The Vietnamese economy rests its foundations on the concept of ‘market-oriented socialism’, that is, on the idea of ​​maintaining strong state control, while opening up to international competition. This economic policy, called Doi Moi and adopted in 1986, was pursued over the next twenty years, leading to a sensational expansion of the private sector and a gradual growth of commercial networks (thanks to the entry into Asean and the WTO). Since 1990, the country has recorded significant GDP growth, a strong reduction in poverty and an increase in employment levels. The development is evident in its full extent when we consider that while in 1993 the percentage of people living below the poverty line of $ 2 a day was close to 86%, in 2012 this figure stood at 12, 5%.
Remittances from Vietnamese workers abroad and the support of donor countries also contributed to the dynamism of the national economy. However, the overall improvement in the Vietnamese economy, which has earned the country its inclusion in the so-called Next Eleven Economies , could lead international institutions to reduce subsidized loans and donations in the years to come.
New impetus for economic growth was also provided by the opening up to foreign investment, especially from 2006 and then again from 2009, when foreign companies were allowed to open retail and wholesale points of sale in the distribution sector, with full financial participation. Strengthened by these results, but worried about high inflation rates, the Vietnamese government has set the goal of industrializing the entire country by 2020, thus focusing on the sector which currently contributes 38.3% to the national GDP.. The primary sector, on the other hand, represents 18.4% of GDP and is almost entirely made up of rice and coffee cultivation, of which Vietnam is among the top exporters in the world. With the exception of the United States, the main export partner worth $ 23.4 billion in 2013, the largest market for Vietnamese exports is Asia. with China, South Korea and Japan among the best trading partners. Vietnam is a member of major regional trade treaties and is part of the US-led Trans Pacific Partnership, from which China is significantly excluded. It is also negotiating a free trade treaty with the European Union. The current priorities for facilitating economic growth consist in the development of the railway network, relatively neglected in recent years but vital for easing congestion on wheels, and in the reduction of state-owned enterprises, which to date still number more than 3,000. from which China is significantly excluded. It is also negotiating a free trade treaty with the European Union. The current priorities for facilitating economic growth consist in the development of the railway network, relatively neglected in recent years but vital for easing congestion on wheels, and in the reduction of state-owned enterprises, which to date still number more than 3,000. from which China is significantly excluded. It is also negotiating a free trade treaty with the European Union. The current priorities for facilitating economic growth consist in the development of the railway network, relatively neglected in recent years but vital for easing congestion on wheels, and in the reduction of state-owned enterprises, which to date still number more than 3,000.
Ultimately, the energy and mining sectors deserve attention, which are expected to play a strategic role in the future. Vietnam covers its energy needs thanks to hydroelectric and gas sites and thermal power plants fueled by coal and oil and, although the demand for electricity is steadily increasing, the country still records a profit for exports. In fact, on the Vietnamese territory there are gas reserves for a production equal to 60 billion cubic meters (but it is estimated that this level can be tripled), oil reserves for 3.4 billion barrels, whose economic value may increase with the construction of new refineries, and reserves of high quality coal of 3.8 billion tons. Finally, the country can also count on significant mineral resources of iron and bauxite.
