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    Vietnam Index 2006

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    Vietnam Economy - 2006

      Economy - overview:
      Vietnam is a densely-populated, developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. Substantial progress was achieved from 1986 to 1997 in moving forward from an extremely low level of development and significantly reducing poverty. Growth averaged around 9% per year from 1993 to 1997. The 1997 Asian financial crisis highlighted the problems in the Vietnamese economy and temporarily allowed opponents of reform to slow progress toward a market-oriented economy. GDP growth averaged 6.8% per year from 1997 to 2004 even against the background of the Asian financial crisis and a global recession, and growth hit 8% in 2005. Since 2001, however, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive, export-driven industries. Vietnam's membership in the ASEAN Free Trade Area (AFTA) and entry into force of the US-Vietnam Bilateral Trade Agreement in December 2001 have led to even more rapid changes in Vietnam's trade and economic regime. Vietnam's exports to the US doubled in 2002 and again in 2003. Vietnam hopes to become a member of the WTO in 2006. Among other benefits, accession would allow Vietnam to take advantage of the phase out of the Agreement on Textiles and Clothing, which eliminated quotas on textiles and clothing for WTO partners on 1 January 2005. Vietnam is working to promote job creation to keep up with the country's high population growth rate. However, high levels of inflation have prompted Vietnamese authorities to tighten monetary and fiscal policies.

      GDP (purchasing power parity):
      $253.2 billion (2005 est.)

      GDP (official exchange rate):
      $44.66 billion (2005 est.)

      GDP - real growth rate:
      8.4% (2005 est.)

      GDP - per capita (PPP):
      $3,000 (2005 est.)

      GDP - composition by sector:
      agriculture: 20.9%
      industry: 41%
      services: 38.1% (2005 est.)

      Labor force:
      44.39 million (2005 est.)

      Labor force - by occupation:
      agriculture: 56.8%
      industry: 37%
      services: 6.2% (July 2005)

      Unemployment rate:
      5.5% (2005 est.)

      Population below poverty line:
      19.5% (2004 est.)

      Household income or consumption by percentage share:
      lowest 10%: 3.6%
      highest 10%: 29.9% (1998)

      Distribution of family income - Gini index:
      36.1 (1998)

      Inflation rate (consumer prices):
      8.4% (2005 est.)

      Investment (gross fixed):
      38.7% of GDP (2005 est.)

      revenues: $11.64 billion
      expenditures: $12.95 billion; including capital expenditures of $1.8 billion (2005 est.)

      Public debt:
      75.5% of GDP (2005 est.)

      Agriculture - products:
      paddy rice, coffee, rubber, cotton, tea, pepper, soybeans, cashews, sugar cane, peanuts, bananas; poultry; fish, seafood

      food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, paper

      Industrial production growth rate:
      17.2% (2005 est.)

      Electricity - production:
      46.2 billion kWh (2004)

      Electricity - consumption:
      52 billion kWh (2004)

      Electricity - exports:
      NA kWh

      Electricity - imports:
      NA kWh

      Oil - production:
      400,000 bbl/day (2005 est.)

      Oil - consumption:
      216,000 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Oil - proved reserves:
      600 million bbl (2005 est.)

      Natural gas - production:
      6.342 billion cu m (2005 est.)

      Natural gas - consumption:
      6.342 billion cu m (2005 est.)

      Natural gas - exports:
      0 cu m (2005 est.)

      Natural gas - imports:
      NA cu m

      Natural gas - proved reserves:
      192.6 billion cu m (2005)

      Current account balance:
      -$1.695 billion (2005 est.)

      $32.23 billion f.o.b. (2005 est.)

      Exports - commodities:
      crude oil, marine products, rice, coffee, rubber, tea, garments, shoes

      Exports - partners:
      US 20.1%, Japan 13.6%, China 9%, Australia 7%, Germany 5.9%, Singapore 4.8%, UK 4.6% (2004)

      $36.88 billion f.o.b. (2005 est.)

      Imports - commodities:
      machinery and equipment, petroleum products, fertilizer, steel products, raw cotton, grain, cement, motorcycles

      Imports - partners:
      China 13.7%, Taiwan 11.3%, South Korea 10.8%, Japan 10.5%, Singapore 10.5%, Thailand 6.2%, Hong Kong 4% (2004)

      Reserves of foreign exchange and gold:
      $7.503 billion (2005 est.)

      Debt - external:
      $19.17 billion (2005 est.)

      Economic aid - recipient:
      $2.8 billion in credits and grants pledged by international donors for 2000 (2004)

      Currency (code):
      dong (VND)

      Exchange rates:
      dong per US dollar - 15,746 (2005), (2004), 15,510 (2003), 15,280 (2002), 14,725 (2001)

      Fiscal year:
      calendar year

      NOTE: The information regarding Vietnam on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Vietnam Economy 2006 information contained here. All suggestions for corrections of any errors about Vietnam Economy 2006 should be addressed to the CIA.

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    Revised 06-Jun-06
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