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

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... 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.