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Vietnam
Chamber of Commerce Country Factsheet Last update: 15.05.2017

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  • Sabrina Aksil
    +352423939374
  • Shi Na
    +352423939364
Contact us: asia@cc.lu

Key Indicators

Area
331,210 km2
Population
94,348,835 (July 2015 est.)
Government type
Communist state
Languages
Vietnamese (official), English (increasingly favored as a second language), some French, Chinese, and Khmer, mountain area languages (Mon-Khmer and Malayo-Polynesian)
GDP
$552.3 billion (2015 est.)
Growth rate
6.7% (2015 est.)
HDI
116
Capital
Hanoi

 

Introduction

The conquest of Vietnam by France began in 1858 and was completed by 1884. It became part of French Indochina in 1887. Vietnam declared independence after World War II, but France continued to rule until its 1954 defeat by communist forces under Ho Chi MINH. Under the Geneva Accords of 1954, Vietnam was divided into the communist North and anti-communist South. US economic and military aid to South Vietnam grew through the 1960s in an attempt to bolster the government, but US armed forces were withdrawn following a cease-fire agreement in 1973. Two years later, North Vietnamese forces overran the South reuniting the country under communist rule. Despite the return of peace, for over a decade the country experienced little economic growth because of conservative leadership policies, the persecution and mass exodus of individuals - many of them successful South Vietnamese merchants - and growing international isolation. However, since the enactment of Vietnam's "doi moi" (renovation) policy in 1986, Vietnamese authorities have committed to increased economic liberalization and enacted structural reforms needed to modernize the economy and to produce more competitive, export-driven industries. The communist leaders maintain tight control on political expression but have demonstrated some modest steps toward better protection of human rights. The country continues to experience small-scale protests, the vast majority connected to either land-use issues, calls for increased political space, or the lack of equitable mechanisms for resolving disputes. The small-scale protests in the urban areas are often organized by human rights activists, but many occur in rural areas and involve various ethnic minorities such as the Montagnards of the Central Highlands, H'mong in the Northwest Highlands, and the Khmer Krom in the southern delta region.

Source: The CIA World Factbook - Vietnam

 

Macroeconomic indicators

IMF Statistics: 

Subject Descriptor200820092010201120122013
GDP, constant prices, %6.3%5.3%6.7%5.8%5.6%6.2%
GDP, current prices, $ (billions)90.393.1103.5122.7135.4147.9
GDP per capita, current prices, $ (units)1,047.81,068.31,173.51,374.11,498.11,617.1
Inflation, average consumer prices, %23.1%6.7%9.2%18.6%12.6%6.7%
Volume of imports of goods and services, %5.4%-1.4%5.8%

-3.8%

18.1%9.8%
Volume of exports of goods and services, %2.9%2.6%6.7%3.8%15.1%11.9%
Unemployment rate, % of total labor force4.6%4.6%4.2%4.5%4.4%4.4%
Current account balance, $ (billions)-10.7-6.1-4.2-0.6-2.1-2
Current account balance, % of GDP-11.9%-6.5%-4.1%-0.5%-1.5%-1.3%

 

Source: IMF Statistics - Vietnam

 

Luxembourg and the country

Existing conventions and agreements

Non double taxation agreement 

In order to promote international economic and financial relations in the interest of the Grand Duchy of Luxembourg, the Luxembourg government negotiates bilateral agreements for the avoidance of double taxation and prevent fiscal evasion with respect to Taxes on Income and on fortune with third countries.

- Convention from 4.3.1996 (Memorial 1998, A, no. 37, p. 541)
- Effective as of 19.5.1998 (Memorial 1998, A, no.49, p. 736)

Air Services agreement

- Agreement from 26.10.1994 (Memorial 1995, A, p. 1646)
- Effective as of 09.25.1995 (Memorial 1995, A, p. 2176)

 

Annuler les modifications

Source : Administration des contributions directes

 

Further information

Foreign Trade

The Statec Foreign Trade statistics provide information on the trade of goods - by product and by country. This information is collected respectively through the INTRASTAT declaration and on the basis of customs documents.

You can see the statistics on the website of the Statec.

Contact points in Vietnam

Embassy of the Grand Duchy of Luxembourg in Thailand

Ambassador with residence in Bangkok: Mr. Robert LAUER

Q House Lumpini 17th Floor
1 South Sathorn Road
Tungmahamek Sathorn
Bangkok 10120 Thailand

Tel.: +66 2 677 7360
Fax: +66 2 677 7364
Email: bangkok.amb@mae.etat.lu

Charge d'Affaires, Head of Office of Development Cooperation in Hanoi:             Marc M. FRANCK

Foreign Trade Advisor:

Ho Chi Minh

Mr. Marco WAMPACH
18S, Ly Van Phuc, district 1,
Ho Chi Minh City 
Vietnam

Tél.: (+84) 903 800 272
E-mail: marco_lux(at)vnn.vn

Agent cooperation in Hanoi:

Mr. Gabriel Baptista Pereira

Pacific Place - Suite 1403
83B Ly Thuong Kiet
Hoan Kiem
Hanoi-Vietnam

Tel. : +844 3946 1416
Fax: +844 3946 1415
Email: secretariat1.hanoi@mae.etat.lu

Economic and Commercial Attaché (AWEX):     

Lawrence PIERART

C / o Gemadept Tower Unit 1103
6, Le Thanh Ton Street, District 1
Ho Chi Minh City

Tel: +84 8 382 19 228
Fax: +84 8 382 19 227
E-mail: hochimonhville(at)awex-wallonia.com 

Source: www.mae.lu
Source: www.awex.be 

Country risk as defined by Office du Ducroire for Vietnam

Ducroire is the only credit insurer covering open account deals in over 200 countries. A rating on a scale from 1 to 7 shows the intensity of the political risk. Category 1 comprises countries with the lowest political risk and category 7 countries with the highest. Macroeconomics experts also assess the repayment climate for all buyers in a country.

Link: Ducroire Office - Country Risk for Vietnam

Other useful links