Viet Nam - A Guide for Business and Investment - asean-korea centre

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PART II. THE ECONOMYThe industrial structure has changed considerably,with the oil and gas industry accounting for 10.4%of the total value of industrial production. A largenumber of specialised industrial zones utilising modernproduction technologies have been developed.Manufacturing accounted for 81.2% of industrialproduction, of which the food processing industryaccounted for 19.3%. Power supply and distribution(5.6%) and water supply (0.3%) accounted for 5.9%.- The services sector has maintained its operationsdespite various difficulties, and has still improvedits quality, meeting the demands of economicgrowth and the people. Trade has been growing relativelywell. Markets are more open and transparentwith the participation of all economic sectors. Businessmethods have become more diversified, andthere has been an annual average increase of about14.8% in total retail sales.Further progress has been recorded in the tourismindustry. Numerous tourist centres have been upgradedand renovated and the types of tourism havediversified, resulting in an increase in tourism revenuein 2005 of 11.5 %.Transport services have met the basic demands ofcargo and passenger transportation. The physicalinfrastructure of the transport sector has improvedconsiderably, with more achievements expectedover the next 5 years with improved roads and portfacilities. The volume of cargo and passengers transportedannually has increased by 9.2% and 9.8% inthe last two years respectively.Post and telecommunications services have developedrapidly. The basic telecommunications networkhas been modernised. Growth in revenue has averagedmore than 17.7% per year.An insurance services market has been establishedwith the participation of domestic and foreign enterprisesfrom all economic sectors. Currently, thereare 32 insurance businesses from all economic sectorsoperating in the Viet Nam insurance business,of which 8 cover life insurance, 1 composite, 16non-life and 7 in brokerage. They include 3 stateowned,11 joint-stock, 6 joint-venture and 12 whollyforeign-owned companies. In addition, there are approximately30 representative offices of foreign insurancecompanies operating in Viet Nam.In 2005, the total value of services increased by 8.2%.The total revenue from the retail sale of domesticgoods and services increased by 20.5% compare to2004, with State Owned Enterprises accounting for12.9% and foreign invested enterprises accountingfor 3.8% of turnover and private domestic businessfor 83.3%.Bai Chay Brigde (supported by Japanese ODA)18 Viet Nam - A Guide for Business and Investment
Industrial growth (% increase on 1994 price)TotalBy ownershipState Non-state FDI1996 14.2 11.6 11.5 21.71997 13.8 10.8 9.5 23.21998 12.5 7.7 7.5 24.41999 11.6 5.4 10.9 21.02000 17.5 13.2 19.2 21.82001 14.6 12.7 21.5 12.62002 14.8 12.5 18.3 15.22003 16.8 11.9 23.3 18.02004 16.6 11.9 22.3 17.42005 17.2 8.7 24.1 20.9Source: General Statistics Office3. External TradeDuring the period of 2001-2005, total export revenueincreased by 17.5% per year. Both the compositionand quality of exports have improved significantly.The proportion of industrial products has risen considerably.Total imports have increased by 18.8% peryear. Export revenue reached US$390 per capital.Exports reached US$32.4 billion in 2005, an increaseof 22.5% compared to 2004. However, due to considerableimports of plant, equipment and materialsused for the industrialisation and modernisation processand for foreign investment projects, the tradedeficit has increased over the past three years. Tradingrelations with foreign countries, especially othercountries in the region, have expanded.PART II. THE ECONOMYSong Than Industrial Zone in Binh Duong provinceCargo loading at sea portViet Nam - A Guide for Business and Investment 19
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14 Yen Bai Luc Yen, Mu Cang Chai an
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52 Bac Lieu All districts Bac Lieu
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APPENDIX VIUseful contacts and addr
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APPENDIX VIHoa Binh DPINo. 3 Tran H
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Dak Lak DPINo. 17 Le Duan str, Buon
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Bac Giang IZs MBNo 48 Ngo Gia Tu st
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Vietnam - Singapore IZs MBNo. 8 Huy
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Germany, 29 Tran Phu St., HanoiTel:
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KPMG in VietnamHanoiHo Chi Minh Cit
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