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Essay on Vietnam - The Next Economic Power
Vietnam Economy after War
When Vietnam War ended in 1975 the economy of this war torn country was completely shattered. The newly elected socialist government started its efforts to stabilize the country and rebuilt it’s the economy. The communist party when started the development phase it turned out to be economic debacle. By the year 1986 the revival of the country’s economy commenced called DOI MOI reforms (UNDP-1996).Under the new plans foreign investment was allowed that transformed the complete economic picture of Vietnam.
The international projects started including development of agriculture that provided new hope for economic survival of the country. The new government with more liberal thinking took six major policy changes that included; decentralization of economic management allowing local autonomy to state industries; replacement of administrative measures by economic measures including marketing oriented monetary policy; revival of external economic relations; allowing land rights; reliance on private sector and allowing the industries to have dealings with foreign market. These reforms paved the way towards development of the Vietnams economy particularly in farming sector. Vietnam is visibly a seen as a society that is adapting accepting the challenges of the contemporary economic needs and is changing rapidly.
The steady development is reflective of the confidence in the future economic layout of the country. Although much of the population still lives in poverty but will take some time to fight the poverty. United Nations is actively involved in helping the nation to promote the values related to development of the economic activities. Vietnam in comparison to in neighboring countries is doing extremely well. The statistics indicate that the GDP is rising considerably and in first half of 1998 it was 6.6 per cent. In spite of this progress much was needed to be don and Vietnam continued to adopt the measures of further progress. The country had chosen....
