Vietnam should consider high growth firm-focused policy to boost economic performance:
Vietnam's economy grew at a healthy rate in the last two years and is expected to stay ahead of its regional peers in Not only was Vietnam the top-performer in the region, but it ranked second behind India — the only country which achieved growth of over 7 percent in — in the list of fastest-growing economies worldwide.
Total imports for the year increased by 4. Labourers work at a garment factory in Hung Yen province, outside Hanoi Jan 5, Vietnam now exports to a wider range of markets than ever before, and has rapidly expanded exports in the manufacturing and electronics sectors, mitigating its once-heavy reliance on exporting agricultural products.
Secondly, Vietnam has become an increasingly attractive investment destination due to its rapidly expanding population — which now stands at more than 91 million — and its demographics, with a youthful population amounting to a large and capable workforce, consisting of both skilled and unskilled labour.
Thirdly, labour and operating costs remain relatively low in Vietnam — especially in comparison to its giant northern neighbour, China. This has resulted in a surge in manufacturing, as Vietnam has come to be seen as an attractive target and lucrative opportunity for multinational companies and foreign investors.
The market-led reforms were designed to lift the country out of poverty after its landscape had been decimated, infrastructure shattered and economy ravaged by the long and brutal American war, which ended in April Which are the happiest, most sustainable nations in Asia-Pacific?
In the immediate post-war years, the country struggled to get back on its feet, suffering from high inflation and low production levels after much of the working-age population had been killed. The tide finally began to turn inwhen the Vietnamese Communist Party VCP adopted the idea of a market economy whilst holding on to its long-standing socialist principles.
Foreign investment was encouraged and private businesses were welcomed, ushering in a new period of entrepreneurship and economic liberalisation. Poverty levels have since reduced dramatically whilst service provision has spread across the country, granting an increasing proportion of Vietnamese citizens access to education and healthcare.
In more recent times Vietnam has joined the World Trade Organization WTOand has developed an increasingly modern electricity network — which now covers 90 percent of the country. The tourism industry has also taken-off and is continuing to expand, providing new opportunities and sources of income for millions of Vietnamese.Vietnam’s cautious and sequenced adoption of market institutions has brought more than two decades of impressive economic performance, all while leaving the country’s underlying political economy .
First of all, to define the economic performance of Vietnam, I will use GDP or gross domestic product as a basic to evaluate its effectiveness.
According to a research of World Bank (), Vietnam was ranked 42nd over countries with GDP (PPP) of $ billion. Although Vietnam's economy, which continues to expand at an annual rate in excess of 7 percent, is one of the fastest-growing in the world, the economy is growing from an extremely low base, reflecting the crippling effect of the Second Indochina War (–75) and .
Until French colonization in the middle of the 19th century, Vietnam's economy was mainly agrarian and village-oriented. French colonizers, however, deliberately developed the regions differently, designating the South for agricultural production and the North for leslutinsduphoenix.com the plan exaggerated regional divisions, the development of exports--coal from the North, rice from the South.
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*available in select countries. Economic Performance of Vietnam Essay Sample Question: to what extent does the Sachs and Gallup analysis () explain the economic performance of Vietnam? According to the Sachs and Gallup survey (), the economic performance is heavily affected by three factors.