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The World Trade Organization has voted to accept Vietnam as a member. WTO accession is a long sought goal of Vietnam's government, which needs it to compete on an equal footing with other export-oriented economies.
Vietnam's journey toward World Trade Organization membership has taken more than decade of negotiations. But the effort paid off Tuesday, when the WTO accepted the Asian nation as its 150th member
Vietnam Approves Plan for Dong to Trade More Freely
Below are rates of some of
the neighboring countries and their exchange rates to compare:
China |
$1
= 6.85 China Yuan |
Malaysia |
$1 = 3.30 Malaysia Ringgits |
Taiwan |
$1
= 32.10 Taiwan Dollars |
South Korean |
$1 =1118 Korean Won |
| Vietnam |
$1 =17620 Vietnam Dong |
The above represents
approximate rates as of 5/27/10Exchange rates are
subject to change. |
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Potential
Value increase of a 1 Million Vietnamese Dong holding |
If the value of
Vietnamese Dong increases to: |
The resulting
value of your 1 Million Dong would be worth: |
| $0.005 |
$5,000 |
| $0.01 |
$10,000 |
| $0.12 |
$127,000 China Exchange Rate |
| $0.20 |
$200,000 |
What is fueling the Vietnamese economic boom
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A shift from agriculture to manufacturing. Agriculture’s role in the economic output of an increasingly industrialized Vietnam decreased from 25 percent in 2000 to 21 percent in 2005. But exports of coffee, tea, and pepper have soared in recent years. And Vietnamese fish exports grew by 12 percent in the past year, despite antidumping actions taken by the U.S. and Japanese fishing industries. Aside from making shoes and apparel, Vietnamese manufacturing of electronic goods is on the rise because of large investments from companies such as Intel and Canon, the latter of which built the world’s largest laser printer factory in
northern Vietnam. The result is a growing number of high-end goods. “Vietnam’s not producing things you’re going to find in dollar stores,” says Robert K. Brigham, a Vietnam expert at Vassar College.
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Foreign direct investment (FDI). The government has eased limits on foreign ownership of businesses, and Vietnam’s cheap land and low wages, even in comparison to China’s, attract foreign investors. As FDI rises—it increased by 41 percent to $5.8 billion in 2005—the number of state-owned enterprises shrinks, down from 5,600 in 2001 to 3,200 in 2005. The United States accounted for about $3.9 billion in FDI in 2005, up from $2.1 the previous year.
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Remittances. Some 3 million Vietnamese live outside the country, and they sent a record number or remittances—over $4 billion—home in 2005. As much as 70 percent of these resources flow from the United States.
Vietnam’s economy has thrived in recent years. Indeed, China was the only Asian country to outpace the 8.4 percent growth of Vietnamese GDP in 2005—a small spike in Hanoi’s 7.5 percent average GDP growth over the past decade. The flourishing economy has drastically improved life expectancy, and the poverty rate dropped by almost two-thirds between 1993 and 2004. Hanoi’s economic boom dates to 1995, when Vietnam normalized relations with the United States and joined the Association of Southeast Asian Nations (ASEAN). Despite the Communist Party of Vietnam’s continued grip over the country’s politics, central planning has given way to a market-based economic system and a marked decrease in the number of state-owned enterprises.
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