US Report on Vietnam Economy

By on December 5, 2009 • Topics: Current Affairs

12.05.09  The US Department of State did a recent update on information about Vietnam on October 2009 [1]. There are many positive glances at the country indicating that it’s still growing at an amazing despite the recession that is troubling many parts of the world:

GDP (2008): $84.98 billion.
Real growth rate: 6.23% (2008); 3.9% (the first 6 months of 2009 year-on-year).
Per capita income (2008): $1,024.
Inflation rate (January 2009): 17.48% year-on-year.
External debt (2008): 29.8% of GDP, $21.8 billion.
Natural resources: Coal, crude oil, zinc, copper, silver, gold, manganese, iron.
Agriculture, forestry, and fisheries (21.99% of GDP, 2008):

  • Principal products–rice, coffee, cashews, maize, pepper (spice), sweet potato, pork, peanut, cotton, plus extensive aquaculture of both fish and shellfish species.
  • Cultivated land–12.2 million hectares.
  • Land use–21% arable; 28% forest and woodland; 51% other.

Industry and construction (39.86% of GDP, 2008):

  • Principal types–mining and quarrying, manufacturing, electricity, gas, water supply, cement, phosphate, and steel.

Services (38.10% of GDP, 2008):

  • Principal types–tourism, wholesale and retail, repair of vehicles and personal goods, hotel and restaurant, transport storage, telecommunications.

Trade (2008): Exports–$62.9 billion (first 8 months 2009: $37.3 billion, down by 14.2% year-on-year).

  • Principal exports–crude oil, garments/textiles, footwear, fishery and seafood products, rice (world’s second-largest exporter), pepper (spice; world’s largest exporter), wood products, coffee, rubber, handicrafts.
  • Major export partners–U.S., EU, Japan, China, Australia, Singapore, Germany, and the United Kingdom.
  • Imports–$80.4 billion (first 8 months of 2009: $42.4 billion, down by 28.2% year-on-year).
  • Principal imports–machinery, oil and gas, iron and steel, garment materials, plastics.
  • Major import partners–China, Japan, Singapore, Taiwan, South Korea, Hong Kong, and Thailand.
  • Exports to U.S. (2008)–$12.9 billion. Imports from U.S. (2008)–$2.8 billion.

[1] http://www.state.gov/r/pa/ei/bgn/4130.htm

The Author: Neil Nguyen

Neil is a mechanical engineer who aspires to make his own robot so he no longer needs to do house chores. At UC Berkeley, Neil studied in South Korea and Japan where he did research on the post-war development processes of Japan and Vietnam.

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