The countries of Eastern Asia are some of the most exciting economies in today's world. Businesses around the world are looking towards this area for new growth opportunities. Vietnam has one of the leading economies of the Southeast Asia area, and one of the fastest growing economies in all of Asia. The country boasts a GDP growth rate of 8.2%, exceeding all other ASEAN nations (see chart). This is very impressive, as only China has a higher GDP growth rate in all of Asia. Vietnam has the lowest unemployment out of all the ASEAN nations, at 2%. This, however, is offset by the relatively high inflation rate of 7.5%. The high inflation rate is the weakest element of Vietnam's economy, and is the result of the political practices in the country.
Vietnam also has an industrial production growth rate of 11.3%, which is the third highest among all ASEAN nations, and higher than the industrial growth rate of the United States or Japan. Developing countries typically desire industrial growth as it helps stimulate the economy and leads to improvements in country infrastructure. Some of Vietnam's major exporting industries are Crude Oil, Electronics, Plastics, and Footwear. The United States is the biggest importer of Vietnamese products, followed by Japan, China, Australia, and Singapore. Vietnam is one of the most prominent emerging markets in the world, however, its citizens have very few political rights and the country is ranked 109th in the world in terms of Human Development.
Written by Carl Phelps, Research Associate for GLOBAL ID
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