East Asia: Alternative Economic Development Models

Abstract

The great success which has been achieved by Vietnam during its transition to a market economy to this point has placed it in a good position to shift from adjustment to growth, as has been demonstrated by its impressive growth rates over the past few years. However, the likelihood of Vietnam maintaining such growth rates for a sustained period often to twenty years will be dependent upon its own current economic policies and development strategy. The reforms which Vietnam has undertaken over the past nine years in the legal and institutional framework and in the restructuring of various economic sectors in the direction toward a market economy, can only be considered to be initial steps towards the establishment of necessary prerequisites for such sustained growth and development. There is still a need for further necessary and substantive reforms as well as devising an appropriate long term development strategy.