|Packaged of Medicaments|
Vietnam, officially the Socialist Republic of Vietnam, is the easternmost country on the Indochina Peninsula in Southeast Asia. With an estimated 90.5 million inhabitants as of 2014, it is the world's 14th-most-populous country and the eighth-most-populous Asian country. Vietnam is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and Malaysia across the South China Sea to the southeast.[d] Its capital city has been Hanoi since the reunification of North and South Vietnam in 1975.
Following its reorganization in 1976, the State Bank of Vietnam (formerly the National Bank of Vietnam) became the central bank of the country. In addition to its national financial responsibilities, the State Bank also assumed some of the duties of a commercial bank. It maintained a head office in Hanoi, a division in Ho Chi Minh City, and numerous provincial branches. Other important banks operating in Vietnam in 1988 included the Bank for Industry and Trade (VietinBank - now the largest listed bank) which provides credit to the industry and trade sectors, the Foreign Trade Bank, which was charged with overseeing all aspects of foreign payments, and the Bank for Agricultural Development, which provided loans to agriculture and fishing.
The first solely commercial bank opened in Ho Chi Minh City in July 1987 to handle personal savings and to extend loans to enterprises and individuals. The bank was capitalized with D500 million (US$1.4 million) provided by the government and through stock issues. One objective in establishing Vietnam's first commercial bank was to limit inflation through the bank's ability to coordinate the extension of credit.
To attract more foreign exchange, the Foreign Trade Bank opened an account in 1987 for overseas Vietnamese remittances of foreign currencies to their relatives at home. The currencies dealt with were United States dollars, French francs, Swiss francs, Hong Kong dollars, Canadian dollars, British pounds, Japanese yen, Australian dollars, and Deutsche Mark. In 1987 the bank also agreed to establish a finance company in Tokyo in partnership with a Japanese bank. As the first joint venture between the two countries, the proposed company was intended to help settle bilateral trade accounts, but it was also expected to assist in technology transfers.
|Agriculture||fruits, vegetables, raw sugar.|
|Manufacture||Telephones, computers, integrated circuits and etc.|
|Services (Including financial)||49.75% (2015 est.)|
|Bank of Agriculture and Rural Development||Banking|
|Vietnam Post and Telecommunication||Telecom|
|Electricity of Vietnam||Energy|
|Bank for Investment and Development of Vietnam||Banking|
|Vietsovpetro JV Enterprise|
|Bank for Foreign Trade of Vietnam||Banking|
|Vietnam Insurance Corporation||Financial|
|HCMC Post and Telecommunication||Telecom|
|Vietnam Railway Corporation||Transportation|
|Packaged of Medicaments|
Ho Chi Minh City Stock Exchange (HOSE or HSX), located in Ho Chi Minh City, is the largest stock exchange in Vietnam. Established in 2000 as the Ho Chi Minh City Securities Trading Center (HoSTC), it is an administrative agency of the State Securities Commission, along with the Hanoi Securities Trading Center. The stock exchange is located at 45-47 Ben Chuong Duong, District 1, Ho Chi Minh City, Vietnam. The current top executive of HSX, with the title of Deputy Chairman, is Mr. Tran Dac Sinh.
On 8 August 2007, HoSTC was renamed and upgraded to the Ho Chi Minh Stock Exchange (HOSE).
Ho Chi Minh City Stock Exchange located at the T-junction Vo Van Kiet and Nam Ky Khoi Nghia street.
On 18 May 2015, the HoSE joined the United Nations Sustainable Stock Exchanges (SSE) initiative as part the SSE's regional dialogue in Bangkok hosted by the Stock Exchange of Thailand.
Vietnam’s economy had already entered a period of macroeconomic instability when it was hit by the global financial crisis, causing the broader economic environment to deteriorate further.
Domestically, Vietnam’s economy was negatively impacted by surging inflation and worsening twin deficits in both fiscal and current accounts in recent years.
Negative external shocks further exposed serious structural weaknesses in the economy. As domestic consumption weakens and export orders decrease, industrial production stagnates and unemployment increases rapidly. Consequently, Vietnam's economic growth in 2008 slowed down to 6.2%, the lowest in almost a decade.
On December 11, 2008, the Vietnamese government released several urgent measures to prevent a sharp economic downturn and ensure social stability.
Measures have been taken to support the small and medium enterprises (SME) in Vietnam and to gradually ease the monetary policy. In addition, the government launched an unemployment insurance scheme on January 1, 2009, to provide financial assistance to unemployed workers.
In particular, a stimulus package of US $6 billion was announced in December 2008. The package, amounting to 6.8% of GDP and considered very large by international standards, aims to revive the slowing economy with tax cuts, interest rate assistance, as well as spending on infrastructure, housing, schools, and hospitals.
