It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. “Industrialization and modernization is a process of fundamental and all-rounded change of production, business, services and social and economic management from the predominant use of artisanal labor to a predominant use of labor power17 with technology, methods and ways of working that are advanced, modern and rely upon the development of industry and scientific – technical progress to create high labor productivity. In 2004, Vietnam confirmed plans to build a nuclear power plant with Russian assistance,[39] and a second by a Japanese group.

Vietnam's oil reserves are in the range of 270–500 million tons. [35] Cities such as Dong Kinh, Hội An,... grew quickly as rapid urbanization and were constrained, and foreign countries with their different cultures and their invasion ambitions later were seen as a threat. On 2 December 2015, the EU and Vietnam announced the conclusion of the negotiations for an EU-Vietnam Free Trade Agreement (FTA). However, low-cost, labor-intensive manufacturing can come with its set of problems. Three donors accounted for 80% of disbursements in 2004: Japan, the World Bank, and the Asian Development Bank. Even though productivity has increased 36 percent from 2006 to 2017, Vietnam is still behind regional competitors—productivity in Vietnam is a third of that in Thailand, while the average monthly wage in Vietnam is a little more than half of that in Thailand.5 Indeed, Vietnam’s productivity in manufacturing is even behind that of Cambodia. Throughout the next five years after 2007, Vietnam ran a trade deficit with the rest of the world in the tens of billions of dollars, with the record trade deficit in 2008 of US$18 billion.[76]. The number of newly established enterprises in Vietnam in 2017 hit a record high of 126,859 and was up by 15.2% from 2016.
However, additional measures are needed to ensure the independence of the Government Inspectorate of Vietnam—the agency empowered to inspect and fight corruption—against undue political influence. Vietnam's gross domestic product advanced by 2.62 percent year-on-year in the third quarter of 2020, accelerating from a marginally revised 0.39 percent growth in the previous period, as the economy gradually returned to normal conditions, after loosening the lockdown measures to contain the spread of the coronavirus, the preliminary estimate showed. However, the advanced stages of automation could put millions of workers at risk of losing their jobs. In the current period,[when?] 2016 was the first year ever which Vietnam welcomed over 10 million international visitors. In recent years, Vietnam successfully reversed the rapid rise in public and publicly guaranteed debt, which declined to 55.6 percent of GDP at end-2018, down 4 points of GDP from its 2016 peak.
Furthermore, the court prohibited slaughtering water buffalo and cattle and held many agriculture-related ceremonies. [39] However, between 2003 and 2005, Vietnam fell dramatically in the World Economic Forum's global competitiveness report rankings, largely due to negative perceptions of the effectiveness of government institutions. [39] As of December 5, 2018, a US dollar is worth 23,256 Vietnamese đồng. When the 20-year Viet Nam War ended in 1975, Viet Nam’s economy was one of the poorest in the world, and growth under the government’s subsequent five-year central plans was anaemic.By the mid-1980s, per capita GDP was stuck between $200 and … It was expected that access to the U.S. market would allow Vietnam to hasten its transformation into a manufacturing-based, export-oriented economy. The Bank commended Vietnam on progress made in enforcing contracts, increasing access to credit and basic infrastructure, and trading, among other factors. The main origins of Vietnam's imports were China (13.9%), Taiwan (11.6%), Singapore (11.3%), Japan (11.1%), South Korea (10.4%), Thailand (5.8%), and Malaysia (3.8%). On January 11, 2007, Vietnam officially became the WTO's 149th member, after 11 years of preparation, including eight years of negotiation. – discuss], As March, 2018 Vietnam's economy continued to grow, achieving the best annual growth rate in over a decade; which has led media outlets to speculate if in the near future it could be one of the Asian tigers. Lester Gunnion is an economist and is based in Hyderabad, India.

View in article. Other sectors attracting FDI are oil and gas, fisheries, construction, agriculture and forestry, transportation and communications, and hotels and tourism.

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