Vietnam’s Gross Domestic Production (GDP) increased by 6.8 percent in 2010, making it become a middle-income country with GDP per capita of US$1,168.
State President Nguyen Minh Triet on September 9 asked the southwestern province of Tay Ninh to focus on developing industries that will foster a breakthrough in modernization and industrialization.
According to the Central Institute for Economic Management (CIEM), the rate of inflation remains high despite being lower than the 2008 level and it is impossible to resolve the high trade deficit in a short period of time.
Philippe R. Scholtes, United Nations Industrial Development Organisation (UNIDO) Representative in Vietnam has stressed that the progress Vietnam has made on the export front is very impressive.
Together with the export and tourism sectors, the industrial sector recorded impressive growth rates in 2005 with an increase of US$26.2 billion in production value, 17.2 percent more than the figures of 2004. Its export value hit a five-year record high of 21.3 percent to US$24.5 billion, making up 76 percent of the country’s total export quotas.