Abstract
The output of paddy has been increased from 16.4 million tons in 1987 to 50.4 million tons in 2015, with average food per capita doubling from 275 kg/person (1985) to 550 kg/person (2015). Exports of agricultural, forestry and fishery products in 2017 reached USD 36.7 billion, an increase of 14.05% over 2016. The main causes of this strong growth have been the economic transition from only two main business sectors in agriculture, namely state-owned farms and agricultural cooperatives to more diversify economic activity; and a shift from the centralized economy to a market economy. The most impressive leap was after the 10-NQ/TW Politburo Resolution in 1988. Resolution 10 derestricted farmers, allowing a market economy to emerge.
Highlights
Vietnam’s economy has seen impressive growth in recent years, especially after the transition from a centrally planned economy to a market economy
North Vietnam under the leadership of the Communist Party was transformed into a communist society and economy modeled according to the socialist regime, whereas South Vietnam was based on the market economy mechanism
The French war lasted nine years from 1945 to 1954, in which Vietnam was divided into South Vietnam and North Vietnam
Summary
Vietnam’s economy has seen impressive growth in recent years, especially after the transition from a centrally planned economy to a market economy. Vietnam’s agriculture has undergone impressive development since the war years of 1954-1975 and the time under a centrally planned economy. After declaring independence on September 2, 1945, the Democratic Republic of Vietnam engaged in a nine-year war with France. North Vietnam under the leadership of the Communist Party was transformed into a communist society and economy modeled according to the socialist regime, whereas South Vietnam was based on the market economy mechanism. After the Vietnam war ended in 1975, South Vietnam was reunited with North Vietnam, and the Communist regime subsequently extended its centrally planned economy to the entire country until 1987
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