In 1975, at the end of a long and destructive war, vietnam faced severe economic and social problems. Eleven years on, in response to the economic challenges, vietnam began to move from its previously highly centrally controlled economy to a more mixed, market-based economy. After two decades of this reform, known as doi moi (renovation), vietnam reached a point where it was evident that the country had achieved significant economic progress. Gdp growth stabilized at around 8% per year, a rate of growth which makes vietnam the second most rapidly developing economy in the world, although the recent global economic downturn has seen the rate drop to around 5.5% Per year (world bank, 2010). 2012 Sense publishers. All rights reserved.
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