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Development of agricultural output of Vietnam in 2015 US$ since 1961 Agriculture in Vietnam with farmers. Agriculture's share of GDP has declined in recent years, falling from 42% in 1989, to 26% in 1999. [1] In 2023, agriculture and forestry accounted for about 12% of Vietnam's gross domestic product (GDP). [2]
In southern Vietnam, the production of industrial crops for export, notably rubber, began on a large scale. Vietnam was managed by the French primarily to produce revenue which was attained by exports, taxation and government monopolies. By the 1930s, one result of French economic exploitation was a serious problem of unequal land distribution. [4]
Vietnam also lags behind China in terms of property rights, the efficient regulation of markets, and labor and financial market reforms. State-owned banks that are poorly managed and suffer from non-performing loans still dominate the financial sector. [3] Vietnam had an average growth in GDP of 7.1% per year from 2000 to 2004.
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]
Until the French colonization in the mid-19th century, Vietnam's economy had been mostly agrarian, subsistence-based and village-oriented. French colonizers, however, deliberately developed the regions differently as the French needed raw materials and a market for French manufactured goods, designating the South for agricultural production as it was better suited for agriculture, and the ...
The Ministry of Agriculture and Rural Development has been developed since 1987 by the combination of different government ministries: Ministry of Agriculture, Ministry of Food, combined to the Ministry of Agriculture and Food Industry in 1987; the subsequent addition of the Ministry of Forestry and the Ministry of Irrigation to form today's Ministry; as well as the addition of the Ministry of ...
Due to the fast development of service and industry sectors in Vietnam during the last decades the contribution of agriculture to the national GDP decreases continuously from 80 to 90% to approximately 30-50%. Nevertheless, agriculture remains to be an important sector providing employment especially in the rural areas.
As a result, the agriculture sector and the rural economy began shifting from autarky to commodity production, allowing each region to produce according to their comparative market advantage. In this renewed economic model, the state retreated to a regulative role, with the market determining the prices of goods and services.