Economy

Main articles: Economy of Vietnam and Five-Year Plans of Vietnam The Saigon River cargo port in Ho Chi Minh City. Ho Chi Minh City's Bitexco Financial Tower, the second-tallest building in Vietnam.

In 2012, Vietnam's nominal GDP reached US$138 billion, with a nominal GDP per capita of $1,527, according to the International Monetary Fund (IMF). According to a December 2005 forecast by Goldman Sachs, the Vietnamese economy will become the world's 17th-largest by 2025, with an estimated nominal GDP of $436 billion and a nominal GDP per capita of $4,357. According to a 2008 forecast by PricewaterhouseCoopers, Vietnam may be the fastest-growing of the world's emerging economies by 2025, with a potential growth rate of almost 10% per annum in real dollar terms. In 2012, HSBC predicted that Vietnam's total GDP would surpass those of Norway, Singapore and Portugal by 2050.

Vietnam has been, for much of its history, a predominantly agricultural civilization based on wet rice cultivation. However, the Vietnam War destroyed much of the country's agrarian economy, leading the post-war government to implement a planned economy to revitalise agriculture and industrialise the nation. The collectivization of farms, factories and economic capital was implemented, and millions of people were put to work in government programs. For a decade following the Vietnam War, Vietnam's economy was plagued with inefficiency and corruption in state programs, poor quality and underproduction, and restrictions on economic activity. It also suffered from the post-war trade embargo instituted by the United States and most of Europe. These problems were compounded by the erosion of the Soviet bloc, which included Vietnam's main trading partners, in the late 1980s.

In 1986, the Sixth National Congress of the Communist Party introduced socialist-oriented market economic reforms as part of the Đổi Mới reform program. Private ownership was encouraged in industries, commerce and agriculture. Thanks largely to these reforms, Vietnam achieved around 8% annual GDP growth between 1990 to 1997, and the economy continued to grow at an annual rate of around 7% from 2000 to 2005, making Vietnam one of the world's fastest growing economies. Growth remained strong even in the face of the late-2000s global recession, holding at 6.8% in 2010, but Vietnam's year-on-year inflation rate hit 11.8% in December 2010, according to a GSO estimate. The Vietnamese dong was devalued three times in 2010 alone.

Manufacturing, information technology and high-tech industries now form a large and fast-growing part of the national economy. Though Vietnam is a relative newcomer to the oil industry, it is currently the third-largest oil producer in Southeast Asia, with a total 2011 output of 318,000 barrels per day (50,600 m3/d). Like its Chinese neighbours, Vietnam continues to make use of centrally planned economic five-year plans.

Deep poverty, defined as the percentage of the population living on less than $1 per day, has declined significantly in Vietnam, and the relative poverty rate is now less than that of China, India, and the Philippines. This decline in the poverty rate can be attributed to equitable economic policies aimed at improving living standards and preventing the rise of inequality; these policies have included egalitarian land distribution during the initial stages of Đổi Mới, investment in poorer remote areas, and subsidising of education and healthcare. According to the IMF, the unemployment rate in Vietnam stood at 4.46% in 2012.

Trade

Since the early 2000s, Vietnam has applied sequenced trade liberalisation, a two-track approach opening some sectors of the economy to international markets while protecting others. In July 2006, Vietnam updated its intellectual property legislation to comply with TRIPS, and it became a member of the WTO on 11 January 2007. Vietnam is now one of Asia's most open economies: two-way trade was valued at around 160% of GDP in 2006, more than twice the contemporary ratio for China and over four times the ratio for India. Vietnam's chief trading partners include China, Japan, Australia, the ASEAN countries, the United States and Western Europe. In 2011, Vietnam's total international trade, including both exports and imports, was valued at approximately $200 billion.

As a result of several land reform measures, Vietnam has become a major exporter of agricultural products. It is now the world's largest producer of cashew nuts, with a one-third global share; the largest producer of black pepper, accounting for one-third of the world's market; and the second-largest rice exporter in the world, after Thailand. Vietnam has the highest proportion of land use for permanent crops – 6.93% – of any nation in the Greater Mekong Subregion. Other primary exports include coffee, tea, rubber, and fishery products. However, agriculture's share of Vietnam's GDP has fallen in recent decades, declining from 42% in 1989 to 20% in 2006, as production in other sectors of the economy has risen.

Science and technology

Vietnamese scholars developed many academic fields during the dynastic era, most notably social sciences and the humanities. The country boasts a millennium-deep legacy of analytical histories, such as the Đại Việt sử ký toàn thư of Ngô Sĩ Liên. Vietnamese monks led by the abdicated Emperor Tran Nhan Tong developed the Trúc Lâm Zen branch of philosophy in the 13th century. Arithmetics and geometry have been widely taught in Vietnam since the 15th century, using the textbook Đại thành toán pháp by Lương Thế Vinh as a basis. Lương Thế Vinh introduced Vietnam to the notion of zero, while Mạc Hiển Tích used the term số ẩn (en: "unknown/secret/hidden number") to refer to negative numbers. Vietnamese scholars furthermore produced numerous encyclopedias, such as Lê Quý Đôn's Vân đài loại ngữ.

