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GDP per capita development in Vietnam. The economy of Vietnam is a developing mixed socialist-oriented market economy. [3] It is the 33rd-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living.
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]
On 2 July 1976, North and South Vietnam were merged to form the Socialist Republic of Vietnam. [156] The war had devastated Vietnam and killed 966,000 to 3.8 million people. [157] [158] [159] A 1974 US Senate subcommittee estimated nearly 1.4 million Vietnamese civilians were killed or wounded between 1965 and 1974—including 415,000 killed.
Vietnam and the World Bank; Vietnam Chamber of Commerce and Industry; Vietnam Consumer Confidence Index; Vietnam Economic Times; Vietnam Investor Confidence Index; Vietnam and the International Monetary Fund; Vietnamese rattan and bamboo industry
Destruction caused by the 1954-1975 Second Indochina War (commonly known as the Vietnam War) seriously strained Vietnam's economy. Across Vietnam, the situation was worsened by the country's 3 million military and civilian deaths and its later exodus of 2.1 million refugees, including tens of thousands of professionals, intellectuals ...
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 joined the World Bank Group (WBG) on 21 September 1956. [1] Before the mid-1980s, Vietnam was one of the world's least developed countries.A series of economic and political reforms launched in 1986, known as Đổi Mới, caused Vietnam to experience rapid economic growth and development, becoming a lower middle-income country.
Vietnam had the fastest growth in coal use in Southeast Asia during 2011-2021, at an annual growth rate of 11%. [4]Data of the Ministry of Industry and Trade (MOIT), 10 months of 2018 coal production was estimated at 34.35 million tons, up 10% over the same period in 2017, of which clean coal output of Vinacomin (TKV) was 29.6 million tons, up 10.9% over the same period last year. [5]