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Industrialization Process in Vietnam: 40 years of Economic Renovation

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  • Son Thanh Nguyen

    (Institute of Political Economics, Ho Chi Minh National Academy of Politics)

Abstract

Since the comprehensive economic renovation in 1986, the industrialization process in Vietnam has underwent several cognitive transformations and has achieved some remarkable success. The two main breakthroughs in the Communist Party of Vietnam cognitive viewpoint on industrialization were: the transformation of industrialization strategy from import substitution to export led growth; and the adaptation of industrialization process to the specific context of Vietnam. The success of industrialization in Vietnam were evident through: rapid economic growth; economic restructuring in line with global trend; impressive export performance; strengthen relation with key diplomatic partners; and the development of human capital beyond expectation relative to the country’s income level. However, Vietnam’s economy is showing signs of declining growth momentum; specializing in low value-added assembly functions; rising regional disparities and income inequality. This indicates that the country’s industrialization model needs further adaptation in the new global context. The new model needs to: focus more on building an independent and self-reliant domestic economy; build on the foundation of domestic science and technology development; focus on some key industries, such as information technology, electronics, or renewable energy; and prioritize on developing human capital.

Suggested Citation

  • Son Thanh Nguyen, 2024. "Industrialization Process in Vietnam: 40 years of Economic Renovation," Studies on Russian Economic Development, Springer, vol. 35(6), pages 928-937, December.
    • Handle: RePEc:spr:sorede:v:35:y:2024:i:6:d:10.1134_s1075700724700461
    DOI: 10.1134/S1075700724700461
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    References listed on IDEAS

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    1. Prema-chandra Athukorala, 2009. "Transition to a Market Economy and Export Performance in Vietnam," Departmental Working Papers 2009-05, The Australian National University, Arndt-Corden Department of Economics.
    2. Robert A. Blecker & Arslan Razmi, 2008. "The fallacy of composition and contractionary devaluations: output effects of real exchange rate shocks in semi-industrialised countries," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 32(1), pages 83-109, January.
    3. Charles Harvie & Tran Van Hoa, 1997. "Vietnam’s Reforms and Economic Growth," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-38947-2.
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