Saturday 29/02/2020

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Until recently, most of Vietnam’s economy was based on it’s agriculture, mainly it’s rice.  Even during French colonial rule, agriculture was important, although other crops were added for export such as coffee, tea, and rubber, among other things.  It wasn’t until 1954 when Vietnam was divided that the national economy was actively developed, for each government of course.  The Communist North was a very centralized planned economy, while the South was pretty much a free-market economy with little government involvement.

When Vietnam was reunited in 1976, the North began expanding it’s plan throughout the country.  After they redeveloped their economic plan in 1986 to support a mixed economy (one that can function privately or with state control), Vietnam’s economy has taken off.  During the 1990′s, their economy increased on average 8.6 percent a year and in spite of such economic growth, Vietnam’s per capita income hasn’t taken off but has remained at an annual low of $320.  Vietnam realizes that it cannot do it on its own, it needs outside backing and investments to further advance in today’s society.  Industrialization is extremely important as is training and knowledge of various basic areas in modern society – banking knowledge, technology, and science to name a few.

Ho Chi Minh City

Ho Chi Minh City

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