Essay on Vietnam 's Impact On Economic Development

1758 Words Dec 14th, 2015 null Page
Vietnam, previously one of the poorest countries in the world, is developing into an economic success story. The wars Vietnam partook in ended in destruction with many areas of Vietnam’s normal life style was destroyed. Vietnam’s war-infested economy needed to be fixed with the fundamental base reworked and renovated. In 1986, the government launched a new economic renovation (Doi Moi). The economy grew at a steady average annual rate. The new economic reform transitioned Vietnam’s government toward a positive socio-economic development, along with an improved diplomatic and political status (Vuong). The Doi Moi transition brought along Vietnam’s newly introduced “macroeconomic performance” (Vietnam - Overview of economy”) which aided in Vietnam’s rapidly growing GDP in 2015. Before the Sixth National Party Congress introduced the Doi Moi economic reform, Vietnam’s economy was split between agriculture, the South, and manufacturing, the North. The North and South were divided politically and each had a different set of economic ideals (Cima 147). During the war, Vietnam’s economy was disrupted by bombings and soon heavily dependent on foreign aid (Cima 147). The war left Vietnam’s economy hanging by strands, with stagnation and over the top inflation troubling the nation, therefore, the Doi Moi economic reform was introduced. “In 1987 Vietnam took practical steps to resolve chronic economic problems such as rapid inflation, slow and erratic economic growth, deteriorating…

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