Economy of Vietnam

Vietnam produced an estimated 30.7 million cubic meters of wood. Production of sawn wood was a more modest 2,950 cubic meters. Vietnam's fishing industry, which has abundant resources given the country's long coastline and extensive network of rivers and lakes, has generally experienced moderate growth. In 2003, the total catch was about 2.6 million tons. However, seafood exports increased fourfold between 1990 and 2002 to more than US$2 billion, driven in part by shrimp farms in the South and "catfish", which are a different species from their American counterparts, but are marketed in the United States under the same name. By selling vast quantities of shrimp and catfish to the U.S., Vietnam triggered antidumping complaints by the U.S., which imposed tariffs in the case of catfish and was considering doing the same for shrimp. In 2005, the seafood industry began to focus on domestic demand to compensate for declining exports. Vietnam is one of the top rice exporting countries in the world, but the limited sophistication of small-scale Vietnamese farmers causes quality to suffer.[64] Vietnam is also the world's second-largest exporter of coffee, trailing behind Brazil.

Petroleum is the main source of energy, followed by coal, which contributes about 25% of the country's energy (excluding biomass). Vietnam's oil reserves are in the range of 270-500 million tons. Oil production rose rapidly to 403,300 barrels per day (64,120 m3/d) in 2004, but output is believed to have peaked and is expected to decline gradually. mining and quarrying accounted for 9.4% of GDP, and the sector employed 0.7% of the workforce. Petroleum and coal are the main mineral exports. Also mined are antimony, bauxite, chromium, gold, iron, natural phosphates, tin, and zinc. Vietnam was the 9th largest world producer of antimony; 10th largest producer of tin; 11th largest producer of bauxite; 12th largest world producer of titanium ; 13th largest world producer of manganese and 9th largest producer of phosphate in the world. The country is also one of the world's largest producers of ruby, sapphire, topaz and spinel.

Vietnam welcomed 6.8 million international visitors and the number is expected to reach over 7 million in 2013. Vietnam keeps emerging as an attractive destination. In TripAdvisor's list of top 25 destinations Asia 2013 by travelers' choice, there are four cities of Vietnam, namely Hanoi, Ho Chi Minh City, Hoi An and Ha Long.<br>2016 was the first year ever which Vietnam welcomed over 10 million international visitors.[83] Since then, this figure has continued to rise. In 2019, Vietnam with 18 million international visitors was fifth most visited country in the Asia-Pacific region as per World Tourism rankings released by the United Nations World Tourism Organization.

The most important banks are the state-owned VietinBank, BIDV, and Vietcombank, which dominate the banking sector. There is also a trend of foreign investment into profitable banks. For example, VietinBank is currently owned by Bank of Tokyo Mitsubishi UFJ (19.73%) while Vietcombank is owned by Mizuho (15%).