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Vietnam's Economic Development

With the advent of the policy of renovation (doi moi) in 1986, Vietnam has been able to achieve a consistently high level of GDP growth in the past decade (8.4 percent in 2005) and effectively address the problem of poverty. Much of this explosive economic growth is a direct result of the government’s practical economic reforms to encourage private sector growth. Since the implementation of the Enterprise Law in 2000, Vietnam has registered more than 120,000 formal private companies, six times the number registered in the nine years before the law’s enactment. Yet, the benefits of Vietnam’s rapid economic growth have not been spread evenly across the country.

 

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