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Vietnam: An Emerging Economy at a CrossRoads


  • Quang Truong

    (Emeritus Professor at Maastricht School of Management, The Netherlands. E-mail:


This paper provides an overview of the institutional structure of the business system of Vietnam. It explores the role of the state, the financial system, ownership and corporate governance, the internal structure of the firm (management), employment relations, education and skills formation, inter-company relations (networks), and social capital. It highlights the critical crossroads Vietnam is facing, after a period of steady growth, in a desperate effort to save its economy from going virtually bankrupt as a result of ideological ambiguity, cronyism, vested interests, corruption, poor governance, and the absence of stakeholders’ participation in the process of sustainable development of the country. This paper contributes to the business systems and varieties of state capitalism literatures and identifies institutional contingencies for comparative and international social science research in general.

Suggested Citation

  • Quang Truong, 2013. "Vietnam: An Emerging Economy at a CrossRoads," Working Papers 2013/09, Maastricht School of Management.
  • Handle: RePEc:msm:wpaper:2013/09

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    References listed on IDEAS

    1. Lindsay Noble Calkins & Andrew Welki, 2006. "Factors that influence choice of major: why some students never consider economics," International Journal of Social Economics, Emerald Group Publishing, vol. 33(8), pages 547-564, August.
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    3. Montmarquette, Claude & Cannings, Kathy & Mahseredjian, Sophie, 2002. "How do young people choose college majors?," Economics of Education Review, Elsevier, vol. 21(6), pages 543-556, December.
    4. Cebula, Richard & Lopes, Jerry, 1981. "Determinants of Student Choice of Undergraduate Major Field," MPRA Paper 49826, University Library of Munich, Germany, revised 05 Feb 1982.
    5. Kevin N. Rask & Elizabeth M. Bailey, 2002. "Are Faculty Role Models? Evidence from Major Choice in an Undergraduate Institution," The Journal of Economic Education, Taylor & Francis Journals, vol. 33(2), pages 99-124, June.
    6. Eide, Eric & Waehrer, Geetha, 1998. "The Role of the Option Value of College Attendance in College Major Choice," Economics of Education Review, Elsevier, vol. 17(1), pages 73-82, February.
    7. Vrontis, Demetris & Thrassou, Alkis & Melanthiou, Yioula, 2007. "A contemporary higher education student-choice model for developed countries," Journal of Business Research, Elsevier, vol. 60(9), pages 979-989, September.
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    More about this item


    Vietnam; Asia; business systems; varieties of capitalism; institutions; cronyism; vested interests; corruption; sustainable development;

    JEL classification:

    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • 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

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