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With a prominent position in the heart of the ASEAN region, Vietnam is one of the world’s fastest growing emerging markets.
While Vietnam's economy remains dominated by state-owned enterprises (SOEs), which still produce about 40% of GDP, Vietnamese authorities have reaffirmed their commitment to economic liberalization and international integration. They have moved to implement the structural reforms needed to modernize the economy and to produce more competitive export-driven industries. Vietnam joined the WTO in January 2007 and became an official negotiating partner in the developing Trans-Pacific Partnership trade agreement in 2010.
Poverty has declined significantly and Vietnam is working to create jobs to meet the challenge of a labor force that is growing by more than one million people every year.
Vietnam’s average GDP growth over the past 20 years exceeded 7%, which is second only to China and ahead of all other BRIC and ASEAN economies. The country’s rapid urbanization, the emergence of an affluent middle-class, and efficiency gains in agriculture and agribusiness combine for a compelling investment case.