US diplomatic representation:
chief of mission: Liaison Officer James HALL
liaison office: address NA, Hanoi
mailing address: NA
telephone: NA
FAX: NA
note: negotiations between representatives of the US and Vietnam
concluded 28 January 1995 with the signing of an agreement to
establish liaison offices in Hanoi and Washington
Flag: red with a large yellow five-pointed star in the center
@Vietnam:Economy
Overview: Vietnam has made significant progress in recent years moving away from the planned economic model toward a more effective market-based economic system. Most prices are now fully decontrolled, and the Vietnamese currency has been effectively devalued and floated at world market rates. In addition, the scope for private sector activity has been expanded, primarily through decollectivization of the agricultural sector and introduction of laws giving legal recognition to private business. Nearly three-quarters of export earnings are generated by only two commodities, rice and crude oil. Led by industry and construction, the economy did well in 1993 and 1994 with output rising 7% and 9% respectively. However, the industrial sector remains burdened by noncompetitive state-owned enterprises the government is unwilling or unable to privatize. Unemployment looms as a serious problem with roughly 20% of the work force without jobs and with population growth swelling the ranks of the labor force yearly.
National product: GDP - purchasing power parity - $83.5 billion (1994 est.)
National product real growth rate: 8.8% (1994 est.)
National product per capita: $1,140 (1994 est.)
Inflation rate (consumer prices): 14.4% (1994)
Unemployment rate: 20% (1994 est.)
Budget:
revenues: $3.6 billion
expenditures: $4.5 billion, including capital expenditures of $NA
(1994 est.)