Development Of Veitnam's Economy Essay

3569 words - 15 pages

TABLE OF CONTENTS1.0INTRODUCTION2.0 Development of economical policy structure3.0Stepping into the global market4.0Obstacles to continued economical growth5.0Opportunities for Multinational BusinessCorporations6.0Current state of economy and ongoingChallenges7.0Major elements of future economicalProsperity8.0Some drawback of economical growth viaGlobalization9.0CONCLUSION10.0REFERENCES1.0: IntroductionHo Chi Minh first proclaimed Vietnam's independence under one government in September 1945 more than a century after France divided Vietnam in order to rule its regions separately [1]. Ironically, Vietnam's fierce determination to remain free of foreign domination has often been combined with ...view middle of the document...

Party leaders, in establishing economic policy at the Fourth National Party Congress, envisioned Vietnam's post-reunification economy to be in a "period oftransition to socialism"[1]. A series of plans was proposed that called for the economy to evolve through three phases: The first, outlining the objectives of the Second Five-Year Plan (1976-80), set extremely high goals for industrial and agricultural production while also giving high priority to construction, reconstruction, and the integration of the North and the South. The second, entitled "socialist industrialization," was divided into two stages, from 1981 to 1990 and from 1991 to 2005. During these stages, the material and technical foundations of communism were to be constructed, and development plans were to focus equally on agriculture and industry. The third and final phase, covering the years from 2006 to 2010; was to be a time set aside to "perfect the transitional period" [3].In 1986 Vietnam made the decision to adopt a comprehensive reform program known in Vietnamese as doi moi. This led to a remarkable transformation of its socialist economy from rigid central planning to a market orientation. Doi moi also led to a marked alteration in the pattern of Vietnam's external relations that previously were mainly confined to the socialist community. In 1987 and 1988 the Vietnam Communist Party (VCP) adopted two major resolutions, number two and number thirteen, that resulted in a strategic readjustment of Vietnam's defense posture and an "open door" policy in external relations. Troops were withdrawn from Cambodia and Laos in 1989. Vietnam also sought to diversify its foreign relations by "making friends with all countries" [1].In 1976 Vietnam joined the International Monetary Fund, World Bank, and Asian Development Bank. However, most economic aid has come from the United Nations Development Program and through the contributions of France, Japan, and the Scandinavian countries[3]. The Soviet Union assisted initially with major development projects during the 1970s and 1980s but then due to its own internal economical issues withdrew further assistance.In response to the fall of Communism in Eastern Europe and the Soviet Union, VCP recognized a need to modify its foreign policies. No further assistance would be forthcoming from its old ally the Soviet Union, since that nation was in the process of disintegration. By 1992 Vietnam had altered its domestic and foreign policies significantly. The leaders of Vietnam decided to seek foreign investment to help their economy. In order to gain the goodwill of the international community Vietnamese forces were pulled out of Cambodia, and a Cambodian peace agreement was signed on Oct. 23, 1991. Relations were renewed with China in mid-1991 after 13 years of hostility. Relations with the United States also showed signs of improvement in October 1991, when United States Secretary of State James Baker met with the Vietnamese foreign minister in...

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