Flag description:
red field with a large yellow five-pointed star in the center; red symbolizes revolution and blood, the five-pointed star represents the five elements of the populace - peasants, workers, intellectuals, traders, and soldiers - that unite to build socialism
National anthem:
name: "Tien quan ca" (The Song of the Marching Troops)
lyrics/music: Nguyen Van CAO
note: adopted as the national anthem of the Democratic Republic of Vietnam in 1945; it became the national anthem of the unified Socialist Republic of Vietnam in 1976; although it consists of two verses, only the first is used as the official anthem
Economy ::Vietnam
Economy - overview:
Vietnam is a densely-populated developing country that in the last 30 years has had to recover from the ravages of war, the loss of financial support from the old Soviet Bloc, and the rigidities of a centrally-planned economy. Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the WTO in January 2007 following more than a decade-long negotiation process. WTO membership has provided Vietnam an anchor to the global market and reinforced the domestic economic reform process. Agriculture's share of economic output has continued to shrink from about 25% in 2000 to about 21% in 2009. Deep poverty has declined significantly and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year. The global recession has hurt Vietnam's export-oriented economy with GDP growing less than the 7% per annum average achieved during the last decade. In 2009 exports fell nearly 10% year-on-year, prompting the government to consider adjustments to tariffs to limit the trade deficit. The government has used stimulus spending, including a subsidized lending program, to help the economy through the global financial crisis. Vietnam's managed currency, the dong, faced downward pressure during the recession and the government devalued it by nearly 7% in December 2009. Foreign donors pledged $8 billion in new development assistance for 2010. Export growth resumed in 2010, driving GDP upward. However, Hanoi has struggled to control one of the region's highest inflation rates, which stands at 11.1% with interest hikes and multiple devaluations of the dong. Vietnam's economy faces higher lending rates, additional IMF scrutiny, domestic inflationary pressures, and an underperforming stock market.
GDP (purchasing power parity):