Economy & Business > Overview

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Vietnam has a mixed economy. Over the past 20 years, Vietnam has shifted from a centrally planned economy to a Socialist-oriented market economy, marked by the Đi Mi renovation in which the economy experienced rapid growth. Due to globalization in recent years, Vietnam is integrating into the world’s economy, transiting into a market-oriented mixed economy. In 2006, Vietnam joined the World Trade Organization, which is a step towards further liberalizing the economy and reinforcing the domestic economic reform process.

Despite the fact that almost all Vietnamese enterprises are SMEs with some nationwide trademarks such as VNPT, Vinamilk, Trung Nguyen, Khanh Do and others, Vietnam has been rising as a leading agricultural exporter and an attractive foreign investment destination in East and Southeast Asia. It is now the second fastest growing economy in Asia, boasting an average growth rate of 8% for the past 5 years.