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The Socialist Republic of Vietnam is governed through a highly centralized system dominated by the Communist Party of Vietnam (CPV) (Đảng cộng sản Việt Nam), which was formerly the Vietnamese Labor Party (Đảng lao động Việt Nam) (1951–1976). The Socialist Republic of Vietnam exists today as a communist state.
The 13th National Assembly (Quoc hoi) consists of 500 members. The National Assembly is elected for five year terms. Vietnam is a single-party state. This means that only one political party, the Communist Party of Vietnam is legally allowed to hold effective power.
In 2010, the nominal GDP reached $104.6 billion,[7] with nominal GDP per capita of $1218. According to a forecast in December 2005 by Goldman-Sachs, Vietnamese economy will become the 17th largest economy in the world with nominal GDP of $ 436 billion and nominal GDP per capita of 4,357 USD by 2025.[8] According to a forecast by the PricewaterhouseCoopers in 2008, Vietnam may be the fastest growing of emerging economies by 2025, with a potential growth rate of almost 10% per annum in real dollar terms that could push it up to around 70% of the size of the UK economy by 2050.[9]
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