Vietnam Economy
At the beginning of the Communist regime's rule in Vietnam, the government controlled the economy. Government programs and collectivized farms were not uncommon, but this socialistic structure led to underproduction and a trade embargo from Europe and the United States. When the Communist Party of Vietnam allowed free market ideas to be used in the country in 1986, the Vietnam economy began to grow. Vietnam is slowly growing into an economic power in Southeast Asia. While many of the people of the country are still considered poor, the government is working towards increasing the economic stability of the country. Today, the Gross Domestic Product of the country is steadily growing at a rate of 6 to 7 percent.
Agriculture plays a big part in the economy of Vietnam. Coffee is one of the main exports of the country. In fact, Vietnam exports the most robusta coffee in the world. Rice is also an important export. Fish, rubber, pepper, and tea are other important agricultural exports. Industrial production is also on the rise in Vietnam. Clothing is produced and exported from factories in the country.
Tourism is another important industry in Vietnam. Luxurious Vietnam hotels can be found in important tourist destinations such as Hanoi, Ho Chi Minh City, and Saigon. Many people enjoy sampling the Vietnamese culture at the many excellent Vietnamese restaurants in these major cities. As tourism continues to grow, the government expects it to become a major contributor to the overall economy of the country. Good weather, natural beauty, and historic monuments and relics continue to draw people from across the globe to the small but friendly country of Vietnam.
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