Vietnam, also known as the Socialist Republic of Vietnam, is the easternmost country located on the Indochina Peninsula.
- It shares its land borders with China to the north and the countries of Laos and Cambodia are located to its west.
- It also shares some sea borders with Thailand in the Gulf of Thailand and with the Philippines, Indonesia and Malaysia which are located near the South China Sea.
- It is the world’s 15th most populous country in the world with a population of 95 million.
- The capital of Vietnam is Hanoi (which is located in the northern part of the country) while the most populous city in Vietnam is Ho Chi Minh City (formerly known as Saigon).
Economy and International Relations of Vietnam
- Vietnam contributes to an average 0.5-0.52% of world GDP, has a high GDP growth rate and is consistently ranked among the world’s fastest-growing economies in the world.
- However,? it continues to face social issues like poverty, corruption, and inadequate social welfare for its people.
- Vietnam has established diplomatic relations with 178 countries and is a member of the UN, ASEAN, APEC, WTO and the Organisation Internationale de la Francophonie (OIF).
Hydrocarbons in Vietnam
- Vietnam, while a relative newcomer to the oil industry, it is currently the third-largest oil producer in Southeast Asia with a total output of over 500,000 barrels per day.
- It is ranked as one of the largest crude petroleum producers in the Asia and Pacific region.
- India and Vietnam had earlier agreed to continue the promotion of bilateral investments in Vietnam’s hydrocarbon sector, including cooperation projects between Vietnam Oil and Gas Group PVN and Oil and Natural Gas Corporation in oil and gas exploration on land, continental shelf and Exclusive Economic Zone (EEZ) of Vietnam.
Why is it in the news?
The Indian hydrocarbon company Essar Exploration & Production Limited (EEPL) and Italian oil major ENI have discovered the presence of gas and condensates in the Ken Bau prospect at Block 114, Song Hong Basin, Offshore Vietnam.
Category: Economy & Banking Current Affairs