Economic Growth

In 1986, the Vietnamese Sixth Party Congress introduced significant economic reforms with market economy elements as part of a broad economic reform package.  Private ownership was encouraged in industries, commerce, and agriculture.  As a result, Viet Nam achieved 8% annual GDP growth from 1990 to 1997, and 7% growth from 2000 to 2005, making it the world’s second fastest growing economy - and Ho Chi Minh City is the country's leading commerce and economic centre.

Commensurate with this economic growth, Vietnamese citizens have been enjoying higher disposable incomes and possess a strong desire to consume goods and experience recreational opportunities.  Nominal wages in Viet Nam have increased 40% since 2005 and are expected to double by 2013.  Similarly, the 10-year growth in disposable income rising from US$18 billion in 1999 to $39 billion in 2008 is indicative of the country’s increasing prosperity, overall economic progress and growth.