Vietnam [chapter]

Finn Tarp
2019 Asian Transformations  
Gunnar Myrdal's 1968 magnum opus, Asian Drama, pointed to the decisive nature of the Vietnamese people. Vietnam adopted a costly position on economic policy and management from 1976. When the approach taken did not produce the hoped-for results, an effective course correction was initiated in 1986. Since then, Vietnam has witnessed one of the world's best performances in terms of economic growth and poverty reduction. Wide-ranging institutional reform has been introduced, including a greater
more » ... iance on market forces in the allocation of resources and the determination of prices. The shift from an economy completely dominated by the state and co-operative sectors, to one where the private sector and foreign investment both play key and dynamic roles, has been achieved without giving up strategic leadership and influence by the state.
doi:10.1093/oso/9780198844938.003.0018 fatcat:nt6u2ueounct3fg7mjtcub5tfq