Vietnam and Cuba: Yin and Yang?
Vietnam is a poor, rural country that anticipated the break-up of the Soviet Union, its major trade partner, aid donor, and political-military ally. During the mid-1980s, when the country faced inflation rates of over 10 per cent per month, sporadic food shortages and isolation from most western donors, the Vietnamese leadership crafted a policy of Doi Moi. This policy, often translated as ‘renovation’, dismantled cooperatives, permitted the creation of family farms, liberalized prices for most goods, and introduced gradual macroeconomic stability. Although Vietnam’s progress was slowed by the financial crisis in East Asia in the late 1990s, growth in output and exports took off, and real GDP has never grown more slowly than 5 per cent annually for any extended period. It grew nearly 9 per cent per annum between 1991 and 1997.
KeywordsForeign Direct Investment Real Estate Total Factor Productivity State Enterprise Mekong Delta
Unable to display preview. Download preview PDF.
- 14.World Bank, Assessing Aid (Washington, DC: World Bank, 1998).Google Scholar
- 42.National Centre for Social Sciences and Humanities, National Human Development Report 2001 (Hanoi: Political Publishing House, 2001), 61.Google Scholar
- 47.Mancur Olson, The Rise and Decline of Nations (New Haven: Yale University Press, 1982)Google Scholar