Vietnam is Booming!!!

Vietnam is poor but it is rapidly developing while in the full process of integrating into the global economy. The economy is sound with low inflation, high GDP growth which will lower poverty, and low deficits. During the 1990's and continuing today, Vietnam experienced robust economic growth averaging 6 to 10 percent per year. The 1997-98 Asian financial crisis did slowdown the economy which only had 3.5% GDP growth in 1998. Aside from that hiccup the country's economy shows little sign of slowing down. In the mid 1990's, structural reforms and FDI resulted in a large jump in real GDP growth to a level of 8 - 9 percent. Vietnam is now a rapidly developing nation although much of the people are poor with $618 GDP/capita based from 2005 data. The authorities have a goal of $1,000 USD/capita income by year 2010. The statistics can be misleading as the Vietnamese receive food subsidies, free education and free health care. Exports help fuel the growth in Vietnam as both the United States and Japan are major trade partners as well as their new membership into the World Trade Organization (January 2007).

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