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World & ‘nam
A primer on Vietnam’s growth
29/05/2008

In spite of the turbulent past, Vietnam’s economy has grown at a rapid pace over the last couple of decades. By late 1990s, the success of the business and agricultural reforms ushered in under Doi Moi was evident. More than 30,000 private businesses had been created, and the economy was growing at an annual rate of more than 7%, and poverty was nearly halved. In 2001, the Vietnam Communist Party approved a 10 year economic plan that enhanced the role of private players as well as established the primacy of the state. The growth rose to 6% to 7% between 2000 and 2002, even as the world sank into recession, making it the second fastest growing economy in the world. As a consequence, the investment grew three fold and the domestic savings quintupled.

Vietnam, like China, is growing at a rapid pace over the last couple of decades. But unlike China, it is dependant on blessings of big corporations of US and other developed countries. Their investment is imperative for the sustenance of the country. On the other hand, its size is a blessing, as it has a small poverty base which is easier to overcome, similar to South Korea a few decades back.

By:- B&E
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