January 2007, which has promoted more competitive, export-driven industries. Vietnam became an official negotiating partner in the Trans-Pacific Partnership trade agreement in 2010. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to less than 22% in 2012, while industry's share increased from 36% to nearly 41% in the same period. State-owned enterprises account for roughly 40% of GDP. Poverty has declined significantly, and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession hurt Vietnam's export-oriented economy, with GDP in 2009-12 growing less than the 7% per annum average achieved during the previous decade. In 2012, exports increased by more than 12%, year-on-year; several administrative actions brought the trade deficit back into balance. Foreign donors have pledged $6.5 billion in new development assistance for 2013. In early 2012 Vietnam unveiled a broad, "three pillar" economic reform program, proposing the restructuring of public investment, state-owned enterprises, and the banking sector. Vietnam's economy continues to face challenges from an undercapitalized banking sector. Non-performing loans weigh heavily on banks and businesses.

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