rm to slow progress toward
a market-oriented economy. GDP growth averaged 6.8% per year from
1997 to 2004 even against the background of the Asian financial
crisis and a global recession. Since 2001, Vietnamese authorities
have reaffirmed their commitment to economic liberalization and
international integration. They have moved to implement the
structural reforms needed to modernize the economy and to produce
more competitive, export-driven industries. The economy grew 8.5% in
2007. Vietnam's membership in the ASEAN Free Trade Area (AFTA) and
entry into force of the US-Vietnam Bilateral Trade Agreement in
December 2001 have led to even more rapid changes in Vietnam's trade
and economic regime. Vietnam's exports to the US increased 900% from
2001 to 2007. Vietnam joined the WTO in January 2007, following over
a decade long negotiation process. WTO membership has provided
Vietnam an anchor to the global market and reinforced the domestic
economic reform process. Among other benefits, accession allows
Vietnam to take advantage of the phase-out of the Agreement on
Textiles and Clothing, which eliminated quotas on textiles and
clothing for WTO partners on 1 January 2005. Agriculture's share of
economic output has continued to shrink, from about 25% in 2000 to
less than 20% in 2007. Deep poverty, defined as a percent of the
population living under $1 per day, has declined significantly and
is now smaller than that of China, India, and the Philippines.
Vietnam is working to create jobs to meet the challenge of a labor
force that is growing by more than one-and-a-half million people
every year. In an effort to stem high inflation which took off in
2007, early in 2008 Vietnamese authorities began to raise benchmark
interest rates and reserve requirements. Hanoi is targeting an
economic growth rate of 7.5-8% during the next four years.

Virgin Islands
Tourism is the primary economic activity, accounting
for 80% of GDP and employment. The islands hosted 2.6 million
visitors in 2005. The manufacturing sector consists of petroleum
refining, textiles, electronics, pharmaceuticals, and watch
assembly. One of the world's largest petroleum refineries is at
Saint Croix. The agricultural sector is small, with most food being
imported. International business and financial services are small
but growing components of the economy. The islands are vulnerable to
substa