Economy of Vietnam

Historically, Vietnam has been an agricultural civilization based on wet rice cultivating. The Vietnam War destroyed much of the country's economy. Upon taking power, the Government created a planned economy for the nation.

Collectivization of farms, factories and economic capital was implemented, and millions of people were put to work in government programs. For a decade, united Vietnam's economy was plagued with inefficiency and corruption in state programs, poor quality and underproduction and restrictions on economic activities and trade. It also suffered from the trade embargo from the United States and most of Europe after the Vietnam War. Subsequently, the trade partners of the Communist blocs began to erode.
The 70-floor and 345-m (1,132 ft) tall Hanoi Landmark Tower in Hanoi will be the tallest building in Vietnam

In 1986, the Sixth Party Congress introduced significant economic reforms with free market economy elements as part of a broad economic reform package called "đổi mới" (Renovation), resulting in a Socialist-oriented market economy. Private ownership was encouraged in industries, commerce and agriculture.[47]

Vietnam achieved around 8% annual GDP growth from 1990 to 1997 and continued at around 7% from 2000 to 2005, making it one of the world's fastest growing economies.[citation needed] Simultaneously, foreign investment grew threefold and domestic savings quintupled.[citation needed] Manufacturing, information technology and high-tech industries form a large and fast-growing part of the national economy. Vietnam is a relative newcomer to the oil business, but today it is the third-largest oil producer in Southeast Asia with output of 400,000 barrels per day (64,000 m3/d). Vietnam is one of Asia's most open economies: two-way trade is around 160% of GDP, more than twice the ratio for China and over four times India's

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