Political Changes In Vietnam Economy Between 1970 And 1970

After the end of the war in 1970, the Vietnamese economy declined because of the destruction resulted from the war. Infrastructures were destroyed such roads, bridges, ports, electricity, water supply, schools, hospitals, etc. These essential things had to be repair primarily. The country lacked of human resource because many people died and disabilities by war. Furthermore, Vietnam is an agricultural country to do farming on the land, unfortunately, the land used to be a battle ground were covered by mines that is the main problem to grow crops. The inflation rates increased dramatically and unemployment reached about 20 percent. Indeed, in the south alone, the war produced 20,000 bomb craters, 10 million refugees, 362,000 invalids, 1 million widows, 880,000 orphans, 250,000 drug addicts, 300,000 prostitutes and 3 million unemployment. Vietnam was one of the poorest nations in the world. The country’s poverty was all the more shocking and embarrassing to Vietnamese leaders who mismanaged the country. Significantly, Vietnam escapes from the poorest nation to the lower middle income in this last few decades.

2.1. …show more content…
Economic Policy
Notably, Vietnam is a socialist country under one party control that takes entire roles to contribute the economy. From 1975 to 1985, it was the national unification that country struggled with its five years plans on collectivization of agricultural and industrial production to recover its economy, but this policy was failure.
After that Vietnamese government tried to cure the crisis under the major reformation doi moi proposed during the sixth congress of Communist Party of Communist in December 1986. It was a signal of economic liberalization from a centralized economy to a socialist-oriented market economy. This renovation has brought the prosperity gradually and