parties and leaders: only party-Communist Party of Vietnam
(CPV), Le Kha PHIEU, general secretary

International organization participation: will become a member at the
next APEC meeting in the fall of 1998, ACCT, AsDB, ASEAN, CCC, ESCAP,
FAO, G-77, IAEA, IBRD, ICAO, ICRM, IDA, IFAD, IFC, IFRCS, ILO, IMF,
IMO, Intelsat, Interpol, IOC, IOM (observer), ISO, ITU, NAM, UN,
UNCTAD, UNESCO, UNIDO, UPU, WCL, WFTU, WHO, WIPO, WMO, WToO, WTrO
(applicant)

Diplomatic representation in the US:
chief of mission: Ambassador LE VAN BANG
chancery: 1233 20th Street NW, Washington, DC 20036, Suite 501
telephone: [1] (202) 861-0737
FAX: [1] (202) 861-0917

Diplomatic representation from the US:
chief of mission: Ambassador Douglas "Pete" Peterson
embassy: 7 Lang Ha Road, Ba Dinh District, Hanoi
mailing address: PSC 461, Box 400, FPO AP 96521-0002
telephone: [84] (4) 8431500
FAX: [84] (4) 8350484 or 8431510

Flag description: red with a large yellow five-pointed star in the
center

@Vietnam:Economy

Economy-overview: Vietnam is a poor, densely populated country that
has had to recover from the ravages of war, the loss of financial
support from the old Soviet Bloc, and the rigidities of a centrally
planned economy. Substantial progress has been achieved over the past
10 years in moving forward from an extremely low starting point.
Economic growth continued at a strong pace during 1997 with industrial
output rising by 12% and real GDP expanding by 8.5%. These positive
numbers, however, masked some major difficulties that are emerging in
economic performance. Many domestic industries, including coal,
cement, steel, and paper, reported large stockpiles of inventory and
tough competition from more efficient foreign producers, giving
Vietnam a trade deficit of $3.3 billion in 1997. While disbursements
of aid and foreign direct investment have risen, they are not large
enough to finance the rapid increase in imports; and it is widely
believed that Vietnam may be using short-term trade credits to bridge
the gap-a risky strategy that could result in a foreign exchange
crunch. Meanwhile, Vietnamese authorities continue to move slowly
toward implementing the structural reforms needed to revitalize the
economy and produce more competitive, export-driven industries.
Privatization of state enterprises remains bogged down in political
controversy, while the country's dynamic private sector is denied both
financing and access to markets. Refo