9 Types of Economic Industries Found in Vietnam
- Author Jean Marie
- Published February 4, 2020
- Word count 562
Having worked its way up, Vietnam is now in the game with other known big giants as a competitor due to the rising standards of their economy. The country has engaged itself in a variety of industries that have seen it reach where it is now. Among the many industries include the electronics industry, food processing and others. This article discusses the main economic industries in Vietnam.
Electronics industry
The need for electronics globally rises rapidly with each passing year. Vietnam has taken the opportunity to invest in this industry. Although other foreign giants like Samsung and LG play a huge role in the industry, Vietnam still has benefited from it as the companies employ the locals.
Food processing industry
This ever-growing industry has the responsibility of meeting the demands of both local and international markets. It consists mainly of agricultural and sea products that are processed, canned, then exported, or used locally. The industry contributes to an approximate 15% of the country's Gross Domestic Product. The abundant flow of the raw materials has seen Vietnam earn itself a place among the top food processing countries in the world.
Construction industry
In any country, the economy is characterized by the development of infrastructure. The increasing appetite for foreigners to invest in the construction industry has seen it thrive in Vietnam. The construction of offices, company warehouses, and apartments has led to this industry, contributing to over 39% of the Gross Domestic Product.
Mining industry
Natural resources are the stronghold of Vietnam. Responsible for over 8.1% of the country's GDP, the mining industry plays a crucial role in the economy of Vietnam. Under the Vietnamese soil lies over 5000 deposits of minerals that are of high demand globally, answering the question of why this particular industry is thriving.
Service and tourism industry
Vietnam is home to the top 25 tourist destinations in the world. By attracting an increasing number of tourists each year, the industry plays a crucial role in the development of Vietnam’s economy. The tourist and service industry consist of hotel and transport services. The industry contributes to over 38% of the country's GDP.
Banking and Finance industry
The government owns the largest banks in Vietnam, which has seen the sector play a considerable role in Vietnam's economy. There are some foreign banks in the country, but the primary stakeholder is the Vietnamese government.
Textile industry
This industry is on its way up, thanks to the agreements between Vietnam and several other countries. Today, Vietnam has over 6000 textile industries, which had resulted in the employment of over 2.5 million locals.
Chemical fertilizer industry
The chemical fertilizer industry has its place well marked in the Vietnamese economy. The industry is valued at over 1709million USD last year, and it is expected to rise in the coming years. It can be concluded that the industry also has a considerable share of responsibility in the country's economic development.
Oil and gas industry
The oil and gas industry has also been a pillar of the economy of Vietnam. Earning over 17 billion dollars since it's the first drill, the industry is rising each year gradually. The rise has seen it contributing 1 billion dollars in the country's budget each financial year.
Apart from revenue gains, Vietnam’s economic industries have provided employment and development of social amenities in the country. Vietnam now sits at the table with other prosperous countries in the world.
To learn More about Vietnam, visit our blog at https://www.vietnamtravel.me/ Or apply for your Vietnam Visa today at https://vietnamvisa.cheap/. Its cheap and secure.
Article source: https://articlebiz.comRate article
Article comments
There are no posted comments.
Related articles
- A Tragic Loss in Montana’s Mining Industry
- An analysis of the Israel-Gaza conflict from the perspective of Nigeria by Palash Kausher
- Government Policies and the Promotion of Sustainable Energy
- The Smart Choice: Embracing Paper Cups for a Sustainable Future
- Stratospheric Aerosol Injection: A Reckless Gamble with Our Fragile Atmosphere
- Marine biodiversity observed on the great pacific garbage patch
- The Essential Purchase You Can Make to Support Local Businesses
- What’s the Hype around Bioheat® Fuel?
- The Best Perk of Bioheat® Fuel: New York’s Sustainable Energy Blend
- The Very Real Reasons Bioheat® Fuel Is Better, Cleaner & Safer for the Environment
- Are Waste & Compliance Eating Your Profits? One Simple Shift Can Save Your Small Manufacturing Business
- Green hydrogen: Europe’s new hope for energetic sovereignty and industrial innovation
- 10 Unsung Towns Shaping the Future of Sustainability.
- Nairobi: A City Drowning in its Own Waste - A Call to Collective Action
- The Significant Role of Women in Advancing Clean Energy in Nigeria
- Just Stop Oil: The controversial activist group who demand a greener future
- The Benefits of Streetlights
- The Chilling Truth: How Air Conditioning Feeds into World Hunger
- Shifting from Fossil Fuels to Renewable Energy – Using Sustainable Technologies
- Nigeria's Stride Towards Refined Oil: A Milestone in Energy Evolution
- Elimination of Species: An Argumentative View
- Plastic Pollution and the Importance of Plastic Recycling
- OCEAN ICE DROPS TO 'DISTURBING' LEVELS IN THE ANTARCTIC: 'EVERYBODY OUGHT TO BE CONCERNED'
- preventing your roof against hurricane season
- Sustainable buildings: the role of real estate development in environmental conservation
- Methane, a Significant Environmental Problem.
- 7 Effective Ways to Save Our Environment
- Harnessing the Potential of AI for a Sustainable Future
- Save our forests
- Impact Investing for Social and Environmental Challenges