ntry into force of the US-Vietnam Bilateral Trade Agreement in
December 2001 have led to even more rapid changes in Vietnam's trade
and economic regime. Vietnam's exports to the US increased 900% from
2001 to 2007. Vietnam joined the WTO in January 2007, following over
a decade long negotiation process. WTO membership has provided
Vietnam an anchor to the global market and reinforced the domestic
economic reform process. Among other benefits, accession allows
Vietnam to take advantage of the phase-out of the Agreement on
Textiles and Clothing, which eliminated quotas on textiles and
clothing for WTO partners on 1 January 2005. Agriculture's share of
economic output has continued to shrink, from about 25% in 2000 to
less than 20% in 2007. Deep poverty, defined as a percent of the
population living under $1 per day, has declined significantly and
is now smaller than that of China, India, and the Philippines.
Vietnam is working to create jobs to meet the challenge of a labor
force that is growing by more than one-and-a-half million people
every year. In an effort to stem high inflation which took off in
2007, early in 2008 Vietnamese authorities began to raise benchmark
interest rates and reserve requirements. Hanoi is targeting an
economic growth rate of 7.5-8% during the next four years.

GDP (purchasing power parity):

$221.1 billion (2007 est.)

GDP (official exchange rate):

$70.02 billion (2007 est.)

GDP - real growth rate:

8.5% (2007 est.)

GDP - per capita (PPP):

$2,600 (2007 est.)

GDP - composition by sector:

agriculture: 19.5%
industry: 42.3%
services: 38.2% (2007 est.)

Labor force:

46.42 million (2007 est.)

Labor force - by occupation:

agriculture: 55.6%
industry: 18.9%
services: 25.5% (July 2005)

Unemployment rate:

4.3% (2007 est.)

Population below poverty line:

14.8% (2007 est.)

Household income or consumption by percentage share:

lowest 10%: 2.9%
highest 10%: 28.9% (2004)

Distribution of family income - Gini index:

37 (2004)

Investment (gross fixed):

37.1% of GDP (2007 est.)

Budget:

revenues: $18.62 billion
expenditures: $19.71 billion (2007 est.)

Fiscal year:

calendar year

Public debt:

42% of GDP (2007 est.)

Inflation rate (consumer prices):

8.3% (2007 est.)

Central bank discount rate:

6.5% (31 December 2007)

Commercial bank prime lending rate:

11.18% (31 December 2007)

Stock of