Country Information

• GDP: US$241.8 billion (2008).
• Main exports: Crude oil, clothing and footwear, rice, rubber, tea and coffee.
• Main imports: Machinery and equipment, refined petroleum, steel, cotton and grain.
• Main trade partners: USA, Japan, Australia, China and Singapore.

The economy of Vietnam was devastated by 30 years of war up to 1975, after which policy errors and a USA-enforced trade boycott combined to stifle development. Since the government's economic liberation policy, known as doi moi and the end of the boycott in 1994, and the introduction of liberalising and deregulating measures by the government, the Vietnamese economy has undergone significant growth of around 8% to 9% annually. Membership of the WTO in January 2007, further reformed the reform process which saw exports to the US rise 900% between 2001 to 2007.

The current economic crisis has led to a dramatic drop in exports. Real GDP growth is expected to fall to 5% for 2009 and inflation in 2008 was up to 25%, but this has fallen to single digits. Higher unemployment, shrinking exports and decreased foreign investment are likely to slow Vietnam's significant progress in the last two decades.

Smart lightweight casuals would usually be worn for meetings as suits are needed for only the most formal occasions. English is not spoken by all officials and a knowledge of French will be useful. Business cards should have a Vietnamese translation on the back.

Office hours: Mon-Fri 0730/0800-1200 and 1300-1630/1700. Some offices are open on Saturday mornings.

Vietnam Chamber of Commerce and Industry
4th Floor, 9 Dao Duy Anh Street, Hanoi, Vietnam
Tel: (4) 574 3985.
Website: www.vcci.com.vn

Business Information Centre Portal
Tel: (84-80) 44092
Website: www.business.gov.vn

Vietnam Trade Promotion Agency (VIETRADE)
Website: www.vietrade.gov.vn

Vietnam is slowly being seen as a venue for meetings, incentives, conferences and exhibitions. At the moment there are no conference venues as such in the country, but the major hotels, in particular in Hanoi and Ho Chi Minh City, are able to host smaller events in their meeting rooms and ballrooms.