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The shift away from a centrally planned economy to a more market-oriented economic model has improved the quality of life for many Vietnamese.http://www.state.gov/r/pa/ei/bgn/4130.htm The shift away from a centrally planned economy to a more market-oriented economic model has improved the quality of life for many Vietnamese. Per capita income rose from $220 in 1994 to $1,168 in 2010. Year-on-year inflation increased to 11.75% in 2010 from 6.52% in 2009. Experts doubt that the Vietnamese Government can reach its 2011 Consumer Price Index (CPI) target of 7%, given that inflation has remained above target for 4 straight months and April CPI was more than 9%. The average Vietnamese savings rate is about 25% of GDP. Unemployment remains low, but has been rising in recent years. Unemployment was 2.88% in 2010--a slight decline from 2.9% in 2009, but up from 2.4% in 2008--with urban unemployment being higher (4.43% in 2010) than rural (2.27% in 2010). Vietnam was granted unconditional normal trade relations (NTR) status by the
United States in December 2006. To meet the obligations of WTO membership,
Vietnam revised nearly all of its trade and investment laws and guiding
regulations and opened up large sectors of its economy to foreign investors and
exporters. |
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