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Economy of Vietnam

Vietnam, formally the Socialist Republic of Vietnam, is a sovereign nation that is situated in Southeast Asia. Hanoi is the capital of Vietnam while Ho Chi Minh City is its largest city. The estimated GDP of Vietnam in terms of purchasing power parity is $358.9 billion, which is the thirty-ninth largest when compared to the rest of the countries. Vietnam is the densely-populated emerging nation that has been transitioning from the stringencies of a centrally-planned economy since 1986. The highest authorities of Vietnam have recertified their dedication to the economic transformation in recently passed years. Vietnam has been promoting more competitive and export-driven industries for quite a while. Vietnam developed into an authorized exchanging partner in the Trans-Pacific Partnership trade agreement in 2010. It is speculated that Vietnam might be the fastest-growing of the world's developing economies by the end of 2025, with a potential growth rate of more or less 10% each year in real dollar terms. In the year 2013, HSBC forecasted that Vietnam's net GDP would exceed those of Norway, Singapore and Portugal by 2050; this is because of the rapid upsurge in the economic growth over the course of last few years. The major industries of Vietnam include food processing, garments, coal, steel, cement, chemical fertilizer, oil and mobile phones. Vietnam has the calendar year system for handling the annual fiscal affairs.

Imports of Vietnam

Vietnam is the 33rd largest importer of the world with the estimated import value of $121.4 billion as of 2013. The predominant import commodities of Vietnam include machinery, petroleum, steel products, raw materials, apparel, shoe industries, electronics, plastics and automobiles. China, South Korea, Japan, Singapore and Thailand are the major import partners of Vietnam.

Exports of Vietnam

The top products that are being exported by Vietnam include crude petroleum, broadcasting equipment, leather footwear, rice and furniture. The estimated export value of Vietnam is $128.9 billion as of 2013, which is the thirty-fourth largest when compared to the rest of the countries. United States, Japan, China, South Korea and Malaysia are the major export partners of Vietnam.

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Capital
Hanoi
Dialing Code
+84
Fiscal Year
Calendar Year
Currency
Dng (VND)
GDP
$241,700,000,000
Exports
$96.81 billion (2011 est.) | Clothes, Shoes, Marine Products, Crude Oil, Electronics, Wooden Products, Rice, Machinery
Imports
$103.7 billion (2011 est.) | Machinery And Equipment, Petroleum Products, Steel Products, Raw Materials For The Clothing And Shoe Industries, Electronics, Plastics, Automobiles
Industries
Food Processing, Garments, Shoes, Machine-building; Mining, Coal, Steel; Cement, Chemical Fertilizer, Glass, Tires, Oil, Mobile Phones

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