Vietnam s Largest Business Sector - 2183 Words

As of January of 2011, Vietnam’s largest business sector was Industry-Construction. There are four main parts to the Industry-Construction sector include: â€Å"1) Textiles and Apparel-which employees over 2 million or 25% of all industrial employment and earned 11.2 billion dollars of exports in 2010, 2) Shoes and leather products-One of the nation’s fastest growing exports at $5.1 billion in 2010, 3) Furniture and wood products-A export of $3.4 billion in 2010 to U.S, Japan, and Korea, and 4) Electronics and computer components-A 27% growth rate per year with a $3.6 export revenue in 2010. This sector accounted for 40.24% of Vietnam’s Gross Domestic Product (GDP). The Industry-Construction business sector was valued at 35.86 billion U.S.†¦show more content†¦These products consist of seafood, cashew nuts, coffee, rice, rubber and wooden products. Exporting these items helped Vietnam in earning $16.85 million and accounted for over 25% of its exports in 2010. Exports and Imports Over the past ten years, Vietnam has seen a gradual change in the goods they import and export. Historically, Vietnam’s exports have mostly consisted of agricultural goods, along with textiles, fishery products, and forest products. Imports have evolved from being mostly agricultural goods like fertilizer, and farm machinery to electronics, oil, steel, and other industrial goods. Exports from Vietnam have begun to move towards the industrial sector as well with increases in earnings on crude oil, electronics, and other consumer goods according to the General Statistics Office of Vietnam (GSO). The rate of industrial machinery, accessories, and instruments has increased from about 16% of imports in 2005 to about 28% of imports in 2012 (the most recent year data available). The same type of equipment has also increased dramatically on the export side as well. 20% of exports from Vietnam fell into this group in 2005, 2012 saw 34% of exports from this category. According to the GSO, about 80% of Vietnam’s trade is done with members of other Asian countries. Vietnam is also the president of The Association of Southeast Asian Nations (ASEAN) as of 2010. Through this position, Vietnam has increased trade both regionally, and internationally.Show MoreRelatedVietnam’s Textile Industry7086 Words   |  29 PagesThis paper seeks to look at Vietnam’s economy, financial sector, and political sector in respect to the textile industry. In an attempt to evaluate the feasibility of entering a foreign market, we focus our paper on a mid-sized company called Augusta Textile Company. This paper seeks to evaluate Vietnam’s potential for investment, particularly in the textile industry. 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