Abstract
The transformation that Vietnam has undergone during the decade between 1985 and 1995 is truly remarkable. For the ten years ending in 1995, Vietnam's average gross domestic product (GDP) growth rate was 6.4 per cent, the best performance among low-income economies. As a result of this rapid growth, the decline in poverty incidence is estimated to be from about 75 per cent in 1985 to about 50 per cent today. Two factors were particularly important for Vietnam's quick adjustment: improved macroeconomic management and grow ing openness. While Vietnam's economic performance has been good, it remains a poor country facing significant challenges. This article examines the main challenges that re main, including inflation control, further trade liberalization, and state enterprise reform and privatization. Vietnam's entry into ASEAN in 1995 increased the likelihood that the re form programme will remain on track.
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