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Vietnam: Is Doi Moi the Way Forward in Post-crisis Asia?

In: Asian Post-crisis Management

Author

Listed:
  • Malcolm Cooper

Abstract

In the Vietnam of the 1970s and 1980s, government-policy discussions focused around the development of a liberalized market-oriented economy (through doi moi, or renovation) that would bring the country greater prosperity and higher standards of living (Beresford, 1988; 1997; Cooper, 1997; 2000; Le Dang Doanh and McCarty, 1997). From 1986, restrictions on private investment were gradually lifted and foreign investment and ownership encouraged in line with similar trends that were occurring throughout Asia. However, opening up the economy was not easy in the beginning as Vietnam lacked capital, experience, infrastructure and a trained labour force. Moreover, at that time Vietnam was virtually isolated from the outside world as a result of an American embargo on trade. Despite these constraints, so effective was the doi moi strategy that the country had by 1992 passed into a stage of rapid economic development. At the end of 1994 the American embargo was lifted, and in 1995 Vietnam was accepted as full member of Association of Southeast Asian Nations (ASEAN).

Suggested Citation

  • Malcolm Cooper, 2002. "Vietnam: Is Doi Moi the Way Forward in Post-crisis Asia?," Palgrave Macmillan Books, in: Usha C. V. Haley & Frank-Jürgen Richter (ed.), Asian Post-crisis Management, chapter 8, pages 135-153, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-59583-5_8
    DOI: 10.1057/9780230595835_8
    as

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