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Sources of Vietnam's economic growth

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  • Phan Minh Ngoc

    (Sumitomo Mitsui Banking Corporation, Singapore Branch, Singapore)

Abstract

This article first estimates Cobb-Douglas production functions for Vietnam's economy using annual data in 1975–2003. Then, the article measures the contribution of capital formation, labour, and technological progress to the growth of the economy, the effects of major internal and external shocks on output, the impact of economic reforms (doi moi) since the end of 1986, the rates of returns to capital and labour. Two major findings are: (1) technological progress was statistically absent in the growth of the Vietnamese economy throughout the study period; (2) the most important source of economic growth is capital accumulation.

Suggested Citation

  • Phan Minh Ngoc, 2008. "Sources of Vietnam's economic growth," Progress in Development Studies, , vol. 8(3), pages 209-229, July.
    • Handle: RePEc:sae:prodev:v:8:y:2008:i:3:p:209-229
    DOI: 10.1177/146499340800800301
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    References listed on IDEAS

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    5. Charles Harvie & Tran Van Hoa, 1997. "Vietnam’s Reforms and Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-38947-2, December.
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    7. Tran Hoa, 2000. "Vietnam: Economic and Social Impact of the Asia Crisis," Palgrave Macmillan Books, in: Tran Hoa (ed.), The Social Impact of the Asia Crisis, chapter 6, pages 85-110, Palgrave Macmillan.
    8. Phan Minh Ngoc & Eric D. Ramstetter, 2004. "Foreign Multinationals and Local Firms in Vietnam's Economic Transition," Asian Economic Journal, East Asian Economic Association, vol. 18(4), pages 371-404, December.
    9. International Monetary Fund, 1999. "Vietnam: Statistical Appendix," IMF Staff Country Reports 1999/056, International Monetary Fund.
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