TRIPS IN VIETNAM
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Economy of VietNam
The economy of Vietnam
The economy of Vietnam recorded since the late 1980s, economic growth increasingly assertive, following difficult years due to the Vietnam War. Wars, major expenses of armament and poor planning of the economy have greatly weakened the economy of Vietnam.
This however recorded since the late 1980s, the lifting of the US embargo in the mid-1990s, a significant recovery of the economy coinciding with a gradual economic liberalization, like its neighbor China. Since the 2000s, there is more talk of an economic take-off since the real growth rate of GDP going from 4.7% in 2001 to 7.8% in 2007, although it is back down to 6.3% in 2008 and 5.3% in 2009 because of the economic crisis2. However, it rose to 6.8% in 2010.
Agriculture is very important, with 51.8% of total employment. The services sector occupies 32.7% and 15.4% of the industry (2009). The South, very fertile, especially cultivates rice. Essential commodity, this food is also an export product. Vietnam is the third largest exporter, and sometimes the second, rice. Mineral resources and heavy industry are concentrated in contrast to the North. The main export, oil, accounting for 20% of foreign trade income, mainly due to oil field off the coast of Vung Tau (Cape Saint Jacques). A quarter oil imported to the US come from Vietnam, which could explain its important position in the region, both economically and strategically.
The coffee plantation in Vietnam plays a very important role and contributes much to the country's export products and thus Vietnam is the second largest coffee producer. Moreover, in 2010, the three main partners of Vietnam, concerning its exports are the United States (20%), Japan (10.7%) and China (9.8%). Vietnam is part of the Asia Pacific Economic Cooperation (APEC) and the World Trade Organization (WTO) since 11 January 2007.
Despite the very corruption present, Viet Nam was considered one of the most reliable country by the economic aid from all sources among developing countries. The inflation soared in Vietnam, reaching up to 23.1 %% in 2008. The surge in prices has undermined the poorest inhabitants. However, she declined to 7% in 2009 and then rise once again in 2010 to 11.8%.
Tourism, which has still a limit in the economy and does not develop stably in areas of the country.