Vietnam, officially the Socialist Republic of Vietnam is the easternmost nation on the Indochina Peninsula. It borders China to the north, Laos to the northwest, and Cambodia to the southwest. On the country's east coast lies the South China Sea. With a population of over 85 million, Vietnam is the 13th most populous country in the world and the most densely populated nation in Southeast Asia. The country is listed among the "Next Eleven" economies; according to government figures GDP growth was 8.17% in 2006, the second fastest growth rate among countries in East and Southeast Asia.
The Vietnam War destroyed much of the economy of Vietnam. Upon taking power, the Government created a command economy in the nation. Collectivization of farms, factories and economic capital was implemented, and millions of people were put to work in government programs. In 1986, the Sixth Party Congress introduced significant economic reforms with market economy elements as part of a broad economic reform package called "Doi Moi" (Renovation). Private ownership was encouraged in industries, commerce and agriculture. Vietnam achieved around 8% annual GDP growth from 1990 to 1997 and continued at around 7% from 2000 to 2005, making it the world's second-fastest growing economy. Simultaneously, foreign investment grew threefold and domestic savings quintupled. Manufacturing, information technology and high-tech industries form a large and fast-growing part of the national economy.
Vietnam's 2006 GDP was estimated to be US$258.6 billion. This translates to ~US$3,100 per capita. Inflation rate was estimated at 7.5% per year in 2006. The spending power of the public has noticeably increased.
The capital of Vietnam is Hanoi (it had served as the capital of French Indochina and North Vietnam), and the largest and most populous city is Ho Chi Minh City (formerly known as Saigon). Vietnam is subdivided into 59 provinces and 5 province-level cities, which are further subdivided into districts and municipalities. Provincial governments are expected to be subordinate to the central government. Often, the Vietnamese government groups the various provinces into eight regions: Northwest, Northeast, Red River Delta, North Central Coast, South Central Coast, Central Highland, Southeast, Mekong River Delta.
Hanoi is located on the right bank of the Red River. The city comprises nine inner districts and five outer districts. Hanoi experiences the typical climate of northern Vietnam, where summers are hot and humid, and winters are relatively cool and dry. The summer months from May to September receive the majority of rainfall in the year (1,682 mm rainfall/ year). The winter months from November to March are relatively dry, although spring then often brings light rains.
As the capital of Vietnam for almost a thousand years, Hanoi is considered to be the cultural center of Vietnam, where every dynasty has left behind their imprint. Even though some relics have not survived through wars and time, the city still has many interesting cultural and historic monuments for visitors and residents alike. |
