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In Vietnam, agriculture, forestry and fisheries, are important sectors of the economy, accounting for 21 percent of GDP in 2009. [5] Vietnam possesses certain comparative advantages in agriculture and forestry due to the country's abundance of factors in favor of productive crop like cultivation land, forest cover, sea territories, tropical ...
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Rice is called ‘white gold’ in Vietnam and has a link to the Sanskrit name ‘Dhanya’ (meaning: "the sustainer of the human race"), the name given to Rice in India. In Vietnam, there is a folklore that is narrated on rice. According to the folk legend, in ancient times, rice was not produced but was summoned by fervent prayers by people.
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.
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 optimism and impatience of Vietnam's leaders were evident in the Second Five-Year Plan. [1] The plan set extraordinarily high goals for the average annual growth rates for industry (16 to 18 percent), agriculture (8 to 10 percent), and national income (13 to 14 percent). [1]
[3] [4] [5] It is the first state-owned commercial bank of Vietnam, established with the objective of focusing credit resources to serve the development of agriculture, farmers, and rural areas. [6] By 2000, Agribank had 2,300 branches and transaction offices nationwide, accounting for 40% of the agricultural credit market share.
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.