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In response to increasing pressure on the Vietnamese dong as a result of high inflation in the US, on 17 October 2022, the decision was made to increase the dong's trading band from 3 to 5 percent. As a result, from 16 October to 24 October the currency lost 2.98 percent of its value falling from 24,135 to 24,845 Vietnamese dong to the dollar. [44]
In 1953, 10, 20 and 50 su coins were introduced. In 1960, 1 đồng were added, followed by 10 đồng in 1964, 5 đồng in 1966 and 20 đồng in 1968. 50 đồng were minted dated 1975 but they were never shipped to Vietnam due to the fall of the South Vietnamese government.
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.
Additionally, the United States administers the Vietnam Education Foundation, which was established by Congress in 2000 to provide $5 million annually for scholarships and educational exchanges. Funds for the foundation are recycled from the Vietnamese government's repayments of the wartime debts South Vietnam owed the United States.
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]
In 1960, at the Third Party Congress of the Vietnamese Communist Party, renamed the Labor Party since 1951, Lê Duẩn arrived from the South and strongly advocated the use of revolutionary warfare to topple Diệm's government, unifying the country, and establish communism nationwide.
To address these problems, at its Fifth National Party Congress held in March 1982, the VCP approved resolutions on "orientations, tasks and objectives of economic and social development for 1981-85 and the 1980s". [1] The resolutions established economic goals and in effect constituted Vietnam's Third Five-Year Plan (1981–85). [1]
The Caravelle Manifesto, also referred to as the Manifesto of the Eighteen, was written in April 1960, as a public critique of the South Vietnamese government under President Ngô Đình Diệm. The "manifesto" of grievances included the Diệm regime's restrictions on freedom and pushed for reforms in the country.