Vietnam economy · Economy in Vietnam
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Economy in Vietnam
Economy in Vietnam
Economic reconstruction of the reunited country has proven difficult. After the failures of the state-run economy started to become apparent, the country launched a program of đổi mới (renovation), introducing elements of capitalism. The policy has proved highly successful, with Vietnam recording near 10% growth yearly (except for a brief interruption during the Asian economic crisis of 1997). The economy is much stronger than those of Cambodia, Laos, and other neighboring developing countries. Like most Communist countries around the world, there is a fine balance between allowing foreign investors and opening up the market.
There are extreme restrictions on foreigners owning property or attempting to sell. It is very difficult for them to trade without negotiating 'fees'. Business can be done via local partnerships with all the attendant risks.
Power and services is another issue. There are often 'rolling blackouts' when there is not enough electricity at times. For this reason, many shops have portable generators.
According to government estimates Vietnam sees 3.3m tourist arrivals each year. Vietnam has a return rate of just 5% compared to Thailand’s whopping 50%.
The Most Frequently Asked Travel Questions about Vietnam
Where To Stay & Best Hotels in Vietnam - updated Apr 2024
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Vietnam Travel Guide from Wikitravel. Many thanks to all Wikitravel contributors. Text is available under Creative Commons Attribution-ShareAlike 3.0, images are available under various licenses, see each image for details.
