Socialist Republic of Vietnam

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Socialist Republic of Vietnam

Cộng hòa Xã hội chủ nghĩa Việt Nam
Flag of Socialist Republic of Vietnam
Flag
Coat of arms of Socialist Republic of Vietnam
Coat of arms
Location of Socialist Republic of Vietnam
CapitalHanoi
Largest cityHo Chi Minh City
GovernmentMarxist-Leninist socialist state
• President and General Secretary
Nguyễn Phú Trọng
• Vice President
Đặng Thị Ngọc Thịnh
• Prime Minister
Nguyễn Xuân Phúc
• Deputy Prime Minister
Trương Hòa Bình
Establishment
• Reunification and end of US occupation
2 July 1976
Population
• 2019 estimate
96,208,984

Vietnam, officially the Socialist Republic of Vietnam, is a country on the Indochinese Peninsula in Southeast Asia. The 2020 census counted a population of 97.58 million people.[1] The country borders China to the north and Cambodia and Laos to the west. The capital city is Hanoi while the most populous city is Ho Chi Minh City (also known by it's previous name of Saigon). The Vietnamese constitution states that Vietnam "is a socialist rule of law state of the People, by the People, for the People".[2]

The Socialist Republic of Vietnam is one of only five Marxist-Leninist states in the world today (alongside China, Laos, People's Korea and Cuba). Since 1986, it has adopted the Doi Moi economic reforms, becoming a socialist-oriented market economy.

Politics

Vietnam is a Marxist-Leninist one party socialist republic. The ruling party is the Communist Party of Vietnam.

Economy

After reunification in 1975 Vietnam became a centrally planned economy. In the late 1980s the economy was suffering from a decline in Soviet aid, the decomposition of the Eastern Bloc and the effects of the post-war embargo by the USA. In 1986 the CPV adopted a series of market reforms known as Đổi Mới which would transition the country to a socialist-oriented market economy.

According to a forecast by PwC in February 2017, Vietnam may be the fastest-growing of the world's economies, with a potential annual GDP growth rate of about 5.1%, which would make its economy the 20th-largest in the world by 2050.[3]

History

After the second world war, Vietnam became independent from its former colonial rulers, France. However, while the north was under a socialist government led by Ho Chi Minh, the south was under a US puppet dictatorship. This led to the Vietnam war, in which the north fought against the south and the US. The north was also aided by communist guerrilas in the south, called the National Liberation Front, but often known by the nickname of "Viet Cong". The US began withdrawing in 1969, and the south was defeated on April 30th 1975.

References