Economic Overview & Business Opportunities
Vietnam’s Economy Is an Emerging Market Standout. Vietnam was one of the bright spots in ASEAN in 2015 and expanded at the fastest pace since 2007 on the back of solid domestic demand and export growth. Political and economic reforms launched in 1986 have transformed the country from one of the poorest in the world, with per capita income around US $100, to lower middle income status within a quarter of a century with per capita income of around US$2,100 by the end of 2015.
Economic sector structures increasingly orientate toward the development of a multi-sector commodity economy operating through a state-managed market mechanism whereby private businesses freely develop in scale and operational territory in endeavors legally approved.
Vietnam maintains diplomatic relations with 169 countries; signed bilateral and multilateral trade agreements with 80 countries; and exchanged most favored nation privileges with over 70 countries and territories, namely those with high capital, industrial resources, and large markets such as found in the US, Japan, EU and the newly industrialized economies of East Asia.
Vietnam’s steady economic growth at near 7 percent this year will make it among the fastest-growing markets in the world. Rising domestic demand and booming foreign direct investment are helping the Southeast Asian nation counter global threats that’s sparked a wave of stock selling and currency depreciation this year.
Robust export growth, buoyant private consumption and higher Foreign Direct Investment inflows are expected to offset the impact of lower agricultural yield and keep the economy on a solid footing.
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