Vietnam is one of the world’s poorest countries, having suffered from years of war (1940-89) that damaged its economy and basic infrastructure. Thus, economic development is the nation’s highest priority. It is still largely an agricultural economy, with 72 percent of its workforce engaged in that sector.

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. 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 greatest economic resource is its literate and energetic population.

Its long coastline provides excellent harbors, access to marine resources, and many attractive beaches and areas of scenic beauty that are well suited to the development of tourism; a lack of infrastructure, however, has inhibited full utilization of these assets.

____________________________________________________________________________________________________

Major facts:

Exports: $63.73 billion

Exports: $63.73 billion

Export goods: Crude oil, marine products, rice, coffee, rubber, tea, garments, shoes, pepper

Main export partners: US 20.8%, Japan 12.5%, Australia 7.3%, China 6.9%, Singapore 4.5%

Imports: $79.37 billion

Import goods: Machinery and equipment, petroleum products, fertilizer, steel products, raw cotton, grain, cement, motorcycles

Main import partners: China 19.9%, Singapore 12.1%, Taiwan 11%, Japan 9.9%, South Korea 8.5%, Thailand 6%

Main industries: Food processing, garments, shoes, machine building, mining, cement, chemical fertilizer, glass, tires, oil, coal, steel, paper

Agriculture is by far the most important economic sector in Vietnam. The great majority of the population earns its income from farming. In addition, agriculture is the main source of raw materials for the processing industries and a major contributor to exports; by the late 1980s Vietnam was again exporting rice after years of shortages.

The primary agricultural areas are the Red River delta, the Mekong River delta, and the southern terrace region. The central coastal land, which is subject to destructive typhoons, is a region of low productivity. The central highlands area, traditionally one of low productivity, has been intensively cultivated since 1975, but with mixed results.

____________________________________________________________________________________________________

Resources

Mineral deposits, mainly in the north, are diverse. There are large reserves of anthracite coal, as well as of phosphates, high-grade chromites, tin, antimony, bauxite, gold, iron ore, lead, tungsten, zinc, and lime. A number of offshore oil deposits have been discovered in the South China Sea, mainly off Vietnam’s southern coast.

__________________________________________________________________________________________________