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A socialist country, Vietnam is under the leadership of the
Communist Party, which holds a national congress every five
years to outline the country's future course, and formalise
policies. The 450 member National Assembly - also open to
non-party members - is the supreme organ of state, and the
only body with constitutional and legislative power. The National
Assembly elects the President of the State and the Prime Minister
The President has the right to nominate candidates for a
number of key positions, including the Chief Justice of the
Supreme People's Court, and the Procurator-General of the
People's Office of Supervision and Control. The National Assembly
then approves nominees. The Prime Minister, who is charged
with the day-to-day handling of the Government, has the right
to nominate and dismiss the members of his cabinet, though
only with the approval of the National Assembly. He also has
at his disposal the power to cancel or suspend decisions or
directives issued by the ministries.
Curent policies reflect a flexible, less authoritarian approach.
Vietnam is now becoming a freewheeling and dynamic society.
Vietnam Economy
Recent economic progress in Vietnam has been remarkable,
with the country becoming not only self sufficient, but one
of the world's largest exporters of rice. Less severely affected
than its neighbours by the Asian economic crash of 1997, its
1999 growth rate of 4.5% was one of the highest in East Asia.
The country has little external debt, and the World Bank predicts
GDP growth could top 7% by 2002. However, it is still one
of the poorest countries in the world
The Vietnamese economy is dominated by agriculture, which
employs over 60% of the labour force, and comprises 40% of
total exports. Though rice is the main agricultural product,
the country also produces maize, sweet potato, vegetables,
yam and beans. The fishery sector is also becoming an important
source of foreign exchange earnings and Vietnam is one of
the world's largest producers and exporters of coffee.
Rich in natural resources, with most of its reserves relatively
untapped, coal is Vietnam's second most important mineral
in terms of export earnings, after petroleum. Vietnam became
an oil-producing nation in 1986. The country also has reserves
of manganese and titanium ore, chromite, bauxite, apatite,
tin, copper, zinc, lead, nickel, graphite, mica and a small
quantity of gold. The industrial sector is also an important
contributor to the country's economy, employing about 12%
of the labour force. Manufacturing industries include food
processing, textiles and leather, building materials, packaging,
wood processing and paper, engineering and chemicals.
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