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Economy of Vietnam

Plantilya:Expand language Plantilya:Infobox economy The economy of Vietnam is a developing mixed socialist-oriented market economy, which is the 35th-largest in the world as measured by nominal gross domestic product (GDP) and 26th-largest in the world as measured by purchasing power parity (PPP) in 2022. It is a lower-middle income country with a low cost of living. Vietnam is a member of the Asia-Pacific Economic Cooperation, the 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 failed highly centralized planned economy to a mixed economy. Before, South Vietnam was reliant on US aid, while North Vietnam & reunified Vietnam relied from Communist aid until the Soviet Union's collapse. The economy 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. According to a forecast by PricewaterhouseCoopers in February 2017Plantilya:Update inline, Vietnam may be the fastest-growing of the world's economies, with a potential annual GDP growth rate of about 5.1 percent, which would make its economy the 10th-largest in the world by 2050.Plantilya:Update inline Vietnam has also been named among the so-called Next Eleven and CIVETS countries.