Vietnam’s growth rate has been among the highest in the world in recent years, expanding annually at by about 7 percent annually. Since then, trade is booming, increasing from $1.2 billion in 2000 to $12.5 billion. Business opportunities: services and products for a burgeoning urban middle class, with incomes four to five times the national average and over half its 85 million population under 30.
Vietnam became a member of the WTO only in 2007. By then, U.S. exports to Vietnam grew by 70+ percent to reach $1.9 billion, while Vietnam’s exports to the United States, the country’s largest export market, were up by 24 percent, reaching $10.6 billion. Vietnam has attracted $83.1 billion in foreign investment commitments since the country was opened to foreign investment in 1988.
Foreign direct investment in hotels and resorts, office buildings, information technology, steel and petrochemicals has surged from US$10.2 billion in 2006 upward to US$58 billion in 2008. Multi- US$ billion FDI projects in have been approved,
Yet inflation threatens to send many back to the rice fields. Due to huge current accounts, insecurity around its pegged currency, the Dong, and tight controls by Hanoi.
Its public debt is 52 percent of GDP!
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