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Vietnam's foreign trade has been growing fast since state controls were relaxed in the 1990s. The country imports machinery, refined petroleum, and steel; it exports crude oil, textiles and garments, and footwear. The balance of trade has in the past been positive but recent statistics (2004) showed that it was negative.
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.
Electronics and electronics parts, textiles and garments, computers and computer parts are the three main export groups of Vietnam. The United States continued to be Vietnam's largest export market, with US$28.5 billion. The EU is second with US$27.9 billion, ASEAN is third, China is fourth and Japan is the fifth largest export market of Vietnam.
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]
Manufacturing in Vietnam after reunification followed a pattern that was initially the reverse of the record in agriculture; it showed recovery from a depressed base in the early postwar years. However, this recovery stopped in the late 1970s as the war in Cambodia and the threat from China caused the government to redirect food, finance, and ...
In 2023, Vietnam exported 1.62 million tons of coffee. [7] Vietnam is the second largest producer in the world after Brazil, with Robusta coffee accounting to 97 per cent of Vietnam's total output. [8] However, coffee farmers in Vietnam have always experienced cycles of boom and bust since the 1980s, making the industry a highly volatile one.
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Approximately 342,000 farmers are involved in the production of these products. [9] [10] According to the General Department of Forestry, Vietnam's exports of rattan and bamboo products in 2019 reached $474 million, up 44.4% from 2018. This is the group of products with the highest export value in non-timber forest products.