Vietnam+Economics

Economics


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Agriculture has long been the cornerstone of Vietnam’s economy. Along with forestry and fishing, it employs 71% of the nation’s workers. Most farming takes place in the Mekong and Red Rivder deltas, as well as other regions of the north and south. About 80% of all farmland is used to grow rice. Other crops include sugarcane, peanuts, cassava, soybeans, corn, peppers, and sweet potatoes. Plantations growing fruits such as bananas, oranges, mangoes, pineapples, and coconuts are found in the Mekong River Delta. (Willis, 2002)

Other items that are manufactured in Vietnam include paper goods, cement, chemical fertilizer and footwear. With its long, sandy coastline, towering mountains, forest and jungles, and interesting history, Vietnam is growing in tourism. In recent years, the country has spent millions to promote tourism and people are now making the trip. (CIA Worldfactbook)

The average income throughout the country is about $350 per year. In Hanoi, where economic reforms have helped, the average annual income is about $1,000. In many rural areas, people live on about $50 a year (Willis, 2002).Clearly, the doi moi reforms in Vietnam have gone a long way toward strengthening the economy, but there is still a long way to go. (Willis, 2002)