Vietnam's economic policy following

Vietnam's economic policy following the 1997 Asian Financial Crisis has been a cautious one, emphasizing macroeconomic stability rather than growth. While the country shifted toward a more market-oriented economy, the Vietnamese government still continues to hold a tight rein over major state sectors, such as the banking system, state-owned enterprises and foreign trade.[18] GDP growth fell to 6% in 1998 and 5% in 1999.

The signing of the Bilateral Trade Agreement (BTA) between the USA and Vietnam on July 13, 2000, was a significant milestone. The BTA provided for "normal trade relations" (NTR) status of Vietnamese goods in the U.S. market. It was expected that access to the U.S. market would allow Vietnam to hasten its transformation into a manufacturing-based, export-oriented economy. Furthermore, it would attract foreign investment, not only from the U.S., but also from Europe, Asia and other regions.

In 2001, the ruling Communist Party of Vietnam approved a 10-year economic plan that enhanced the role of the private sector, while reaffirming the primacy of the state.[15] Growth then rose to 6% to 7% between 2000 and 2002 even in the midst of the global recession, making it the world's second-fastest growing economy. At the same time, investment grew threefold and domestic savings quintupled.

In 2003, the private sector accounted for more than one-quarter of all industrial output.[15] However, between 2003 and 2005, Vietnam fell dramatically in the World Economic Forum's global competitiveness report rankings, largely due to negative perceptions of the effectiveness of government institutions.[15] Official corruption is endemic, and Vietnam lags in property rights, efficient regulation of markets, and labor and financial market reforms.[15]

Vietnam had an average GDP growth of 7.1% a year from 2000 to 2004. The GDP growth was 8.4% in 2005, the second-largest in Asia, trailing only China's. The government estimated that GDP grew in 2006 by 8.17%. According to the Minister of Planning and Investment, the government targeted a GDP growth of around 8.5% in 2007.[19]

On November 7, 2006, the General Council at the World Trade Organization (WTO) approved Vietnam's accession package. On January 11, 2007, Vietnam officially became the WTO's 149th member, after 11 years of preparation, including eight years of negotiation.[17] The country's access to the WTO was intended to provide an important boost to the economy, as it ensured that the liberalizing reforms continue and created options for trade expansion. However, the WTO accession also brought serious challenges, requiring the economy to open up to increasing foreign competition.

Vietnam’s economy continues to expand at an annual rate in excess of 7%, one of the fastest growing in the world, but it grew from an extremely low base, as it suffered the crippling effect of the Vietnam War from the 1950s to the 1970s, as well as the austerity measures introduced in its aftermath.[15] In 2012, the communist party was forced to apologise about the mismanagement of the economy after large numbers of SOEs went bankrupt and inflation rose. The main danger has been over the bad debt in the banks totalling to 15% and forecast growth is 5.2% for 2012 but this is also due to the global economic crisis.[20] However the government have launched schemes to reform the economy such as lifting foreign ownership cap from 49% and partially privatizing the countries State owned companies which have been responsible for the recent economic downturn by the end of 2013 the government are expected to privatize 25–50 percent of most SOEs only maintaining control on public services and military. The recent reforms have created a major boom in the Vietnamese stock market as confidence in the Vietnamese economy are returning.

Over the last 2 decades, Vietnam experienced a rapid construction booming that contributed a big part in economic growth but also caused "bubble" to the economy. Skyscrapers mushroomed in big cities. According to data of Skyscrapercity website, in 2013, the top three tallest buildings in Vietnam were the Hanoi Landmark 72 (336m), the Hanoi Lotte Center (267m) and the Saigon Bitexco Financial Tower (263m).