On January 23, 2009, the government decided to spend US $1 billion (VND 17 trillion) as the first phase of the stimulus package to subsidize loans interest payment. It aims to ease the firms’ financial difficulties, create new jobs, and increase domestic consumption.
However, with high levels of fiscal deficit, trade deficit, and inflation, as well as decreasing oil revenues, there is limited room for maneuvering to promote aggregate demand.
More challenges are likely in 2009. The government will face a serious test of its capacity to manage the economy in the global downturn.
Overall, Vietnam’s economic fundamentals remain relatively weak, with serious fiscal and trade deficit and low overall efficiency. The stimulus package, though relatively small compared to those of several other countries, demonstrated the government’s determination to pull the economy out of the global turbulence.
Vietnam’s capacity to ride out this period of difficulties depends crucially on its ability to bring back growth; maintaining long-term macroeconomic stability, however, is a challenge. The recovery is likely to be led by export growth once global demand resumes.
Vietnam was part of Imperial China for over a millennium, from 111 BC to AD 939. An independent Vietnamese state was formed in 939, following a Vietnamese victory in the Battle of Bitching River. Successive Vietnamese royal dynasties flourished as the nation expanded geographically and politically into Southeast Asia, until the Indochina Peninsula was colonized by the French in the mid-19th century. Following a Japanese occupation in the 1940s, the Vietnamese fought French rule in the First Indochina War, eventually expelling the French in 1954. Thereafter, Vietnam was divided politically into two rival states, North and South Vietnam. The conflict between the two sides intensified in what is known as the Vietnam War. The war ended with a North Vietnamese victory in 1975.
Vietnam was then unified under a communist government but remained impoverished and politically isolated. In 1986, the government initiated a series of economic and political reforms which began Vietnam's path towards integration into the world economy. By 2000, it had established diplomatic relations with all nations. Since 2000, Vietnam's economic growth rate has been among the highest in the world, and, in 2011, it had the highest Global Growth Generators Index among 11 major economies. Its successful economic reforms resulted in its joining the World Trade Organization in 2007. It is also a historical member of the Organisation Internationale de la Francophonie. Vietnam remains one of the world's four remaining one-party socialist states officially espousing communism.
Fil Thorpe -Evans
The dong has been the currency of Vietnam since May 3, 1978. Issued by the State Bank of Vietnam, it is represented by the symbol "d". Formerly, it was subdivided into 10 hào, which was further subdivided into 10 xu, neither of which is now used.
In 1978, the State Bank of Vietnam (Ngân hàng Nhà nuoc VietNam) introduced notes in denominations of 5 hào, 1, 5, 10, 20, and 50 dong dated 1976. In 1980, 2 and 10 dong notes were added, followed by 30 and 100 dong notes in 1981. These notes were discontinued in 1985 as they gradually lost value due to inflation and economic instability.
In 1985, notes were introduced in denominations of 5 hào, 1, 2, 5, 10, 20, 30, 50, 100, and 500 dong. As inflation became endemic, these first banknotes were followed by 200, 1,000, 2,000, and 5,000 dong notes in 1987, by 10,000 and 50,000 dong notes in 1990, by a 20,000 dong note in 1991, a 100,000 dong note in 1994, a 500,000 dong note in 2003, and a 200,000 dong note in 2006. Banknotes with denominations of 5,000 dong and under have been discontinued from production, but as of 2015 are still in wide circulation.
Five banknote series have appeared. Except for the current series, dated 2003, all were confusing to the user and lacked unified themes and coordination in their designs. The first table below shows the latest banknotes, of 100 dong or higher, prior to the current series. On June 7, 2007, the government ordered cessation of the issuance of the cotton 50,000 and 100,000d notes. They were taken out of circulation by September 1, 2007. State Bank of Vietnam 10,000 and 20,000d cotton notes are no longer in circulation as of January 1, 2013
|National Song||"Tiến Quân Ca"|
|Currency||Vietnamese dong (VND)|
|GDP / GDP Rank||595.524 Billion USD|
|GDP Growth Rate||6.7 Percent|
|GDP Per Captial||$6428.569 (PPP)|
UTC+07:00 (Indochina Time)
< 1.0% Muslims
< 1.0% Hindus
< 1.0% Jews
< 1.0% Other Religions
Kinh (Viet) 85.7%
President – Nguyễn Phú Trọng
Prime Minister – Nguyễn Xuân Phúc
|Website||Go to the web|
|Public Debt||62.419 Percent|
|Unemployment Rate||2.178 Percent|
|Labor Force (Occupation)||-|