The economy of Vietnam is a mixed socialist-oriented market economy, which is the 36th-largest in the world as measured by nominal gross domestic product (GDP) and 26th-largest in the world as measured by purchasing power parity (PPP) in 2022. Vietnam is a member of the Asia-Pacific Economic Cooperation, the Association of Southeast Asian Nations and the World Trade Organization. Since the mid-1980s, through the Đổi Mới reform period, Vietnam has made a shift from a highly centralized command economy to a mixed economy. This economy uses both directive and indicative planning through five-year plans, with support from an open market-based economy. Over that period, the economy has experienced rapid growth. In the 21st century, Vietnam is in a period of being integrated into the global economy. Almost all Vietnamese enterprises are small and medium enterprises (SMEs). Vietnam has become a leading agricultural exporter and served as an attractive destination for foreign investment in Southeast Asia. In the current period, Vietnam's economy relies largely on foreign direct investment to attract the capital from overseas to support its continual economic rigor. Foreign investment on the luxury hotels sector and resorts will rise to support high-end tourist industry. According to a forecast by PricewaterhouseCoopers in February 2017, Vietnam may be the fastest-growing of the world's economies, with a potential annual GDP growth rate of about 5.1%, which would make its economy the 10th-largest in the world by 2050. Vietnam has also been named among the Next Eleven and CIVETS countries. Despite economic achievement following Doi Moi, there exist issues that cause many analysts and researchers to remain worried about the recent economic slowdown in the country. History Before 1858 Civilization in Vietnam had been built on agriculture. The feudal dynasties always considered agriculture as the main economic base, and their economic thoughts have been predicated on physiocracy. Land ownership was regulated, and such large-scale works as dykes were constructed in the Red River Delta to facilitate wet rice cultivation. In peaceful times, soldiers were sent home to do farm work. Furthermore, the court prohibited slaughtering water buffalo and cattle and held many agriculture-related ceremonies. Handicrafts and art were valued, but commerce was deprecated, and businessmen were called by the derogatory term con buôn. Thang Long (Hanoi) was the main handicraft manufacturing center of the country. Chinese noted that the Vietnamese were doing business just like the same with in the Chinese Song dynasty.