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The Politics and Economics of Transition to an Open Market Economy in Viet Nam

Author

Listed:
  • James Riedel
  • William S. Turley

Abstract

Reform in Viet Nam is a protracted process. Beginning in 1979, it experienced both advances and reversals until 1986, a sudden acceleration in 1989-91, then gradualism hampered by a deepening entrenchment of interests in positions both for and against further liberalisation. A stop-go cycle has developed in which the new incentives and opportunities resulting from reform are sufficient to block broad reversion to earlier phases, but comprehensive advances would seem to depend on the occurrence of deeply unfavourable shocks. When crisis has seriously undermined performance, leaders have embraced reform to shore up legitimacy, while in good times they have tended to disagree over the long-term risks of reform and how to deal with those risks ... La réforme est au Viet Nam un processus de longue haleine. Engagée en 1979, elle a connu jusqu’en 1986 des avancées et des reculs, et une soudaine accélération en 1989-91. Depuis, elle progresse lentement, freinée par le durcissement des positions (favorables ou hostiles à une poursuite de la libéralisation) en fonction des intérêts en jeu. Les opportunités et les incitations nouvelles résultant de la réforme sont suffisamment importantes pour empêcher tout retour en arrière de grande ampleur, mais il semble que les futures avancées dépendront pour une large part de l’apparition de crises. De fait, les décideurs ont soutenu la réforme dans les périodes où une crise a sérieusement compromis la croissance, afin de restaurer leur légitimité. Dans les périodes plus fastes au contraire, des divergences apparaissent sur les risques à long terme de la réforme et la manière d’y répondre ...

Suggested Citation

  • James Riedel & William S. Turley, 1999. "The Politics and Economics of Transition to an Open Market Economy in Viet Nam," OECD Development Centre Working Papers 152, OECD Publishing.
    • Handle: RePEc:oec:devaaa:152-en
    DOI: 10.1787/634117557525
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    Cited by:

    1. Jie Bai & Seema Jayachandran, 2013. "Does Economic Growth Reduce Corruption? Theory and Evidence from Vietnam," Working Papers id:5507, eSocialSciences.
    2. Shan Jayasinghe & Lester W. Johnson & Nilan Udayanga & Lakshitha Kumarapperuma & Sanath Ranjitha, 2023. "Drivers Enabling Developing Countries to Enter High-Tech Production Networks through Global Production Sharing: Evidence from Malaysia, Taiwan, and Vietnam," Sustainability, MDPI, vol. 15(3), pages 1-16, January.
    3. Thao, Chu Minh, 2018. "The Transformation Of Vietnamese Trade Policy," OSF Preprints 7qdnt, Center for Open Science.
    4. Vuong, Quan-Hoang, 2014. "Vietnam's Political Economy in Transition (1986-2016)," OSF Preprints 48kus, Center for Open Science.
    5. Thierry Mayer, 2006. "Policy Coherence for Development : A Background paper on Foreign Direct Investment," SciencePo Working papers Main hal-01065640, HAL.
    6. He, Qichun, 2011. "Home-bias Politics, Financial Deregulation and Economic Growth: A Causal Relationship," MPRA Paper 34482, University Library of Munich, Germany.
    7. Jie Bai & Seema Jayachandran & Edmund J Malesky & Benjamin A Olken, 2019. "Firm Growth and Corruption: Empirical Evidence from Vietnam," The Economic Journal, Royal Economic Society, vol. 129(618), pages 651-677.
    8. Ousama Ben-Salha & Abir Abid & Ghassen El Montasser, 2023. "Linear and Nonlinear Causal Linkages Between Exports and Growth in Next Eleven Economies," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 14(2), pages 1194-1226, June.
    9. Vuong, Quan-Hoang, 2017. "The Vietnamese financial economy: reforms and development, 1986-2016," OSF Preprints g7e6t, Center for Open Science.
    10. repec:hal:wpspec:info:hdl:2441/10184 is not listed on IDEAS
    11. Quan-Hoang Vuong, 2014. "Vietnam’s political economy: a discussion on the 1986-2016 period," Working Papers CEB 14-010, ULB -- Universite Libre de Bruxelles.
    12. Minh Thị Hải Võ & Karl Löfgren, 2019. "An institutional analysis of the fiscal autonomy of public hospitals in Vietnam," Asia and the Pacific Policy Studies, Wiley Blackwell, vol. 6(1), pages 90-107, January.
    13. Qichun He, 2011. "Does FDI Promote Human Capital Accumulation? The Role of Gradual Financial Liberalization," CEMA Working Papers 455, China Economics and Management Academy, Central University of Finance and Economics.
    14. repec:spo:wpecon:info:hdl:2441/10184 is not listed on IDEAS
    15. , Aisdl, 2014. "Vietnam's Political Economy in Transition (1986-2016)," OSF Preprints 2wxdg, Center for Open Science.
    16. Mai, Nhat Chi, 2016. "Monetary policies and the macroeconomic performance of Vietnam," OSF Preprints akzy4, Center for Open Science.
    17. Scott A. Fritzen & Caroline Brassard, 2007. "Multi-level assessments for better targeting of the poor," Progress in Development Studies, , vol. 7(2), pages 99-113, April.
    18. van de Walle, Dominique & Gunewardena, Dileni, 2001. "Sources of ethnic inequality in Viet Nam," Journal of Development Economics, Elsevier, vol. 65(1), pages 177-207, June.
    19. repec:hal:spmain:info:hdl:2441/10184 is not listed on IDEAS

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