preview

How Did The Vietnam War Affect The Economy Of Vietnam?

Decent Essays

Vietnam emerged from the war with the United States torn and ravaged. The war destroyed much of Vietnam’s farmland, infrastructure and industries. Almost every province, in the North sustained heavy bombardments and in the South, after the U.S. troops left the local economy came to a complete stop. The death toll was astronomical, three million people lost their lives and another two million displaced. Nearly three million Vietnamese were employed. Since the Vietnam War and the unification of North Vietnam and South Vietnam, many great things have happened to Vietnam.

European colonization and U.S. expansionism ideology was the main cause for the war that brought the Vietnamese people to the brink of annihilation. It first started with the France colonization of Vietnam after a French priest and Catholics were persecuted for inciting an uprising against the local ruler. Eventually, the French established a colony in the three countries which commonly referred to as French Indochina. The Vietnamese orchestrated several rebellions to get rid of the French, but to no avail. During the …show more content…

The economic grew slowly under the government’s planned economy system. In 1986, the government launched its “socialist-oriented market economy program (Doi Moi), which supported the creation of privately owned enterprises and foreign investment. The economy grew at an annual of 7 percent and poverty was reduced by 50 percent. Since 2001, Vietnam has had one of world’s fastest growing economies. Vietnam has signed a free trade agreement with the European Union and when the deal takes effect next year, tariffs will be eliminated on 90 of European goods entering Vietnam, which will make the country a distribution hub, according to Phil Hogan, the EU’s commissioner for Agriculture and Rural Development. This will create for more jobs for the Vietnamese working class and continue to spur economic

Get Access