the government's belief
that shifting to a market-oriented economy would lead to disaster.
GDP growth of 8.5% in 1997 fell to 6% in 1998 and 5% in 1999. Growth
then rose to 6% to 7% in 2000-02 even against the background of
global recession. These numbers mask some major difficulties in
economic performance. Many domestic industries, including coal,
cement, steel, and paper, have reported large stockpiles of
inventory and tough competition from more efficient foreign
producers. Since the Party elected new leadership in 2001,
Vietnamese authorities have reaffirmed their commitment to economic
liberalization and have moved to implement the structural reforms
needed to modernize the economy and to produce more competitive,
export-driven industries. The US-Vietnam Bilateral Trade Agreement
entered into force near the end of 2001 and is expected to
significantly increase Vietnam's exports to the US. The US is
assisting Vietnam with implementing the legal and structural reforms
called for in the agreement.

GDP:
purchasing power parity - $203.7 billion (2003 est.)

GDP - real growth rate:
7.2% (2003 est.)

GDP - per capita:
purchasing power parity - $2,500 (2003 est.)

GDP - composition by sector:
agriculture: 21.8%
industry: 39.7%
services: 38.5% (2003 est.)

Investment (gross fixed):
33% of GDP (2003)

Population below poverty line:
37% (1998 est.)

Household income or consumption by percentage share:
lowest 10%: 3.6%
highest 10%: 29.9% (1998)

Distribution of family income - Gini index:
36.1 (1998)

Inflation rate (consumer prices):
3.1% (2003 est.)

Labor force:
45.74 million (2003 est.)

Labor force - by occupation:
agriculture 63%, industry and services 37% (2000 est.)

Unemployment rate:
6.1% (2003 est.)

Budget:
revenues: $8.689 billion
expenditures: $9.718 billion, including capital expenditures of $1.8
billion (2003 est.)

Public debt:
64.3% of GDP (2003)

Agriculture - products:
paddy rice, corn, potatoes, rubber, soybeans, coffee, tea, bananas,
sugar; poultry, pigs, fish

Industries:
food processing, garments, shoes, machine-building, mining, cement,
chemical fertilizer, glass, tires, oil, coal, steel, paper

Industrial production growth rate:
16% (2003 est.)

Electricity - production:
29.8 billion kWh (2001)

Electricity - consumption:
27.71 billion kWh (2001)

Electricity - exports: