Economy in Vietnam

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After the reunification in 1975, economic development in Vietnam faltered as the nation grappled with the aftermath of 40 years of independence struggle. In the late 1980's the Government initiated a fundamental economical and social renovation (known as Doi Moi). The gradual rapprochement with the US and the Western World has yielded economic benefits for Vietnam with the per capita income rising to US$ 300 from $200 over the past five years.

The local currency is the Dong. Credit cards and Traveller cheques are becoming more widely accepted at hotels, restaurants and tourist centers. The US dollar is widely accepted throughout the country.

The economy is based on money that is filtered into the country through money sources outside the country.  Millions of USD are sent back every year to family members to suppliment their income.

The currency exchange rate between US dollars and Vietnam dong is $1 to 16,038 dong (2007 rate).

Contributors
May 15, 2007 change by ranman
May 17, 2007 change by giorgio

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