Economy of Vietnam
- The economy of Vietnam.
- Overshadowed by the devastating war.
- The Asian financial crisis.
- Agriculture's share of economic output.
- Unemployment rate.
- National debt.
- The vast economic growth over the past twenty years.
In order to have an overall understanding of a given economy, one must take into effect numerous elements and factors. It starts with a general economic framework for the particular country or region, as it gives the necessary background figures to analyze the economy as a whole. Predicting the economic stability for that country or region is also imperative, as it can help to forecast what one can expect from the economy for a given number of years. The existence and role of capital markets as well as the presence of factor endowments can be beneficial as well when evaluating a particular economic market. Both understanding the overall market size, as well as seeing what a country's economic infrastructure looks like are also two instruments used to examine an economy in its entirety. When conducting a risk analysis for a country, all of these factors must be taken into account. In order to be successful in a certain economy, one must use these tools to fully comprehend the economic environment of the country to ultimately predict how it will perform over time.
[...] In 2007 alone, the Vietnamese economy grew In the span of 2001 to 2007, Vietnam's exports to the US increased 900%. After over a decade of negotiations, Vietnam joined the World Trade Organization (WTO) in January 2007. Amongst other benefits, membership of the WTO allows Vietnam to take advantage of the phase-out clause of the Agreement on Textiles and Clothing, meaning Vietnam is not required to meet quotas on textiles and clothing. Overall, membership within the WTO has provided Vietnam an anchor to the global market and strengthened the domestic economic reform process. [...]
[...] As Vietnam moves from an agricultural economy to a primarily manufacturing and services nation, the income gap continues to grow. The split of agricultural GDP to manufacturing GDP has been evident, as the statistics show. From 1997 to 2006, the contribution to GDP from the agricultural division fell from to while the allocation of manufacturing rose from to during the same time. Given the vast economic growth over the past twenty years, Vietnam has recorded a remarkable decrease in overall poverty. [...]