Feature of the Vietnamese economy

The economic sector of Vietnam at this stage is considered to be successfully developing.

Despite the fact that the best years of economic development of this country are still ahead, today the country demonstrates to the world a positive dynamics in many spheres that shape the economy of the state as a whole.

Vietnam is largely an agrarian country, at the moment most of the income belongs precisely to the agricultural sector, but the state has a great potential for development in the raw materials industry.

Positive transformations are noted today in the development of infrastructure: communications, airlines, land transport and rail. If more recently, Vietnam could be called a backward state, which in the ranking of developed countries is one of the last marks, today the mark has significantly risen. The state provides promising indicators in many areas and it can be said with certainty that in the near future the economy of the country will achieve incredible results without slowing down the intensive pace of development.

Importance of foreign investment

In addition, the Vietnamese economy is actively developing in the country today, realizing and successfully implementing modern projects. Also in the country there is a large number of enterprises that receive investments from other countries. Thus, the economic sphere is being consolidated simultaneously on two fronts. Foreign enterprises regularly replenish the economy of the state, create new jobs for Vietnamese and offer them a competitive level of wages. Annually in different cities of Vietnam new enterprises are opening – factories, entertaining establishments, shopping centers and so on.

Therefore, in this way it is possible in the state to reduce the unemployment rate and provide the population with jobs. In turn, the state treasury is replenished by taxes paid by foreign leaders.

The attraction of foreign investors began actively from the 90s of the last century. Then the creation of joint ventures was welcomed. Also in those years private business began to emerge. Today it belongs to him an impressive part of the state budget. Most of the enterprises in the sphere of services and trade are the private sector.

Significant changes are currently taking place in the energy sector and the transport sector. Today the country occupies a leading position in the export of light industry goods and agricultural products. Most of the trade turnover belongs to the United States of America. For more than ten years, Vietnam has provided America’s inhabitants with furniture, digital devices, clothing, footwear, textiles. Also, the state actively supplies the US with seafood.

What is the principle of the innovative economic model

About ten years ago, the Vietnamese government introduced a new system to the economy. Its principle is in several directions.

Restructuring of industrial structure and service industries, as well as enterprises. This suggests that there is a merger of enterprises, which has a low level of development with more intensive ones. There is a state support of underdeveloped industrial enterprises manufacturing products. Restructuring involves the application of new progress in various areas, in particular production and management.
Change the marketing strategy.

Reducing the costs and debt of the state, as well as creating attractive conditions for foreign investors.

Emphasis on exporting products. At present, the level of exported products has increased by more than 20%. The main components of exports – oil, textiles, leather goods, seafood, cashew nuts. Vietnam has established a stable partnership with the United States of America, the countries of the European Union, China, Japan and South Korea.

Creating attractive conditions for tourism. Currently, foreign tourism is one of the important components of the state economy. In a short period of time, Vietnam has become an attractive route on the map of travelers from around the world. Annually about 10 million tourists of foreign origin visit the country.

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