Overview: The economy is primarily agricultural, employing about 65% of the labor force and accounting for almost 50% of GDP. Rice is the staple crop, although significant amounts of maize, sorghum, cassava, and sweet potatoes are also grown. Most of the mineral resources are located in the north, including coal which is an important export item. The economy is heavily dependent on foreign aid and has received assistance from Communist and non-Communist countries and from international organizations. Triggered by abortive wage and price controls in mid-1985, inflation soared to about 500% in 1986 and remained in the 300% range in 1987.

GNP: $12.6 billion, per capita $198; real growth rate 2.1% (1987)

Inflation rate (consumer prices): 301% (1987)

Unemployment rate: 10% (mid-1988 est.)

Budget: revenues $3.2 billion; expenditures $4.3 billion, including capital expenditures of $528 million (1987 est.)

Exports: $880 million (f.o.b., 1987); @m5commodities--agricultural and handicraft products, coal, minerals, ores; @m5partners--USSR, Eastern Europe, Japan, Singapore

Imports: $2.19 billion (c.i.f., 1987); @m5commodities--petroleum, steel products, railroad equipment, chemicals, medicines, raw cotton, fertilizer, grain; @m5partners--USSR, Eastern Europe, Japan, Singapore

External debt: $8.6 billion (1987)

Industrial production: growth rate 8.0% (1987)

Electricity: 2,025,000 kW capacity; 5,525 million kWh produced, 85 kWh per capita (1988)

Industries: food processing, textiles, machine building, mining, cement, chemical fertilizer, glass, tires, oil, fishing

Agriculture: rice, rubber, fruits and vegetables; some corn, manioc, sugarcane; major food imports--wheat, corn, dairy products

Aid: NA

Currency: dong (plural--dong); 1 dong (D) = 100 xu

Exchange rates: new dong (D) per US$1--2,800 (December 1988)

Fiscal year: calendar year

NOTE: The information regarding Vietnam on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vietnam Economy 1989 information contained here. All suggestions for corrections of any errors about Vietnam Economy 1989 should be addressed to the CIA.