Vietnam is a one-party socialist republic governed by the Communist Party of Vietnam and has rapidly emerged as one of Southeast Asia's fastest-growing economies. The country has successfully transitioned from a centrally planned to a market-oriented economy, becoming a major manufacturing hub and the world's 15th-largest economy by purchasing power parity. Key economic sectors include manufacturing (textiles, footwear, electronics assembly), agriculture (rice, coffee, seafood), services, tourism, and increasingly, technology and renewable energy. As a rising manufacturing powerhouse, Vietnam serves as a key production base for global companies, particularly in electronics, garments, and furniture, while major domestic corporations include Vingroup, FPT Corporation, and Vietcombank. The economy benefits from young demographics, competitive labor costs, and strategic location, though it faces significant challenges including infrastructure development needs, income inequality, environmental degradation from rapid industrialization, vulnerability to climate change and natural disasters, and the need to transition from low-cost manufacturing to higher value-added industries while competing with regional powers like [[China]] and [[Thailand]].