Abstract
The process of comprehensive economic reforms that commenced in 1986 has several lessons to offer for future policy-making in Vietnam. This article argues that institutional strengthening is critical for the future prosperity of the country. Several propositions from the New Institutional Economics (NIE) literature are corroborated by recent evidence from Vietnam to recommend policy settings necessary for continued economic development. The recommendations include the establishment of well-defined property rights, including a clear and enforceable system of contracts; strengthening the planning and administrative capacity of provincial offices; and, improvements in law enforcement. These institutional reforms must be given the highest priority if growth is to be revived and sustained over the medium to long term.
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