Vietnam

D

Energy

Hydroelectric power produces around 52 per cent of the country’s electricity while coal-burning plants produce about 48 per cent. Installed generating capacity in 1995 was 3,500 MW. In 2003 some 39.7 billion kWh of electricity were generated.

E

Currency and Banking

Following the reunification of Vietnam, the piastre, the currency of the south, was abolished. The monetary unit of Vietnam is the new dông of 100 xu (16,287 new dông equalled US$1; early 2008). The State Bank of Vietnam (1951), based in Hanoi, is the national bank of issue. Four independent commercial banks were established by the government in 1990, and regulations were introduced to allow foreign banks to operate in Vietnam.

F

Commerce and Trade

In 2002 Vietnam’s total annual exports were valued at about US$16,706 million, and its imports at about US$19,746 million. Important exports include unprocessed agricultural products (especially rice), petroleum, coal, clothing, footwear, ceramics, gemstones, and silk. Principal imports are mineral fuels, tractors, fertilizers, and transport equipment. Japan, Hong Kong S. A. R., the Philippines, Singapore, France, and Germany are Vietnam’s major trading partners. Since 1987 the government has encouraged foreign investment to promote economic growth, with a total of US$5,300 million invested between 1988 and 1993. On February 4, 1994, the United States ended a trade embargo first imposed against North Vietnam in 1964.

G

Labour

The labour force of Vietnam in 2006 was estimated to be around 44.8 million people. The only legal labour federation is the Vietnam General Confederation of Labour, which had a membership of about 3.8 million in the early 1990s. A new labour law passed in 1994 gave workers the right to strike.

H

Transport

The war years left a mark on the transport system of Vietnam. Since the end of the conflict, major efforts have been made to link the south and the north. Vehicular transport, easiest along the coast, employs a network (2004 figures) of about 222,179 km (138,056 mi) of roads, of which about 25 per cent is paved. In 1994 Vietnam had around 200,000 cars, trucks, and buses. Railways have (2005 figures) about 2,671 km (1,660 mi) of operable track and are concentrated in the north, except for the 1,730-km (1,075-mi) Hanoi-to-Ho Chi Minh City line. In October 2000 the Association of South East Asian Nations (ASEAN) approved plans for the Trans-Asia Railway Project, a 5,513-km (3,420-mi) rail link, costing US$2.5 billion. The link, which is scheduled for completion in 2006, will connect Vietnam and six other ASEAN countries (Singapore, Malaysia, Laos, Cambodia, Thailand, and Myanmar) with Kunming, in Yunnan Province, China. The long coastline of the country and the Mekong and Red rivers, as well as many smaller streams and canals, facilitate inexpensive water transport. The major ports used for international shipping are Haiphong, Đa Nãng, and Ho Chi Minh City. Domestic flights link several of Vietnam’s cities, and Vietnam Airlines operates both internationally and domestically. Ho Chi Minh City (Tan Son Nhat) and Hanoi (Noi Bai) have international airports.