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The economy of Vietnam is a developing mixed socialist-oriented market economy. [3] It is the 33rd-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a upper-middle income country with a low cost of living.
In the first quarter of 2024, Vietnam’s economy expanded 5.7% year on year. While that was faster than the 3.4% growth reported the previous quarter, it was still a lower-than-expected result ...
U.S. President Joe Biden's bid to draw Vietnam closer as a strategic ally will clash head-on with his desire for union workers' votes on Wednesday as the Commerce Department hears testimony on ...
The socialist-oriented market economy (Vietnamese: Kinh tế thị trường định hướng xã hội chủ nghĩa) is the official title given to the current economic system in Vietnam. It is described as a multi-sectoral market economy where the state sector plays the decisive role in directing economic development , with the eventual long ...
Vietnam, [e][f] officially the Socialist Republic of Vietnam, [g] is a country at the eastern edge of mainland Southeast Asia, with an area of about 331,000 square kilometres (128,000 sq mi) and a population of over 100 million, making it the world's fifteenth-most populous country.
Although the pandemic has heavily disrupted the country's economy, [23] Vietnam's GDP growth rate has remained one of the highest in Asia-Pacific, at 2.91% in 2020. Due to the more severe impact of the outbreak in 2021, Vietnam's GDP grew at a slower rate, at 2.58%. [24]
History of Vietnam. Until French colonization in the middle of the 19th century, the economy of Vietnam was mainly agrarian and village-oriented. However, French colonizers deliberately developed the regions differently, designating the South for agricultural production and the North for manufacturing. Though the plan exaggerated regional ...
Though Vietnam is a relative newcomer to the oil industry, it is currently the third-largest oil producer in Southeast Asia, with a total 2011 output of 318,000 barrels per day (50,600 m 3 /d). [1] In 2010, Vietnam was ranked as the 8th largest crude petroleum producers in the Asia and Pacific region. [ 2 ]