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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"

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This section contains economy and business opportunities and from Vietnam.
Vietnam Economy Vietnamese Economy, business opportunities in Vietnam.
Summary:
Package No. 05: Construction Of Works To Renovate And Repair Medical Stations In Yen Bai City
Country:
Vietnam
Estimated Cost:
VND 7000000000
Notice Type:
Prequalification
Deadline:
27 Apr 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Outsourcing The Excavation To Prepare For Production And Cutting And Pouring Concrete On The Tunnel
Country:
Vietnam
Estimated Cost:
VND 96691617850
Notice Type:
Prequalification
Deadline:
06 May 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Procurement Of Vegetable Seedlings And Fertilizers For The 2024 Project
Country:
Vietnam
Estimated Cost:
VND 512212000
Notice Type:
Prequalification
Deadline:
25 Apr 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Procurement Of Chicken Breeds, Mixed Feed, Vaccines, And Chemicals For The 2024 Project
Country:
Vietnam
Estimated Cost:
VND 2033286000
Notice Type:
Prequalification
Deadline:
27 Apr 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Buying Goose Breeds, Animal Feed, Vaccines, And Disinfectant Chemicals For The 2024 Project
Country:
Vietnam
Estimated Cost:
VND 1444911000
Notice Type:
Prequalification
Deadline:
27 Apr 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Buy Diesel Engine Oil 15W40
Country:
Vietnam
Estimated Cost:
VND 414148500
Notice Type:
Prequalification
Deadline:
25 Apr 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Package No. 06: Cost Of Tree Care Services
Country:
Vietnam
Estimated Cost:
VND 526740000
Notice Type:
Prequalification
Deadline:
27 Apr 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Construction
Country:
Vietnam
Estimated Cost:
VND 31045362757
Notice Type:
Prequalification
Deadline:
06 May 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Procurement Of Specialized Cars To Serve The Testing And Inspection Work Of The Construction Consulting And Inspection Center
Country:
Vietnam
 
Notice Type:
Prequalification
Deadline:
27 Apr 2024
Posting Date:
18 Apr 2024
 
 
 
Summary:
Buy Do 0.05S-Ii Oil In 2024
Country:
Vietnam
Estimated Cost:
VND 14981000000
Notice Type:
Prequalification
Deadline:
06 May 2024
Posting Date:
18 Apr 2024
 
 
 

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