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Doi Moi Policy and Socio-Economic Development in Vietnam, 1986–2005

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  • Tran Nhuan Kien
  • Yoon Heo

Abstract

Twenty years have passed since Vietnam implemented its comprehensive reform known as Doi moi policy. The paper aims at reviewing and evaluating the structure and performance of the Doi moi policy. We confirm that Vietnam has attained significant achievements in the areas of economic growth, openness to trade, poverty reduction and human development. However, weaknesses and challenges to the economy are emerging. First, the financial sector is lagging far behind, compared with other economic sectors. Second, SOEs still account for a large share in the GDP, demonstrating a sustained and strong role of the government in the economy. Third, a lack of transparency has led to a high level of corruption, dissuading foreigners from investment, as well as slowing down economic growth. Fourth, the gap between urban and rural areas is widening as a result of globalization. Suggested remedies include accelerating reforms, increasing transparency, changing the role of government, and improving both hard and soft infrastructure in the economy.

Suggested Citation

  • Tran Nhuan Kien & Yoon Heo, 2008. "Doi Moi Policy and Socio-Economic Development in Vietnam, 1986–2005," International Area Studies Review, Center for International Area Studies, Hankuk University of Foreign Studies, vol. 11(1), pages 205-232, March.
    • Handle: RePEc:sae:intare:v:11:y:2008:i:1:p:205-232
    DOI: 10.1177/223386590801100112
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    References listed on IDEAS

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    1. Kokko, Ari, 1998. "Vietnam - Ready for Doi Moi II?," SSE/EFI Working Paper Series in Economics and Finance 286, Stockholm School of Economics.
    2. David O. Dapice, 2003. "Vietnam’s Economy: Success Story or Weird Dualism? A SWOT Analysis," Discussion Papers Series, Department of Economics, Tufts University 0315, Department of Economics, Tufts University.
    3. repec:wbk:wbpubs:12425 is not listed on IDEAS
    4. World Bank, 2002. "Vietnam - Delivering on Its Promise : Development Report 2003," World Bank Publications - Reports 15331, The World Bank Group.
    5. Le Khuong Ninh & Niels Hermes & Ger Lanjouw, 2004. "Investment, uncertainty and irreversibility," The Economics of Transition, The European Bank for Reconstruction and Development, vol. 12(2), pages 307-332, June.
    6. World Bank, 2005. "World Development Indicators 2005," World Bank Publications - Books, The World Bank Group, number 12426.
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    2. Mai, Nhat Chi, 2019. "Comparative Analysis of Trade Competitiveness between Bangladesh and Vietnam: Lessons for Bangladesh," OSF Preprints b7fkj, Center for Open Science.

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