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vietnam economy |
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Vietnam opened its economy and moved toward integration in the world community by joining the Association of Southeast Asian Nations (ASEAN) in 1995 and the Asia Pacific Economic Cooperation (APEC) forum in 1998. However, the preamble also notes that Vietnam is a developing country at a low level of development, is in the process of economic transition, and is taking steps to integrate into the regional and world economy by joining ASEAN, the ASEAN Free Trade Area, APEC forum, and working toward membership in the World Trade Organization (WTO). Vietnam, the Asian Financial Crisis and Doi Moi 2 Introduction 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. ... In 1987 and 1988 the Politburo of the Vietnam Communist Party (VCP) adopted two major resolutions, that resulted in a strategic readjustment of Vietnams defense posture and an "open door" policy in external relations. ... Vietnam also sought to diversify its foreign relations by "making friends with all countries." Vietnam achieved remarkable results in attaining its economic and foreign policy goals. In the five years preceding the Asian financial crisis, its economy grew in excess of 8 % each year. Vietnam also joined the Association of Southeast Asian Nations (ASEAN) and normalized its relations with China and the United States. ... Although external benefactors such as the World Bank and IMF urged Vietnam to continue its reform efforts, VCP leaders chose to proceed gradually. ... It seeks to answer why Vietnam has balked at initiating a new round of reforms - doi moi 2. Vietnam and ASEAN In 1994, when Vietnam made the decision to apply for membership in ASEAN, it did so with the prime strategic objective of securing a more peaceful international environment in which to guarantee Vietnams national security against external threat. ... Vietnam specifically sought to transform its relations with ASEAN states from suspicion to trust and from competition to partnership. Vietnam also sought membership in ASEAN to enhance its bargaining position with other states, specifically China and the United States. ... As a first priority, Vietnam sought to integrate its economy with that of the Asia Pacific Region and global economy by encouraging trade and foreign direct investment. ... As a member of ASEAN, Vietnam could also expect to learn from the developmental experience of its fellow members that would act as a catalyst for domestic reforms. This would accelerate the development of a competitive market-orientated economy. Impact of the Asian Economic Crisis The Asian economic crisis of 1997-98 was one of four "typhoons" which struck Vietnam at that time. ... The Vietnamese economy stalled for the first time since the adoption of doi moi due to fundamental deficiencies in the Vietnamese economy such as a weak financial and banking system, lack of budgetary transparency, an inefficient state sector, bureaucracy, red tape, and endemic corruption. ... The third "typhoon" was in fact a real tropical storm, the worst in fifty years, which lashed Vietnam in late 1997. The fourth "typhoon" was the impact of the Asian economic crisis on Vietnam in 1998, which resulted in a marked drop in foreign investment and trade, especially from the former growth economies of East Asia -- South Korea, Hong Kong, Japan and Thailand. Taken together, these events - declining economic growth, rural unrest, natural disasters and a regional economic crisis - and their after effects will continue to pose a severe challenge to "performance legitimacy" as the basis of one-party rule in Vietnam in the coming years. |
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Title: vietnam economy
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