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Vietnam had an average growth in GDP of 7.1% per year from 2000 to 2004. The GDP growth was 8.4% in 2005, the second largest growth in Asia, trailing only China's. Government figures of GDP growth in 2006, was 8.17%. According to Vietnam's Minister of Planning and Investment, the government targets a GDP growth of around 8.5% for 2007.
According to Vietnamese economist Vo Nhan Tri, Vietnam's post-reunification economy was in a "period of transition to socialism". [1] The process was described as consisting of three phases. [ 1 ] The first phase, from 1976 through 1980, incorporated the Second Five-Year Plan (1976–80)--the First Five-Year Plan (1960–65) applied to North ...
"Vietnam is already a market economy," said Ted Osius, head of the U.S.-ASEAN Business Council, which backs the upgrade. "It has met key criteria such as currency convertibility and is ready for ...
Tension between Vietnam and China mounted together with China's rivalry with the Soviet Union and conflict erupted with Cambodia, China's ally. Vietnam was also subject to trade embargoes by the U.S. and its allies. [citation needed] The SRVN government implemented a Stalinist dictatorship of the proletariat in the South as they had done in the ...
Vietnam is seeking to learn from China to develop its first high-speed railway network, according to its government, with plans in the works for a rail line running the length of the country.
In an effort to support the reforms in Vietnam and foster the country's shift from a centrally planned economy to market-based economy, the WB's partnership with Vietnam has witnessed more than 270 projects or advisory and analytic activities conducted through strategic partnerships with four of the WBG's five organizations, covering areas including poverty reduction, education, rural and ...
Anhao Paper Factory, 1961. South Vietnam had a small industrial sector and fell far behind other countries in the region in this respect. [1] Output increased 2.5 to 3 times over the 20 years of the country's existence, but the share in total GDP remained at only around 10%, even dropping to 6% in some years, while the economy was dominated by strong agricultural and service sectors. [1]
Of particular significance was Vietnam's acceptance into ASEAN in July 1995. Vietnam joined the Asia-Pacific Economic Cooperation forum (APEC) in November 1998 and also hosted the ASEAN summit the following month. In 2005, Vietnam attended the inaugural East Asia Summit. Vietnam became a member of the World Trade Organization in November 2006.