Comparison of Indonesia and Vietnam Property Law
1. Background 2.1. Vietnam Economic Background Vietnam | |
Area: 331,689 km2
Population: 83 million
Capital City: Hanoi (population 3.5 million)
Largest City: Ho Chi Minh City (population 7.8 million)
Currency: Vietnamese Dong (VND)
GDP: US$ 104billion GDP per head: approx. US$ 1,174
Annual Growth: 6.8%
Inflation: 21.6% in October 2011
Major exports: (Jan-Sept 2011) Crude oil and gas, textiles, footwear, seafood, rice, wood products, electronics and computers, machinery tools and spare parts, valuable stones and metals, coffee and rubber.
Exchange rate: £1 = 33,709 (Oct 2011)
Comparing with other south East Asia countries, Vietnam is considered behind on their economy development due to war which finally ended in 1976. For a decade after Vietnam War, Vietnam was troubled with corruption, low productivity, restriction on economic activity and also suffered from post-war trade embargo by United States and most of Europe (Wikipedia).
In 1986, a free market economic reform was introduced as part of the Doi Moi reform program, resulting in a socialist-oriented market economy. Private ownership was encouraged in industries, commerce and agriculture. Due to these reforms, Vietnam achieved around 8% annual GDP growth between 1990 to 1997, and the economy continued to grow at an annual rate of around 7% from 2000 to 2005, making Vietnam one of the world's fastest growing economies (Wikipedia).
However, recently Vietnam is challenged with the very high inflation which is almost 22% in October 2011 due to global issues which affecting the world-wide demand. Inefficiency and poor domestic investment still become their main concerns. Also, lending by state-owned banks to the state-owned enterprises has resulted in non-performing loan causing inefficient use of capital.
In the long term, Vietnam economic prospect is still good as long as there are improvements on the labor skills, infrastructures and less corruption. According to a December 2005
Area: 331,689 km2
Population: 83 million
Capital City: Hanoi (population 3.5 million)
Largest City: Ho Chi Minh City (population 7.8 million)
Currency: Vietnamese Dong (VND)
GDP: US$ 104billion GDP per head: approx. US$ 1,174
Annual Growth: 6.8%
Inflation: 21.6% in October 2011
Major exports: (Jan-Sept 2011) Crude oil and gas, textiles, footwear, seafood, rice, wood products, electronics and computers, machinery tools and spare parts, valuable stones and metals, coffee and rubber.
Exchange rate: £1 = 33,709 (Oct 2011)
Comparing with other south East Asia countries, Vietnam is considered behind on their economy development due to war which finally ended in 1976. For a decade after Vietnam War, Vietnam was troubled with corruption, low productivity, restriction on economic activity and also suffered from post-war trade embargo by United States and most of Europe (Wikipedia).
In 1986, a free market economic reform was introduced as part of the Doi Moi reform program, resulting in a socialist-oriented market economy. Private ownership was encouraged in industries, commerce and agriculture. Due to these reforms, Vietnam achieved around 8% annual GDP growth between 1990 to 1997, and the economy continued to grow at an annual rate of around 7% from 2000 to 2005, making Vietnam one of the world's fastest growing economies (Wikipedia).
However, recently Vietnam is challenged with the very high inflation which is almost 22% in October 2011 due to global issues which affecting the world-wide demand. Inefficiency and poor domestic investment still become their main concerns. Also, lending by state-owned banks to the state-owned enterprises has resulted in non-performing loan causing inefficient use of capital.
In the long term, Vietnam economic prospect is still good as long as there are improvements on the labor skills, infrastructures and less corruption. According to a December 2005