However, Vietnam's current economic turmoil has given rise to question of a new period of changing political economy.[21]

Results (Vietnamese) 1:

Chính sách kinh tế của Việt Nam sau cuộc khủng hoảng tài chính Châu á 1997 đã là một thận trọng, nhấn mạnh kinh tế vĩ mô ổn định chứ không phải là tăng trưởng. Trong khi đất nước chuyển hướng tới một nền kinh tế hơn theo định hướng thị trường, chính phủ Việt Nam vẫn tiếp tục giữ một khiển chặt chẽ trên lĩnh vực chính nhà nước, chẳng hạn như hệ thống ngân hàng, các doanh nghiệp nhà nước và thương mại nước ngoài. [18] GDP tăng trưởng đã giảm đến 6% năm 1998 và 5% vào năm 1999.Việc ký kết của các thương mại song phương thỏa thuận (BTA) giữa Hoa Kỳ và Việt Nam ngày 13 tháng 7 năm 2000, là một mốc quan trọng. Hiệp định cung cấp cho các "quan hệ thương mại bình thường" (NTR) tình trạng của hàng Việt Nam vào thị trường Hoa Kỳ. Nó đã được dự kiến rằng quyền truy cập vào thị trường Mỹ sẽ cho phép Việt Nam để đẩy nhanh của nó biến đổi thành một nền kinh tế dựa trên sản xuất, xuất khẩu theo định hướng. Hơn nữa, nó sẽ thu hút đầu tư nước ngoài, không chỉ từ Hoa Kỳ, mà còn từ châu Âu, Asia và các vùng khác.Vào năm 2001, cầm quyền Đảng Cộng sản Việt Nam đã thông qua một kế hoạch kinh tế 10-năm nâng cao vai trò của khu vực tư nhân, trong khi tái khẳng định primacy của bang. [15] tăng trưởng sau đó đã tăng lên 6% đến 7% từ năm 2000 đến 2002 ngay cả ở giữa suy thoái kinh tế toàn cầu, làm cho nó kinh tế đang phát triển nhanh nhất thứ hai của thế giới. Cùng lúc đó, đầu tư lớn sợi và tiết kiệm trong nước quintupled.In 2003, the private sector accounted for more than one-quarter of all industrial output.[15] However, between 2003 and 2005, Vietnam fell dramatically in the World Economic Forum's global competitiveness report rankings, largely due to negative perceptions of the effectiveness of government institutions.[15] Official corruption is endemic, and Vietnam lags in property rights, efficient regulation of markets, and labor and financial market reforms.[15]Vietnam had an average GDP growth of 7.1% a year from 2000 to 2004. The GDP growth was 8.4% in 2005, the second-largest in Asia, trailing only China's. The government estimated that GDP grew in 2006 by 8.17%. According to the Minister of Planning and Investment, the government targeted a GDP growth of around 8.5% in 2007.[19]On November 7, 2006, the General Council at the World Trade Organization (WTO) approved Vietnam's accession package. On January 11, 2007, Vietnam officially became the WTO's 149th member, after 11 years of preparation, including eight years of negotiation.[17] The country's access to the WTO was intended to provide an important boost to the economy, as it ensured that the liberalizing reforms continue and created options for trade expansion. However, the WTO accession also brought serious challenges, requiring the economy to open up to increasing foreign competition.Vietnam’s economy continues to expand at an annual rate in excess of 7%, one of the fastest growing in the world, but it grew from an extremely low base, as it suffered the crippling effect of the Vietnam War from the 1950s to the 1970s, as well as the austerity measures introduced in its aftermath.[15] In 2012, the communist party was forced to apologise about the mismanagement of the economy after large numbers of SOEs went bankrupt and inflation rose. The main danger has been over the bad debt in the banks totalling to 15% and forecast growth is 5.2% for 2012 but this is also due to the global economic crisis.[20] However the government have launched schemes to reform the economy such as lifting foreign ownership cap from 49% and partially privatizing the countries State owned companies which have been responsible for the recent economic downturn by the end of 2013 the government are expected to privatize 25–50 percent of most SOEs only maintaining control on public services and military. The recent reforms have created a major boom in the Vietnamese stock market as confidence in the Vietnamese economy are returning.Over the last 2 decades, Vietnam experienced a rapid construction booming that contributed a big part in economic growth but also caused "bubble" to the economy. Skyscrapers mushroomed in big cities. According to data of Skyscrapercity website, in 2013, the top three tallest buildings in Vietnam were the Hanoi Landmark 72 (336m), the Hanoi Lotte Center (267m) and the Saigon Bitexco Financial Tower (263m).However, Vietnam's current economic turmoil has given rise to question of a new period of changing political economy.[21]