Economic in Vietnam

Topics: Vietnam, Latin alphabet, Vietnamese people Pages: 3 (838 words) Published: December 12, 2012

Economy of Vietnam is developing planned-market economy. In a centrally planned economy, the central economic planning by the government controls all major sectors of the economy and formulates all decisions about the use of resources and the distribution of output. Planners decide what should be produced and direct lower-level enterprises to produce those goods in accordance with national and social objectives. In 2010, it was estimated that Gross Domestic Profit (GDP) is $ 276.6 billion. For GDP Per Kapita, $3100 is estimated. Major main economy of Vietnam is industry sector which is 41.1%. Some product that they make is like food processing, garment, shoes, machine-building; mining, coal, steel, cement, chemical fertilizer, glass, tires, oil, paper. Second sector is agriculture sector which is 20.6%. Paddy, rice, coffee, rubber and cotton are some example for this sector. Third sector is services sector which is estimated as 38.3% in 2010. The inflation problem looks simple in any economist’s eye. The money supply is bigger than the amount of commodities and services created. The latest measures announced by the Ministry of Finance by cutting import tariff, though applauded by the vast public, still put many experts at odds whether this is the right way. Local media also have voiced concerns galloping prices. Vietnam has joined the WTO in January 2007. This will be a major boost for Vietnam’s led economy. In 2007, Vietnam’s major export partner is US about 21.2% and the smallest partner is Germany which is 4.5%. For import partners, China is the largest percentage of total which is 17.6% and the smallest percentage is from Malaysia which is 4.2%. In Vietnam, their currency is Vietnamese Dong (VND). The official rate of exchange is approximately VND15,500 to US$1. With the relatively low value of Dong, peoples are recommended to carry US dollar in small notes because it will help to change easily.


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