Vietnam
The economy of Vietnam is a developing mixed socialist-oriented market economy, which is the 36th-largest in the world as measured by nominal gross domestic product (GDP) and 26th-largest in the world as measured by purchasing power parity (PPP) in 2022.
The services market has shown rapid growth in recent years and in 2015 accounted for 43.7% of the economy, while industry — 38.8%, agriculture — 17.4%.
Agriculture is very important in the country's economy. Vietnam is one of the world's leading rice exporters. Vietnam is also the second largest coffee exporter in the world, second only to Brazil.
In 1992, in response to the depletion of forests, Vietnam imposed a ban on the export of logs and untreated wood. In 1997, the ban was extended to the export of all wood products, except finished wood products. Vietnam is a major furniture manufacturer.
Vietnam's fishing industry, which has rich resources, is showing moderate growth. At the moment, Vietnam is planning a transition from natural fishing to aquaculture — the breeding on an industrial scale of shrimp, lobster, oysters and fish on waste rice fields in running water. The largest buyers of such products remain the United States and Russia.
State-owned companies dominate in the energy, raw materials extraction and oil and gas sectors. Metallurgy, shipbuilding and ship repair are developed.
The chemical industry is represented by the production of rubber products, the pharmaceutical industry, and the production of hygiene products.
In the field of electronics and electrical engineering, private companies are leading — Vietnamese divisions of global corporations. In the market of cars, motorcycles and components, private companies are leading — Vietnamese divisions of major global manufacturers.
The light industry is represented by the shoe industry, the production of textiles, clothing, accessories and sporting goods.
The food industry has been experiencing significant growth since 2013. The share of the food industry in GDP as of 2019 is 15%, the volume of foreign investment in the industry has reached $ 11.2 billion.
State-owned banks are leading in the banking sector. There are also international banks in Vietnam.
The information technology market of Vietnam, which was practically absent in 2000, shows high growth in subsequent years. The industry's revenue has been steadily growing by 60% per year since 2008. As of 2017, 28 thousand companies worked in the information technology sector. A significant part of the income is generated by the export of smartphones and tablets produced at the factories of international companies located in Vietnam.
The main export items of Vietnam are: textiles, mobile phones and accessories, computers and electronics, shoes, seafood, bags and suitcases, plastic products.
The main import goods are electronics, machinery and equipment, raw materials for the clothing and footwear industry, steel, plastic. The main import partner is China.