Vietnam's economy expanded this year (2007) at the fastest pace since 1996, led by manufacturing and services, after the country joined the World Trade Organization.Gross domestic product (GDP) increased 8.5 percent. Foreign direct investment jumped to more than $20 billion this year, from $12 billion in 2006. The government is quite committed to its economic reforms. Industry and construction account for almost 42 percent of Vietnam's GDP. Manufacturing grew 12.8 percent, construction increased 12 percent, and the hotel and restaurant sector expanded 12.7 percent, according to today's release.Going forward, Vietnam has a lot of potential for tourism, which expects Vietnam's economy to expand 8.5 percent in 2008. Vietnam's January accession to the World Trade Organization released it from U.S. quotas on textile exports and detailed market access to be given to overseas companies, helping economic growth. The government is targeting economic expansion of about 9 percent next year. Vietnam is an economy with much development potential and an attractive destination for international investors
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