Historically, Vietnam is a country whose economy is mainly based on agriculture. But it has destroyed much of its economy due to the different wars it had to undergo. Taking power after Vietnam War The Govt created a planned economy for the nation.
Collectivization of farms, factories, and economic capital was implemented, and millions of people were put to work in Govt. programs. For a decade, united Vietnam's economy was plagued with inefficiency and corruption in state programs, poor quality and under production and restrictions on economic activities and trade.It also suffered from the trade embargo from the United States and most of Europe after the Vietnam War. subsequently, the trade partners of the communists blocs began to erode.
In 1986, the sixth party congress introduced significant economic reforms with market economy elements as part of a broad economic reforms
Vietnam achieved around 8% annual GDP growth from 1990 to 1997 and continued at &%from 2000 to 2005, making it one of the world's fastest growing economies. Simultaneously, foreign investment grew three fold and domestic savings quintupled. Manufacturing,information technology and high tech industries form a large and fast-growing part of the national economy. Vietnam is a relative newcomer to the oil business, it is the third largest oil producer in South east Asia with out out of 400,000barrels per day (64,000m3/d.) Vietnam is one of Asia's most open economies : two-way trade is arounjd 160%of GDP, more than twice the ratio for China and over four times India's.