In recent times, Vietnamese scientists have made many significant contributions in various fields of study, most notably in mathematics. Hoàng Tụy pioneered the applied mathematics field of global optimization in the 20th century, while Ngô Bảo Châu won the 2010 Fields Medal for his proof of fundamental lemma in the theory of automorphic forms. Vietnam is currently working to develop an indigenous space program, and plans to construct the US$600 million Vietnam Space Center by 2018. Vietnam has also made significant advances in the development of robots, such as the TOPIO humanoid model. In 2010, Vietnam's total state spending on science and technology equalled around 0.45% of its GDP.

Transport Main article: Transport in Vietnam

Much of Vietnam's modern transport network was originally developed under French rule to facilitate the transportation of raw materials, and was reconstructed and extensively modernized following the Vietnam War.

Air Main article: Air transport in Vietnam A Vietnam Airlines Boeing 777.

Vietnam operates 17 major civil airports, including three international gateways: Noi Bai in Hanoi, Da Nang International Airport in Da Nang, and Tan Son Nhat in Ho Chi Minh City. Tan Son Nhat is the nation's largest airport, handling 75 percent of international passenger traffic. According to a state-approved plan, Vietnam will have 10 international airports by 2015 – besides the aforementioned three, these include Lien Khuong International Airport, Phu Bai International Airport, Cam Ranh International Airport, Phu Quoc International Airport, Cat Bi International Airport, Cần Thơ International Airport and Long Thanh International Airport. The planned Long Thanh International Airport will be built on an area of 50 square kilometres (19 sq mi), and will have an annual service capacity of 100 million passengers.

Vietnam Airlines, the state-owned national airline, maintains a fleet of 69 passenger aircraft, and aims to operate 150 by 2020. Several private airlines are also in operation in Vietnam, including Air Mekong, Jetstar Pacific Airlines, VASCO and VietJet Air.

Road Buses in Ho Chi Minh City. A section of the North–South Expressway linking Cầu Giẽ and Ninh Bình.

Vietnam's road system includes national roads administered at the central level; provincial roads managed at the provincial level; district roads managed at the district level; urban roads managed by cities and towns; and commune roads managed at the commune level. Bicycles, motor scooters and motorcycles remain the most popular forms of road transport in Vietnam's urban areas, although the number of privately owned automobiles is also on the rise, especially in the larger cities. Public buses operated by private companies are the main mode of long-distance travel for much of the population.

Road safety is a serious issue in Vietnam – on average, 30 people are killed in traffic accidents every day. Traffic congestion is a growing problem in Hanoi and Ho Chi Minh City, as the cities' roads struggle to cope with the boom in automobile use.

Rail Main article: Rail transport in Vietnam

Vietnam's primary cross-country rail service is the Reunification Express, which runs from Ho Chi Minh City to Hanoi, covering a distance of nearly 2,000 kilometres. From Hanoi, railway lines branch out to the northeast, north and west; the eastbound line runs from Hanoi to Ha Long Bay, the northbound line from Hanoi to Thai Nguyen, and the northeast line from Hanoi to Lao Cai.

In 2009, Vietnam and Japan signed a deal to build a high-speed railway using Japanese technology; numerous Vietnamese engineers were later sent to Japan to receive training in the operation and maintenance of high-speed trains. The railway will be a 1,630-km-long express route, serving a total of 26 stations, including Hanoi and the Thu Thiem terminus in Ho Chi Minh City. Using Japan's Shinkansen technology, the line will support trains travelling at a maximum speed of 360 kilometres (220 mi) per hour. The high-speed lines linking Hanoi to Vinh, Nha Trang and Ho Chi Minh City will be laid by 2015. From 2015 to 2020, construction will begin on the routes between Vinh and Nha Trang and between Hanoi and the northern provinces of Lao Cai and Lang Son.

Sunset on the South China Sea off the village of Mui Ne on the south-east coast of Vietnam. Water

As a coastal country, Vietnam has many major sea ports, including Cam Ranh, Da Nang, Hai Phong, Ho Chi Minh City, Hong Gai, Qui Nhơn, Vung Tau and Nha Trang. Further inland, the country's extensive network of rivers play a key role in rural transportation, with over 17,700 kilometres (11,000 mi) of navigable waterways carrying ferries, barges and water taxis.

In addition, the Mekong and Red River deltas are vital to Vietnam's social and economic welfare – most of the country's population lives along or near these river deltas, and the major cities of Ho Chi Minh City and Hanoi are situated near the Mekong and Red River deltas, respectively. Further out in the South China Sea, Vietnam currently controls the majority of the disputed Spratly Islands, which are the source of longstanding disagreements with China and other nearby nations.