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

2008; SAGE Publishing; Volume: 11; Issue: 1 Linguagem: Inglês

10.1177/223386590801100112

1226-7031

Tran Nhuan Kien, Yoon Heo,

Vietnamese History and Culture Studies

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.