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After the aforementioned economic struggles which followed the Vietnam War, a time of economic reform called “Renovation” was initiated. From 2000 to 2002, Vietnam’s economy claimed the second fastest growth in the world. During that time, investments in the country grew by three times, and the nation’s savings increased by five times.

Unemployment, though, is a serious problem in Vietnam. It has risen recently because of heavy migration to the cities from the rural areas. At non-harvest times, rural unemployment is already at extremely high levels, approaching 40%. Many large corporations in Vietnam, including their own government, have recently undergone layoffs, and military demobilization contributes to the problem.

The country is relatively poor, with its gross domestic product working out to $2,700 per person annually. Property values are surprisingly high, though, especially in the larger cities. In the capital, Hanoi, property value rivals New York City and Tokyo, surprising considering the difference in GDP between those places. It is believed that corruption in the government has increased property value even more, as real estate investment is used as a form of money laundering.

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