Beginning in 1986 as the Doi Moi campaign, literally meaning “renovation," Vietnam has slowly been governing its economy to evolve from its command past to a socialist-oriented free market. Private enterprise is increasingly encouraged and the borders have been opened to increased foreign direct investment and ownership.
In 2009 Viet Nam had a GDP of $258.1 billion with an annual growth rate of 5.3% (Price Waterhouse Cooper, 2008).
The growing export market reached US$48.4 Billion in 2007 (PWC, 2008). The five largest export categories are oil, textiles, footwear, seafood, and wood products. U.S.A., Japan, Australia, China, and Singapore are the country’s five biggest markets.
An imbalance in trade exists with Viet Nam importing $60.6 billion worth of products in 2007, contributing to a trade deficit over $12 billion (PWC, 2008). This disparity is still relatively small for an emerging economy and should not be noted with caution.
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