Economic Reforms, External Liberalization and Macroeconomic Performance in Vietnam

Abstract

This paper examines the macro-economic performance of Vietnam through the six phases of Doi Moi reform and analyzes the impact of external liberalization on economic growth, aggregate demand, employment and income distribution. The decomposition of aggregate demand suggests that private investment was the most important determinant of Vietnamese economic growth during the period of 1994 – 2011, while government expenditure has become more significant since 2005, and the external sector together with government expenditure are the important driving factors of Vietnamese economic growth since 2012. The decomposition of overall labor productivity highlighted the fact that sectoral productivity growth of the service sector plays an important role in the improvement of overall labor productivity in Vietnam.

Experiences and Development Impacts of Securing Land Rights at Scale in Developing Countries: Case Studies of China and Vietnam

“…Over the 34 years of implementation of securing land rights at scale and undertaking other major economic reforms (Moi Doi) and public investments (1986-2019), Vietnam's economy grew at an average annual real growth rate of 6.6 percent as measured by GDP in constant prices, according to calculations based on data from the IMF World Economic Outlook Database [44]. Land registration and tenure security contributed to the growth indirectly mainly by increasing private investment and agricultural productivity while the greater contribution to growth came from the other major economic reforms and pub-lic investments [60]. The rapid and sustained economic growth led to reducing the proportion of the population living below the poverty line (US$1.90 per day) from 51.9 percent in 1992 to 1.9 percent in 2018, according to data from the World Bank Poverty and Equity Data Portal [45].…”

“…The countries grew their economies strongly over the periods of land tenure reform, with China, Vietnam, Ethiopia and Rwanda recording average annual real economic growth rates of 9.4%, 6.6%, 8.2% and 7.7%, respectively, calculated using data from the IMF World Economic Outlook Database [44]. As earlier noted, while land tenure reforms contributed indirectly to the growth particularly through enhanced investment incentives and productivity, a much greater contribution came from complementary economic reforms and public investments as documented for China by Garnaut, Song and Fang [43], for Vietnam by Le [60], for Ethiopia by World Bank [67] and for Rwanda by Crisafulli and Redmond [68].…”

The Simplification of Customs Formalities: The Role of the Authorized Economic Operator (AEO) in Vietnam and in the EU

“…From 2000 to 2019, despite phases of macroeconomic instability, such as the 2012 turmoil (soaring unemployment rate, high inflation, budget deficit, foreign exchange reserve reduction, mismanagement of fiscal and monetary policies) [15], Vietnamese economy experienced regular and remarkable GDP growth levels. Since 2000 the GDP has risen by an average of about 6% per year-with a peak of 7.5% in 2004 and 2005.…”

Multi-faceted insights of entrepreneurship facing a fast-growing economy: A literature review

“…The sudden rise of entrepreneurship research from 2012 resulted from the surge of business research, while research on economics decreased. As mentioned above, 2012 was around the time private individuals finally came into contact with the cash flows from the USD8 billion injected by the Vietnamese government in 2009 (Le, 2019;Nguyen, Nguyen, Nguyen, & Bui, 2011). The result was different acts of entrepreneurship that arose in various forms of speculation.…”