Economy of Vietnam

Historically, Vietnam has been an agricultural civilization based on wet rice cultivating. The Vietnam War destroyed much of the country's economy. Upon taking power, the Government created a planned economy for the nation.

Collectivization of farms, factories and economic capital was implemented, and millions of people were put to work in government programs. For a decade, united Vietnam's economy was plagued with inefficiency and corruption in state programs, poor quality and underproduction and restrictions on economic activities and trade. It also suffered from the trade embargo from the United States and most of Europe after the Vietnam War. Subsequently, the trade partners of the Communist blocs began to erode.

In 1986, the Sixth Party Congress introduced significant economic reforms with free market economy elements as part of a broad economic reform package called "đổi mới" (Renovation), resulting in a Socialist-oriented market economy. Private ownership was encouraged in industries, commerce and agriculture
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