- published: 01 May 2015
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The economy of Vietnam is a developing planned economy and market economy. Since the mid-1980s, through the "Đổi Mới" reform period, Vietnam has made a shift from a highly-centralized planned economy to a socialist-oriented market economy which use both directive and indicative planning (see Five-Year Plans of Vietnam). Over that period, the economy has experienced rapid growth. Nowadays, Vietnam is in the period of integrating into the world's economy, as a part of globalization. Almost all Vietnamese enterprises are SMEs. Vietnam has been rising as a leading agricultural exporter and an attractive foreign investment destination in Southeast Asia.
In 2011, the nominal GDP reached $121.6 billion, with nominal GDP per capita of $1328.6. According to a forecast in December 2005 by Goldman-Sachs, Vietnamese economy will become the 35th largest economy in the world with nominal GDP of $ 436 billion and nominal GDP per capita of 4,357 USD by 2025. According to a forecast by the PricewaterhouseCoopers in 2008, Vietnam may be the fastest growing of emerging economies by 2025, with a potential growth rate of almost 10% per annum in real dollar terms that could push it up to around 70% of the size of the UK economy by 2050.
Vietnam ( listen), formally the Socialist Republic of Vietnam (Cộng hòa xã hội chủ nghĩa Việt Nam; listen), is the easternmost country on the Indochina Peninsula in Southeast Asia. With an estimated 91.5 million inhabitants as of 2012, it is the world's 13th-most-populous country, and the eighth-most-populous Asian country. The name Vietnam translates as "South Viet", and was officially adopted in 1945. The country is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea to the east.
The Vietnamese became independent from Imperial China in 938 AD, following the Battle of Bạch Đằng River. Successive Vietnamese royal dynasties flourished as the nation expanded geographically and politically into Southeast Asia, until the Indochina Peninsula was colonized by the French in the mid-19th century. The First Indochina War eventually led to the expulsion of the French in 1954, leaving Vietnam divided politically into two states, North and South Vietnam. Conflict between the two sides intensified, with heavy foreign intervention, during the Vietnam War, which ended with a North Vietnamese victory in 1975.
Hồ Chí Minh (Vietnamese pronunciation: [hô cǐ miɲ] (Vietnamese pronunciation: [hô̤ tɕǐmɪŋ] ( listen)); 19 May 1890 – 2 September 1969), born Nguyễn Sinh Cung and also known as Nguyễn Tất Thành and Nguyễn Ái Quốc, was a Vietnamese Stalinist revolutionary leader who was prime minister (1945–1955) and president (1945–1969) of the Democratic Republic of Vietnam (North Vietnam). He was a key figure in the foundation of the Democratic Republic of Vietnam in 1945, as well as the People's Army of Vietnam (PAVN) and the Việt Cộng (NLF or VC) during the Vietnam War.
He led the Việt Minh independence movement from 1941 onward, establishing the communist-governed Democratic Republic of Vietnam in 1945 and defeating the French Union in 1954 at Điện Biên Phủ. He officially stepped down from power in 1955 due to health problems, but remained a highly visible figurehead and inspiration for Vietnamese fighting for his cause – a united, independent Vietnam – until his death. After the war, Saigon, the capital of Republic of Vietnam, was renamed Hồ Chí Minh City in his honor.