Doi Moi - A Stepping Stone
From 1986, Vietnamese Government has decided to perform “Doi Moi” (Renovation), an economic reform campaign, beginning with industrialization and modernization. In details, the economy shifted into a more market-based development. During Doi Moi, Vietnam started its diplomatic relationships with the West and East Asia in the 1990s. Vietnamese govenment also consistently committed to renovating the economy. A series of policies were implemented to facilitate trade and production:
In 1987, Government deactivated goods checkpoints along the roads in order to help the economy to develop.
In 1988, Government issued new rules for agriculture economy.
In 1989, inflation rate came down to 34.7%. Vietnam became the second highest rice-export country (after Thailand).
In 1990, Business Laws and Enterprise laws were issued. Joint stock state-owned companies began to appear.
In 1993, Vietnam turned back to normal relationship with international financial organizations.
In 1994, National Assembly began to officially question Government members.
In 1995, Vietnam-American relationship were normalized. Vietnam joined APEC, ASEAN.
In 1998, Asia suffered a serious economic crisis, although Vietnam was just slightly affected.
Vietnam in the 21st Century
The 21st Century witnessed significant changes of Vietnam in many fields, especially in socio-economic development. In 2000, new business rules were ratified. This brought more chances for Vietnam to develop the country. In 2001, Vietnamese Government issued foreign investment law. The amount of ODA (Official Development Assistance) increased sharply, especially that from Japan. Banks and financial organizations could freely issue interest rate from 2002.
In 2003, Vietnam was seriously damaged by SARS epidemics but overcame it shortly with much supporrt from UN and other countries. Moreover, the government issued polymer and metal money to replace paper money and fight money frauds. In 2004, 10th Asian Summit brought many chances for Vietnam to develop the relationships with foreign countries. Meanwhile, the bird flu disease caused significant damage to chicken raising industry as well as tourism.
In 2005, Vietnam missed the chance to join WTO though 2006 is the year of new opportunities. Vietnam successfully joined WTO as the 150th member, bringing new hopes for firms and companies to develop their business. Foreign Direct Investment (FDI) reached $10 billion; exports grew at 22% compared to 2005. 2007, Vietnam ratified a new law, requiring all motorcycle drivers to wear helmet on the road.
In 2008, FDI of Vietnam reached $60 billion, the highest level in history. Hanoi expanded to include Ha Tay, part of Vinh Phuc and Hoa Binh provinces, laying the foundation for the development in the future. Inflation rate stopped climbing. In 2009, while the world still suffered from the most serious economic crisis since the Great Depression in 1933, Vietnamese economy recovered quickly. ODA amount boomed to $8 billions.
In 2010, Hanoi held the 1000th anniversary, attracting many tourists from foreign countries. The central of Vietnam suffered the historic flood of Vietnam, causing terrible losses and deaths. GDP rate increased 6.7% compared with 2009. As of June 2011, tourism and service industry are contributing a growing proportion to GDP and growing at a significant rate. Urbanization process continues taking place and more arable land is being transformed for housing and real estate projects.
It can be said that the first 10 years of the 21st Century has been a fruitful period - where Vietnam is leading the region in many indicators such as GDP growth rate or poverty reduction rate. History is still unfolding and check back this page frequently for more updates.
Want an independent tour and private tour, please email us at: info@footsteptravel.com to get more information and assistance
In 1987, Government deactivated goods checkpoints along the roads in order to help the economy to develop.
In 1988, Government issued new rules for agriculture economy.
In 1989, inflation rate came down to 34.7%. Vietnam became the second highest rice-export country (after Thailand).
In 1990, Business Laws and Enterprise laws were issued. Joint stock state-owned companies began to appear.
In 1993, Vietnam turned back to normal relationship with international financial organizations.
In 1994, National Assembly began to officially question Government members.
In 1995, Vietnam-American relationship were normalized. Vietnam joined APEC, ASEAN.
In 1998, Asia suffered a serious economic crisis, although Vietnam was just slightly affected.
Vietnam in the 21st Century
The 21st Century witnessed significant changes of Vietnam in many fields, especially in socio-economic development. In 2000, new business rules were ratified. This brought more chances for Vietnam to develop the country. In 2001, Vietnamese Government issued foreign investment law. The amount of ODA (Official Development Assistance) increased sharply, especially that from Japan. Banks and financial organizations could freely issue interest rate from 2002.
In 2003, Vietnam was seriously damaged by SARS epidemics but overcame it shortly with much supporrt from UN and other countries. Moreover, the government issued polymer and metal money to replace paper money and fight money frauds. In 2004, 10th Asian Summit brought many chances for Vietnam to develop the relationships with foreign countries. Meanwhile, the bird flu disease caused significant damage to chicken raising industry as well as tourism.
In 2005, Vietnam missed the chance to join WTO though 2006 is the year of new opportunities. Vietnam successfully joined WTO as the 150th member, bringing new hopes for firms and companies to develop their business. Foreign Direct Investment (FDI) reached $10 billion; exports grew at 22% compared to 2005. 2007, Vietnam ratified a new law, requiring all motorcycle drivers to wear helmet on the road.
In 2008, FDI of Vietnam reached $60 billion, the highest level in history. Hanoi expanded to include Ha Tay, part of Vinh Phuc and Hoa Binh provinces, laying the foundation for the development in the future. Inflation rate stopped climbing. In 2009, while the world still suffered from the most serious economic crisis since the Great Depression in 1933, Vietnamese economy recovered quickly. ODA amount boomed to $8 billions.
In 2010, Hanoi held the 1000th anniversary, attracting many tourists from foreign countries. The central of Vietnam suffered the historic flood of Vietnam, causing terrible losses and deaths. GDP rate increased 6.7% compared with 2009. As of June 2011, tourism and service industry are contributing a growing proportion to GDP and growing at a significant rate. Urbanization process continues taking place and more arable land is being transformed for housing and real estate projects.
It can be said that the first 10 years of the 21st Century has been a fruitful period - where Vietnam is leading the region in many indicators such as GDP growth rate or poverty reduction rate. History is still unfolding and check back this page frequently for more updates.
Want an independent tour and private tour, please email us at: info@footsteptravel.com to get more information and assistance
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