Economic reconstruction of the reunited country has proven difficult. After the failures of the state-run economy started to become apparent, the country launched a program of dổi mới (renovation), introducing elements of capitalism. The policy has proved highly successful, with Vietnam recording around 8% annual GDP growth from 1990 to 1997 and continued at around 7% from 2000 to 2002, making it the world's second-fastest growing economy. Simultaneously, investment grew three-fold and domestic savings quintupled. but after decades of war the country still has a long way to go.
Agriculture
Agriculture is the primary occupation of the population, and rice is by far the leading crop. The Mekong and Red river deltas are among the world's greatest rice-growing regions, the former benefiting from heavy rainfall and rich alluvial soil and the latter notable for its elaborate network (c.2,700 mi/4,350 km) of dikes, dams, canals, and locks that provide irrigation and flood control. Peanuts, corn, sweet potatoes, and beans are secondary food crops, and cotton, jute, coffee, tea, and sugarcane are among the cash crops produced. Fishing and aquaculture comprise an important industry, and marine products are a major export, especially shrimp. Rubber is also important. Timber resources are still substantial, particularly in the north, but deforestation resulting from highland resettlement, shifting cultivation, and commercial cutting is an increasingly serious problem.
Industries
Vietnam's primary export industry is mining. Most of the country's mineral resources are in the north, and Vietnam produces large amounts of coal as well as having sizable deposits of phosphates, manganese, bauxite, chromate, and other metal ores. Substantial offshore petroleum (oil and gas) deposits have been discovered in southern waters, and production is being developed.
Vietnam's industrial development was hampered by prolonged war, but
under the new economic reform program dổi mới, there has been
considerable industrial development. Important industries include
agricultural processing, machine building, auto assembly, and the
manufacture of textiles and apparel, cement, chemical fertilizers,
glass, and tires. Many of the large and capital-intensive projects are
joint ventures between foreign and Vietnamese local governments.
Tourism
Tourism has become an increasingly important industry in Vietnam. Many of the over 3 million annual visitors are Vietnam War veterans.
In recent years people have begun to realize the amazing beauty and possibilities in Vietnam. There are many new high class hotels and resorts there. Several international airlines now fly into Ho Chi Minh City and Hanoi. |
