Write a essay about 500-600 words analyze Gross Domestic Product of Viet Nam( an

Question

Write a essay about 500-600 words analyze Gross Domestic Product of Viet Nam( analysis of the selected economy's GDP composition and growth over time, as well as an investigation of the basis for income generation and any and all constraints to growth) , The monetary system of Viet Nam ( including its development, the role of the central bank, the currency, and the central bank’s influence on the level of prices. Interaction of the monetary system with the government’s fiscal policy, including government indebtedness ) The external sector of Viet Nam ( analysis of the balance of trade and the financial flows between domestic and foreign entities. Imports and exports vital to the country’s GDP will be examined) Summary and Conclusions: based on the preceding data, an analysis illustrating the central theme(s) behind the selected economy’s successes and challenges in providing an improving welfare for its citizens.

Data : Population: 89.7 million GDP (PPP): $359.8 billion 5.4% growth 5.7% 5-year compound annual growth $4,012 per capita Unemployment: 1.9% Inflation (CPI): 6.6% FDI Inflow: $8.9 billion

RULE OF LAW Property Rights (15.0) Freedom From Corruption (31.0) LIMITED GOVERNMENT: Government Spending (77.1) Fiscal Freedom (79.1)   REGULATORY EFFICIENCY Business Freedom (61.5) Labor Freedom (62.9) Monetary Freedom (66.8) OPEN MARKETS Trade Freedom (78.6) Investment Freedom (15.0) Financial Freedom (30.0)

it's all about Vietnam's economy.

Explanation / Answer

The gross domestic product (GDP) measures of state income and output for a given country's economy. The gross domestic product (GDP) is equivalent to the total expenses for all finishing goods and services produced inside the country in a fixed period of time.

The Gross Domestic Product (GDP) in Vietnam was $186.20 billion in 2014. The GDP value of Vietnam represents 0.30 percent of the world economy

In Q2 2015, GDP has improved 6.4% over the same period last year. This marked an enhancement over Q1’s 6.1% expansion.

Vietnam’s money Dong(VND) issued by the Vietnam State Bank .Vietnamese utilize both coins and paper notes. But as Vietnam is now changing its money system, there exists similar two different money systems (old and new). Coins include VND 5,000; 2,000; 1,000; 500 and 200. These values have paper note equivalences.

Cheques with value as include: VND 1,000,000 and 500,000. E

Exchange rates-In general, 1 USD is approximately 19500VND and 1 EUR approximates 26000VND

Method of payment

Direct payment of cash is accepted in Vietnam. Small shops, restaurants and markets usually do not take any other payment.

Major credit cards (such as Visa, Master Charge and American Express) are gradually more being used, mainly in big cities and tourist places. Traveler’s cheques can carry and can be cashed at major banks.

Usually, the inflow of foreign money into Vietnam is welcomed with minimum limits and exemptions from taxes, while the transfer of foreign currency out of the nation has also been significantly liberalized.

Under the current law, all purchases, sales or transfers in foreign currency must take place by credit institutions authorized by the State Bank.

Rule of Law-Corruption damages all levels of the Vietnamese government and law. General lack of accountability ensures that many agencies are run as fiefdoms, perpetuating the culture of payoffs.

Limited Government- Vietnam’s top individual income tax rate is 35 percent, and top corporate tax rate is 22 percent. Overall tax revenue is equal to the 19.6 percent of the domestic economy. While government spending is 27.6 percent of domestic production.

Open market- Vietnam’s average tariff rate is 5.7 percent. Tariff-rate quotas affect imports of goods like eggs and sugar. The government restricts investment in some sectors.

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