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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]
Vietnam had an average GDP growth of 7.1% a year from 2000 to 2004. The GDP growth was 8.4% in 2005, the second-largest in Asia, trailing only China's. The government estimated that GDP grew in 2006 by 8.17%. According to the Minister of Planning and Investment, the government targeted a GDP growth of around 8.5% in 2007. [50]
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.
Rice production in Vietnam in the Mekong and Red River deltas is important to the food supply in the country and national economy.Vietnam is one of the world's richest agricultural regions and is the second-largest (after Thailand) exporter worldwide and the world's seventh-largest consumer of rice. [1]
Agriculture in the Philippines is a major sector of the economy, ranking third among the sectors in 2022 behind only Services and Industry. Its outputs include staples like rice and corn, but also export crops such as coffee , cavendish banana , pineapple and pineapple products, coconut , sugar , and mango . [ 1 ]
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]
The primary social issues in Vietnam are rural and child poverty. Vietnam scores 37.6 in the Gini coefficient index of wealth inequality, with the top 10% accounting for 30.2% of the nation's income and the bottom 10% receiving 3.2%. In 2008, 14% of the population lived below the national poverty line of US$1.15 per day.
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.