Liberalization and Growth in Vietnam

Kai Dutsch and Gunther Schnabl

No 12783, CESifo Working Paper Series from CESifo

Abstract: Due to a planned economy and several wars, growth and prosperity in Vietnam were low for a long time. Following market-oriented reforms, such as the privatization of agricultural enterprises and the authorization of private companies, growth in Vietnam has accelerated. The stabilization of public finances, inflation, and the exchange rate have contributed significantly to growth. Nevertheless, the gradualist liberalization process is not yet complete, as there is still no truly open financial market and state-owned enterprises still account for a large share of domestic value added. As a result, growth momentum is driven primarily by foreign direct investment and exports. More reforms are necessary to catch up with more advanced East Asian industrialized nations such as Thailand, South Korea, and Japan

Keywords: Vietnam; planned economy; market economy; reforms; Đổi Mới; China Plus One; transshipment; financial market liberalization; state-owned enterprises. (search for similar items in EconPapers)
JEL-codes: F14 G20 N15 O53 (search for similar items in EconPapers)
Date: 2026
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