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Liberalization and Growth in Vietnam

Author

Listed:
  • Kai Dutsch
  • Gunther Schnabl

Abstract

Due to a planned economy and several wars, growth and prosperity in Vietnam were low for a long time. Following market-oriented reforms, such as the privatization of agricultural enterprises and the authorization of private companies, growth in Vietnam has accelerated. The stabilization of public finances, inflation, and the exchange rate have contributed significantly to growth. Nevertheless, the gradualist liberalization process is not yet complete, as there is still no truly open financial market and state-owned enterprises still account for a large share of domestic value added. As a result, growth momentum is driven primarily by foreign direct investment and exports. More reforms are necessary to catch up with more advanced East Asian industrialized nations such as Thailand, South Korea, and Japan

Suggested Citation

  • Kai Dutsch & Gunther Schnabl, 2026. "Liberalization and Growth in Vietnam," CESifo Working Paper Series 12783, CESifo.
    • Handle: RePEc:ces:ceswps:_12783
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    JEL classification:

    • O53 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Asia including Middle East
    • N15 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Asia including Middle East
    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • G20 - Financial Economics - - Financial Institutions and Services - - - General

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