Since it was opened up to Western investment in 2001, Vietnam has become one of the world’s fastest-growing economies, albeit on a small base. Here are some key statistics from their statistical bureau.
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The economic statistics paint a picture of rapid economic growth. However, when you consider the size of the base on which growth is calculated, it is evident that growth was slow for decades following the war. The exchange rate of roughly 15,000 dong to the dollar also suggests inflation, which the State Department (which has a page with good narrative) says was 300% in 1987, but which has been brought under control in preparation for entry into the WTO. In fact, the exchange rate did not change perceptibly between my trips in January 2007 and 2008. Since the dollar was declining against major world currencies in 2007 that would say something to an economist, I’m sure. To me as a marketer, it says that Vietnam remains a very affordable tourist destination.
Here are some other key facts, all drawn from the ranking page of the the CIA World Factbook, which also has detailed narrative on many political, social and economic characteristics of the country. Against all other countries for which data is available in 2006/2007 Vietnam ranks:
•15th in population
•13th in size of the labor force
•24th in rate of growth of real GNP
•168th in per capita GNP.
One of the first things a traveler notices is construction everywhere, in rural areas as well as urban. Motorbikes clog the streets in cities, and there are plenty of taxis but few private cars. In Saigon, public transportation takes the form of buses and they are much in evidence on the streets. Another sign of the level of economic development is the ubiquitous street vendors. Some are in native dress and
The evidence of a rapidly-growing economy is clear. The state of marketing is not so obvious, but in the next installment I’ll piece together what I’ve been able to learn.
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