Vietnam 's Economic Transformation And Foreign Investment Attractive Destination

972 WordsMay 6, 20164 Pages
Vietnam is a densely populated developing country in the Southeast Asia. Since independence in 1975, though launching of several economic reforms and extensive efforts for macroeconomic stability, infrastructure development and environmental sustainability, Vietnam has transformed from one of the poorest country in the world to a lower middle income country with current GDP of $186.2 billion (Tradingeconomics, 2016). During the past two decades, Vietnam has become one of the leader in agricultural sectors and a foreign investment attractive destination. The country has had made impressive progress with GDP growth of 5.5 percent in 1990s to 6.4 percent in 2000s, making Vietnam one of the fastest growing countries in the world and it is expected to be more strengthen in the near future (World Bank [WB], 2016). Recently, the nation has concluded the Trans-Pacific Partnership (“TPP”) free trade agreement negotiation along with other 12 nations, which create more opportunities for the country to integrate into regional and global economies. This essay will briefly discuss about Vietnam’s economic transformation in general and particularly with its trading pattern in the past two decades. After 1975, the Vietnam’s war ended, leaving the reunited country faced poverty, low standard of education. The capitalist economy was dominated and controlled by the state ownership. The event seems to be changed since the Communist party officially launch a series of structural transformation
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