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During the 1954-75 Vietnam War, United States air strikes in the North, beginning in early 1965, slowed large-scale construction considerably as laborers were diverted to repairing bomb damage. By the end of 1966, serious strains developed in the North's economy as a result of war conditions.
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]
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.
The March on the Pentagon, 21 October 1967, an anti-war demonstration organized by the National Mobilization Committee to End the War in Vietnam. During the course of the war a large segment of Americans became opposed to U.S. involvement. In January 1967, only 32% of Americans thought the US had made a mistake in sending troops. [222]
The economy was greatly assisted by American aid and the presence of large numbers of Americans in the country between 1961 and 1973 during Vietnam War. Electrical production increased fourteen-fold between 1954 and 1973 while industrial output increase by an average of 6.9 percent annually. [ 46 ]
The year was the most expensive in the Vietnam War with America spending US$77.4 billion (US$ 678 billion in 2025) on the war. The year also became the deadliest of the Vietnam War for America and its allies with 27,915 ARVN soldiers killed and the Americans suffering 16,592 killed compared to around two hundred thousand PAVN/VC killed.
North and South Vietnam therefore remained divided until the Vietnam War ended with the Fall of Saigon in 1975. After 1976, the newly reunified Vietnam faced many difficulties including internal repression and isolation from the international community due to the Cold War , Vietnamese invasion of Cambodia and an American economic embargo. [ 1 ]
As of 2023, Vietnam has not needed to borrow from the International Monetary Fund since 1995. It had borrowed in 1993 and additional loans in 1994 before Vietnam started to pay some back every year until they paid it all back in 2012. [14] They had borrowed money from the IMF to alleviate poverty and its economy after being affected by war. [15]