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Economy of Vietnam and business opportunities

Economy of Vietnam

Vietnam's socialist-oriented market economy is a developing planned economy and market economy. Since the mid-1980s, through the Đổi Mới reform period, Vietnam has made a shift from a highly centralized planned economy to a mixed economy which use both directive and indicative planning through five-year plans. Over that period, the economy has experienced rapid growth. In the twenty-first century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises (SMEs). Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia. In a similar fashion to other Communist countries after the end of the Cold War the planned economy of Vietnam lost the momentum for productivity and sustainable growth. In the current period the economy of Vietnam relies largely on foreign direct investment to attract the capital from overseas to support its continual economic rigorousness.

In 2013, the nominal GDP reached US$170.565 billion, with nominal GDP per capita of US$1,902. According to a forecast in December 2005 by Goldman Sachs, the Vietnamese economy was expected to become the 35th largest economy in the world with nominal GDP of US$436 billion and nominal GDP per capita of US$4,357 by 2020. According to a forecast by the PricewaterhouseCoopers in 2008, Vietnam may be the fastest-growing of the world's emerging economies by 2020, with a potential annual growth rate of about 10% in real terms, which would increase the size of the economy to 70% of the size of the UK economy by 2040.

Sectors

Agriculture, fishery and forestry

Vietnam's fishing industry, which has abundant resources given the country's long coastline and extensive network of rivers and lakes, has generally experienced moderate growth.

Vietnam is one of the top rice exporting countries in the world, but the limited sophistication of small-scale Vietnamese farmers causes quality to suffer.

Vietnam is the world's second largest exporter of coffee.

Energy, mining and minerals

Petroleum is the main source of energy, followed by coal, which contributes about 25% of the country's energy (excluding biomass). Vietnam's oil reserves are in the range of 270-500 million tons. Oil production rose rapidly to 403,300 barrels per day (64,120 m3/d) in 2004, but output is believed to have peaked and is expected to decline gradually.

In 2003, mining and quarrying accounted for 9.4% of GDP, and the sector employed 0.7% of the workforce. Petroleum and coal are the main mineral exports. Also mined areantimony, bauxite, chromium, gold, iron, natural phosphates, tin, and zinc.

Industry and manufacturing

Although the industrial sector contributed 40.1% of GDP in 2004, it employed only 12.9% of the workforce. The top manufacturing sectors - food processing, cigarettes and tobacco, textiles, chemicals, and electrical goods - experienced rapid growth.

Services and tourism

In 2004, services accounted for 38.2% of gross domestic product (GDP). From 1994 to 2004, GDP attributable to the service sector grew at an average annual rate of 6.0%.In 2012, Vietnam welcomed 6.8 millions international visitors and the number is expected to be more than 7 millions in 2013.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Vietnam"

Global Tenders has one of the largest database of international and national tenders/competitive bids, procurement news, project information, contract awards, related to Vietnam from all over the world..

This section contains economy and business opportunities and from Vietnam.
Vietnam Economy Vietnamese Economy, business opportunities in Vietnam.
Summary:
Bicycle Shopping - Ycms 24/2024
Country:
Vietnam
 
Notice Type:
Tender Notice
Deadline:
26 Apr 2024
Posting Date:
20 Apr 2024
 
 
 
Summary:
Invitation To Tender- Framework Agreement For Promotional Items For 3 Years 2024-2027- Vietnam Co
Country:
Vietnam
 
Notice Type:
Tender Notice
Deadline:
10 May 2024
Posting Date:
20 Apr 2024
 
 
 
Summary:
Inspection Of Permeate Gas Measurement System At Gpp Ca Mau (Code: Dvk24-074)
Country:
Vietnam
 
Notice Type:
Tender Notice
Deadline:
03 May 2024
Posting Date:
20 Apr 2024
 
 
 
Summary:
Renovating The Corporation'S Office At 101 Le Loi (Code: Kvt24-049)
Country:
Vietnam
 
Notice Type:
Tender Notice
Deadline:
26 Apr 2024
Posting Date:
20 Apr 2024
 
 
 
Summary:
Bidding Package No. 01: Entire Construction Part
Country:
Vietnam
Estimated Cost:
VND 6000000000
Notice Type:
Prequalification
Deadline:
28 Apr 2024
Posting Date:
20 Apr 2024
 
 
 
Summary:
Package Hh15/2024: Procurement Of Accessories, Self-Falling Fuses, Lightning Protection Valves, Disconnectors And Ceramics Of All Kinds.
Country:
Vietnam
Estimated Cost:
VND 13795997988
Notice Type:
Prequalification
Deadline:
02 May 2024
Posting Date:
19 Apr 2024
 
 
 
Summary:
Renovate The Electrical System And Install New Air Conditioning In The Lobby Area Of ​​Phase C
Country:
Vietnam
Estimated Cost:
VND 413986000
Notice Type:
Prequalification
Deadline:
28 Apr 2024
Posting Date:
19 Apr 2024
 
 
 
Summary:
Package Hh16/2024: Procurement Of Current Transformers (Ti), Voltage Transformers (Tu), Low Voltage Electrical Cabinets, Circuit Breakers Of All Types.
Country:
Vietnam
Estimated Cost:
VND 13795997988
Notice Type:
Prequalification
Deadline:
02 May 2024
Posting Date:
19 Apr 2024
 
 
 
Summary:
Hire Workers To Remove Trees, Vines And Grass Around Tram Chim National Park Headquarters
Country:
Vietnam
Estimated Cost:
VND 37000000
Notice Type:
Procurement Plan
Deadline:
19 Apr 2025
Posting Date:
19 Apr 2024
 
 
 
Summary:
Construction And Expansion Of Pham Van Coi Primary School (Phase 2)
Country:
Vietnam
Estimated Cost:
VND 39967551000
Notice Type:
Procurement Plan
Deadline:
19 Apr 2025
Posting Date:
19 Apr 2024
 
 
 

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