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 Vietnam is still a relatively poor country

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PostSubject: Vietnam is still a relatively poor country   Sat Oct 02, 2010 11:20 am

Vietnam is still a relatively poor country with an annual GDP of US$256.584 billion at purchasing power parity (2009 estimate).[49] This translates to a purchasing power of about US$3,300 per capita (or US$726 per capita at the market exchange rate). Inflation rate was estimated at 7.5% per year in 2006. Deep poverty, defined as a percent of the population living under $1 per day, has declined significantly and is now smaller than that of China, India, and the Philippines.[50]

In 2009, the nominal GDP reached $92.439 billion,[2] with nominal GDP per capita of $1,060[2] According to a focast in December 2005 by Goldman-Sachs, Vietnamese economy will become the 17th largest economy in the world in 2025, with nominal GDP of $ 436 billion and GDP per capita of 4,357 USD.[51] According to the forecast by the PricewaterhouseCoopers in 2008, Vietnam may be 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.[52]

As a result of several land reform measures, Vietnam is now the largest producer of cashew nuts with a one-third global share, the largest producer of black pepper accounting for one-third of the world's market and second largest rice exporter in the world after Thailand. Vietnam has the highest percent of land use for permanent crops, 6.93%, of any nation in the Greater Mekong Subregion. Besides rice, key exports are coffee, tea, rubber, and fishery products. However, agriculture's share of economic output has declined, falling as a share of GDP from 42% in 1989 to 20% in 2006, as production in other sectors of the economy has risen. According to the CIA World Fact Book, the unemployment rate in Vietnam is 2.9% (30 April 2009 est.)[53]

Among other steps taken in the process of transitioning to a market economy, Vietnam in July 2006 updated its intellectual property legislation to comply with TRIPS. Vietnam was accepted into the WTO on November 7, 2006. Vietnam's chief trading partners include China, Japan, Australia, ASEAN countries, the U.S. and Western European countries.

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