Vietnam

The Vietnamese economy is enjoying one of the most sustained growth in the Asian area. Annual GDP growth rate was 7.2% in 2003, 7.5% in 2004 and 2005.

Despite a regular rise in the standards of living, Vietnam's economic situation still remains difficult with an approximate annual per capita revenue of 400 USD.

Initiated by the authorities, the Vietnamese economy is trying to progressively move from a centralised and planned economy to a multi-sector economy based on market mechanisms. The private sector has been racing ahead over the last few years.

Agriculture's sector provides one fourth of the GDP and employs 75% of the active population. Rice, coffee, tea and pepper are the main crops.

Vietnam is the world's fifth largest rice producer and one of the largest exporters. Fruits and vegetables growing is developing. Fishing employs 700,000 people and ranks third regarding the country's exports. Vietnam holds mining natural resources such as coal, tin, phosphates or copper. Oil production is rising, but the first oil refinery in Dung Quat which was supposed to be ready for 2005 is behind schedule in its construction. Textile, industry and building sectors are the driving forces of the economic development.

Foreign investments amount to 4% of the GDP and the main investing countries are Taiwan, South Korea, Hong Kong and Singapore.

Vietnam is a member of ASEAN and APEC. It has started procedures to ask for WTO accession. A cooperation agreement was signed in 1996 and regulates relations between EU and Vietnam.

The country's top three export partners are Japan, China and Australia. The main exported products are crude oil, textile, sea products and rice. Its top three import partners are Singapore, Japan and Malaysia. The main imported products are capital goods, hydrocarbons and textile products.