tutor2u | Growth and Development Country Profile - Vietnam

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Growth and Development Country Profile - Vietnam

Level:
AS, A Level, IB
Board:
AQA, Edexcel, OCR, IB, Eduqas, WJEC

Last updated 9 Jun 2022

In this updated country profile video we look at one of the world's fastest growing countries - Vietnam

Growth and Development Country Profile - Vietnam

Over the past 30 years, Vietnam has sustained high GDP growth rates, which transformed the country into a lower-middle-income emerging economy. Vietnam pursues export-oriented trade policies and sees trade as pivotal for their growth and development. Vietnam’s ratio of trade to GDP increased from 165% in 2013 to 210% in 2019. They operate a managed floating exchange rate.

Vietnam has emerged as a manufacturing centre for apparel and consumer electronics, particularly smart phones. In 2019, about 85% of imported electronic products were intermediate goods, slightly half of which were supplied by South Korea and China; 44% of exports of electronic products were final consumer goods, half of which were shipped to the United States, the United Arab Emirates, and Austria. Vietnam maintained a surplus in trade in goods and services, as well as in remittances.

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