difference between vietnam Political, Economic & Social. situation and india Political, Economic & Social.
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The economy of Vietnam is a socialist-oriented market economy, which is the 44th-largest in the world as measured by nominal gross domestic product (GDP) and 27th-largest in the world as measured by purchasing power parity (PPP). Vietnam is a member of Asia-Pacific Economic Cooperation, Association of Southeast Asian Nations and the World Trade Organization.
Since the mid-1980s, through the Đổi Mới reform period Vietnam has made a shift from a highly centralized command economy to a mixed economy that uses both directive and indicative planning through five-year plans with support from an open market-based economy. Over that period, the economy has experienced rapid growth. In the 21st century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises (SMEs). Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia. In the current period,[when?] Vietnam's economy relies largely on foreign direct investment to attract the capital from overseas to support its continual economic rigor.[24] Foreign investment on the luxury hotel and sector and resorts will rise to support high-end tourist industry.[25]
According to a forecast by PricewaterhouseCoopers in February 2017, Vietnam may be the fastest-growing of the world's economies, with a potential annual GDP growth rate of about 5.1%, which would make its economy the 20th-largest in the world by 2050.[26] Vietnam has also been named among the Next Eleven and CIVETS countries. Despite economic achievement following Doi Moi, there exist issues that cause many analysts and researchers to remain worried about the economic slowdown in the country in recent years.
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