of ODA. Pledged foreign direct investment US$21.3 billion for 2007 and a record US$31.6 billion for the first half of 2008. Mergers and acquisitions have gradually become an important channel of investments in the economy, especially after 2005. Free trade agreements ASEAN Free Trade Area (AFTA) ASEAN–Australia–New Zealand Free Trade Area (AANZFTA) is a free trade area between ASEAN and ANZCERTA, signed on 27 February 2009 and coming into effect on 1 January 2010. Details of the AANZFTA agreement are available online. ASEAN–China Free Trade Area (ACFTA), in effect as of 1 January 2010 ASEAN–India Free Trade Area (AIFTA), in effect as of 1 January 2010 ASEAN–Japan Comprehensive Economic Partnership (AJCEP) ASEAN–Korea Free Trade Area (AKFTA), in effect as of 1 January 2010 Comprehensive Economic Partnership for East Asia Comprehensive and Progressive Agreement for Trans-Pacific Partnership. On 29 May 2015, Vietnam signed a Free Trade Agreement (FTA) with Eurasian Economic Union. European Union-Vietnam Free Trade Afreement (EVFTA) came into effect on 1 August 2020. Vietnam-Chile Free Trade Agreement (VCFTA) came into effect on 1 January 2014. Vietnam-Korea Free Trade Agreement (VKFTA) came into effect on 20 December 2015. Japan-Vietnam Economic Partnership Agreement came into effect on 1 October 2009. Economic development strategy Guiding principle Industrialization and Modernization (IM) "Industrialization and modernization is a process of fundamental and all-rounded change of production, business, services and social and economic management from the predominant use of artisanal labor to a predominant use of labor power17 with technology, methods and ways of working that are advanced, modern and rely upon the development of industry and scientific – technical progress to create high labor productivity. So from a theoretical and practical view industrialization and modernization are a necessary historical process that Vietnam must go through change our country into an industrial country […]" - 7th National Congress-Central Committee (1991) Socialist-Oriented Market Economy (SOME) "The nature of a socialist-oriented market economy in our country: It is not an economy managed according in the style of a centralized bureaucratic subsidized system It is not a free market capitalist economy It is not yet entirely a socialist-oriented economy. This is because our country is in the period of transition to socialism, and there is still a mixture of, and a struggle between, the old and the new, so there simultaneously are, and are not yet sufficiently, socialist factors" - 7th National Congress-Central Committee (1991) Development strategy Trade liberalization