VIETNAM

 

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Vietnam, a one-party Communist state, has one of south-east Asia's fastest-growing economies and has set its sights on becoming a developed nation by 2020. Vietnam’s GDP expanded by 6% in 2014 (on the year before), up from 5.4% growth in 2013 – beating market expectations and the government’s 5.8% target. Manufacturing is the star-performing sector, with growth accelerating to 8.7% last year from 7.3% in 2013 and 5.8% in 2012. Construction, led by foreign investment, has also shown some signs of recovery. On the expenditure side, domestic private consumption continues to recover gradually, growing by 6.1% in 2014, up from 5.2% in the previous year.

India now is one of tenth largest trading partners of Vietnam. The two countries are now working towards the target of $7 billion in trade in 2015 and $15 billion in 2020. During the State visit by Prime Minister Nguyen Tan Dung to India in October 2014, India Government has stated a $300 million Line of Credit to help Vietnam diversify sources of textiles and garment materials from India

India's relations with Vietnam are marked by growing economic and commercial engagement. The 2nd meeting of the India-Vietnam Joint Sub-Commission on Trade led by Commerce Secretary was held in Hanoi on 20 January 2015.

 

 

At a Glance:

 

 

Country Name 

 

 

Socialist Republic of Vietnam

 

 

Area

 

 

3,31,210 sq.km

 

 

Capital

 

 

Hanoi (Ha Noi)

 

 

Government type      

  

 

Communist state

 

 

Administrative divisions  

         

 

58 provinces

 

 

National Holidays

 

 

Independence Day, 2  September

 

 

Fiscal year  

    

 

Calendar Year

 

 

Currency

 

 

Dong  (VND)

 

 

President   

     

 

Truong Tan SANG (since 25 July 2011)

 

 

Prime Minister 

 

 

Nguyen Tan DUNG (since 27 June 2006)

 

 

Population  

     

 

94,348,835 (July 2015 est.)

 

 

Net migration rate       

 

 

-0.3 migrant(s)/1,000 population (2015 est.)

 

 

GDP (purchasing power parity)

 

 

$510.7 billion (2014 est.)

 

 

GDP- composition by sector 

  

 

Agriculture: 17.9%

Industry: 38.1%

Services: 44% (2014 est.)

                                                                

 

Agriculture- Products  

 

 

Paddy rice, coffee, rubber, tea, pepper, soybeans,  cashews, sugar cane, peanuts, bananas; poultry; fish,  seafood

 

 

Industries

 

 

Food processing, garments, shoes, machine-building; mining, coal, steel; cement, chemical fertilizer, glass, tires, oil, phones.

 

 

Major Exports

 

 

Clothes, shoes, electronics, seafood, crude oil, rice, coffee, wooden products, machinery

 

 

Major Exports - Partners

 

 

US 17.6%, China 11.8%, Japan 9.9%, South Korea 5%, Germany 4.4%, Malaysia 4.2% (2013)

 

 

Major Imports  

 

 

Machinery and equipment, petroleum products, steel products, raw materials for the clothing and shoe industries, electronics, plastics, automobiles

 

 

Major Importers – Partners

 

 

China 32%, South Korea 13.9%, Singapore 7.2%, Japan 6.9%, Hong Kong 5%, Thailand 4.7% (2013)

 

 

Natural resources  

     

 

Phosphates, coal, manganese, rare earth elements, bauxite, chromate, offshore oil and gas deposits, timber, hydropower, arable land.

 

 

Languages

 

 

Vietnamese (official), English (increasingly favored as a second language), some French, Chinese, and Khmer, mountain area languages (Mon-Khmer and Malayo-Polynesian)

 

 

Ethnic groups 

 

 

Kinh (Viet) 85.7%, Tay 1.9%, Thai 1.8%, Muong 1.5%, Khmer 1.5%, Mong 1.2%, Nung 1.1%, others 5.3%.

 

 

Climate

 

 

Tropical in south; monsoonal in north with hot, rainy season (May to September) and warm, dry season (October to March)

 

 

Location      

    

 

South-eastern Asia, bordering the Guld of Tonkin and  South China Sea, as well as China, Laos and Cambodia