ABSTRACT
For most of the period since doi moi in 1986, Vietnam's performance on the economic front has outstripped that of most developing economies. The growth of its real GDP and real GDP per capita shows that it has not only been growing fast but has become increasingly better at it than most others. Its gross domestic savings ratio and gross domestic investment ratio have also increased markedly and compared very favourably with those of other economies. Exports and imports grew rapidly and increased their shares in the GDP significantly, as did foreign direct investment, which not only brought about much-needed investment funds and management skills but also access to international markets and externalities. The sustained significant rises in the standard of living over a period of time led to consistent falls in the share of food and rises in that of manufacturing and services in total consumption. This led, in turn, to significant structural changes in the GDP, with the share of the primary sector falling and those of the industry and services sectors rising. Thus, as measured by most of the conventional indicators of economic performance, the 1986 doi moi and subsequent reforms have produced rapid economic changes and growth in Vietnam. These achievements are all the more remarkable because the modern Vietnamese economy has really only known peace since the end of the Cambodian conflict in 1989.
