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Vietnam – Important Facts

Vietnam is a country located in Southeastern Asia bordering the Gulf of Thailand, the Gulf of Tonkin, and the South China Sea. Neighboring countries include Cambodia, China, and Laos. The geography consists of hills and densely forested mountains in the northwest. The government system is a communist state; the chief of state is the president, and the head of government is the prime minister. Vietnam has a mixed economy in which there is limited private freedom, but the economy remains highly controlled by the government. Vietnam is a member of the Asia-Pacific Economic Cooperation (APEC), the Association of Southeast Asian Nations (ASEAN), and the Trans-Pacific Partnership (TPP).

Vietnam is a densely populated developing country that has been transitioning from the rigidities of a centrally-planned economy since 1986. Agriculture’s share of economic output has shrunk from about 25% in 2000 to 18% in 2014, while industry’s share increased from 36% to 38% in the same period. State-owned enterprises now account for only about 40% of GDP. Vietnamese authorities have reaffirmed their commitment to economic modernization and a more open economy. Vietnam joined the WTO in January 2007, which has promoted more competitive, export-driven industries. Vietnam was one of 12-nations that concluded the Trans-Pacific Partnership free trade agreement negotiations in 2015.

Vietnam is trying to reform its economy by restructuring public investment, state-owned enterprises, and the banking sector, although Hanoi’s progress in meeting its goals is lagging behind the proposed schedule. Vietnam’s economy continues to face challenges from an undercapitalized banking sector and nonperforming loans.

Important Details

  • Country ISO3 : VNM
  • Country Code : 704
  • Income Group : Lower middle income
  • Lending Category : Blend
  • Region : East Asia & Pacific
  • Currency Unit: Vietnamese dong
  • WTO Member : Yes
  • Trade organisations : AFTA, WTO, APEC, ASEAN, FAO
  • world rank : 131
  • Regional Ranking : 27th in the Asia–Pacific Region