One of the fastest-growing economies in south-east Asia, Vietnam has set its sights on becoming a developed nation by 2020.
When the Communist north seized the south in 1975, it became a unified nation again.
During the three decades that followed, the Communists fought first against France, then against South Vietnam and its US backers. As the conflict progressed, the world’s attention was focused on it.
In an effort to stop the “domino effect” of communist nations falling successively, the US joined the hostilities.
Those who are interested in living and working in Vietnam can find an overview of the country in this article. Information presented here is gathered from open sources and is not intended as a substitute for legal and professional advice.
- Official name: Vietnam Socialist Republic
- Capital: Hanoi
- Geography: 6 provinces and 63 municipalities
- Land area (2019): 331,236 sq km
- Population (2019) 96.484 million persons
- Head of government: President Nguyen Xuan Phuc
- National language: Vietnam
- Currency: Viet Nam Dong (VND)
- (2019) Gross Domestic Product (GDP): 6,037.3 trillion VND
- 62.66 million VND is the GDP per capita in 2019
It is located on the eastern tip of the Indochinese peninsula, shaped like an S. The country is bordered by China on the north, Laos and Cambodia on the west, the East Sea on the east, and the Pacific Ocean on the south. It has a coastline of over 3,000 km and a terrain that consists of three quarters mountains and hills. Read more about traveling in Vietnam on 황제여행.
In 2019, Vietnam had a population of almost 96.5 million people. The urban population accounted for 35 percent (33.8 million people), while the rural population accounted for 65 percent (62.7 million people). A total of 49.8 percent (48 million persons) were males, and 50.2 percent (48.5 million persons) were females. As a result, labour force aged 15 and above nationwide was estimated at 55.8 million persons. In 2019, there were 22.6 million people living in the Red River Delta; 12.6 million in the Northern Midlands and mountains; 20.2 million in the North Central and Central coastal areas; 5.9 million in the Central Highlands; 17.9 million in the South East; and 17.3 million in the Mekong River Delta. There are 54 ethnic groups living in Vietnam today. Over 90 percent of the population is Kinh (Viet) while the other 53 ethnic groups make up over 10 percent.
In 2019, 41.64 percent of the economy was accounted for by the service sector, while 34.49 percent was accounted for by the industry and construction sector. Taxes on products (less subsidies) made up 9.91 percent, and agriculture, forestry, and fisheries made up 13.96 percent.
Infrastructure, manufacturing, retail, and food and agriculture are some of the key industries in Vietnam. In order to support its fast-growing economy, Vietnam has increased its infrastructural projects, which had traditionally been financed by international development aid. Currently, public-private partnerships (PPPs) are operating under standard international project agreements that are modeled after public-private partnerships (PPPs). Various industries traditionally monopolised by SOEs are now being opened up to private investment through reforms and equitableization of State-Owned Enterprises (SOEs).
Vietnamese manufacturing sectors include textiles, garments, furniture and electronics, which are mainly located in Southeast Vietnam and the Red River Delta in the northeast. While Hanoi and Ho Chi Minh City are important industrial centres, other provinces such as Binh Duong, Dong Nai, Hai Phong, and Bac Ninh are also experiencing an increase in MNCs. International firms such as Samsung Electronics, Intel, and Siemens have also established factories in the country.
Consumer brand awareness and rising disposable incomes have created a demand for retail products among Vietnamese. The demand for imported consumer goods and services is still concentrated in large cities such as Ho Chi Minh City and Hanoi, where incomes are significantly higher than the national average.