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Vietnam's foreign trade has been growing fast since state controls were relaxed in the 1990s. The country imports machinery, refined petroleum, and steel; it exports crude oil, textiles and garments, and footwear. The balance of trade has in the past been positive but recent statistics (2004) showed that it was negative.
It may also help that The Trump Organization has recently partnered with a Vietnamese company to develop a $1.5 billion golf course and hotel project in Vietnam, a Vietnam-based foreign investor said.
An estimated 86 percent of Vietnam’s export merchandise came from the manufacturing sector in 2022, compared to just 49 percent in 2002. These exports have increased in value too. In 2002, Vietnam exported goods and services to the tune of US$19.19 billion. In 2022, that number had climbed to US$384.22 billion. [2]
Product category Global exports (in millions USD) Rank Country Exports (in millions USD) Market share Live animals: 22,589 1 France 2,537 11.2% 2 Netherlands 1,999 8.8% 3
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GDP per capita development in Vietnam. The economy of Vietnam is a developing mixed socialist-oriented market economy. [3] It is the 33rd-largest economy in the world by nominal gross domestic product (GDP) and the 26th-largest economy in the world by purchasing power parity (PPP). It is a lower-middle income country with a low cost of living.
The U.S. and Vietnam also came to a Trade and Investment Framework Agreement (TIFA) in 2007. [5] Vietnam was recently the United States' 26th largest goods imports partner with $17.5 billion in 2011, [6] and was the 45th largest goods export market with $3.7 billion in 2010. [5]
Anhao Paper Factory, 1961. South Vietnam had a small industrial sector and fell far behind other countries in the region in this respect. [1] Output increased 2.5 to 3 times over the 20 years of the country's existence, but the share in total GDP remained at only around 10%, even dropping to 6% in some years, while the economy was dominated by strong agricultural and service sectors. [1]