Title: Is Vietnam still a Communist Country? - The Vietnam War
Headings: Is Vietnam still a Communist Country?
Is Vietnam still a Communist Country?
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Content: People were put to work under government programs after massive campaigns of collectivization of farms and factories were conducted. Wars’ destruction, inefficient programs and policies as well as political isolation pushed Vietnam into an economic crisis. A decade after unification Vietnam still remained impoverished. 1986 – present
A historic shift came in 1986 when Vietnamese government introduced a series of economic and political reforms best known as “Doi Moi” (Renovation) in an attempt to revive the economy that had been hindered by three decades of war and another decade of economic crisis. Doi Moi policies shifted the planned centralized economy to the so-called “socialist-oriented market economy” – a multi-sectoral market economy based on state-owned industry. Private enterprise, decontrol and foreign investment were now highly encouraged. Thanks to Doi Moi, Vietnam has seen a rapid economic growth in various fields from agriculture, construction to exports and investment with an average annual GDP growth of roughly 7% up to the global financial crisis in 2008 and remained more than 5% since 2010, making Vietnam one of the world’s fastest growing economies. The economic reforms, together with rapid and significant growth, earned Vietnam a place in the World Trade Organization in January 2007, after 12 years of negotiations. Before that, Vietnam has also established diplomatic relations with all countries by 2000. Based on what is happening, one could now argue Vietnam is no longer a pure communist country.