Economy of Vietnam

Vietnam’s economy can be explained as a developing economy. If we look back to history we can see that Vietnam was among agricultural centers of the world but very soon the country had some commercial port such as Hoi An and Pho Hien.

It has been seen over the past 20 years that Vietnam has changed from a central command planning -based economy. After the change it has become socialist oriented mixed market economy. In this period, there was rapid growth in Vietnamese economy.

Presently Vietnam is in the period of incorporating into economy of the world. This worked as a part of globalization. Almost all Vietnamese enterprises are SMEs. There are some nationwide trademarks such as Vinamilk, VNPT, Khanh Do, Trung Nguyen and others. Vietnam has been developing as a leading agricultural exporter. The country is also known as an attractive foreign investment address in East as well as Southeast Asia.

Vietnam established on agricultural civilization and this is the reason why Vietnamese feudal dynasties believed that agriculture is the major economic issue here. It can also be said that their thoughts on economics is akin to physiocracy.

Land ownership rule was very systematic. Dams were built over Red River Delta. When the period is in peace and there is no as such work for soldiers, they were sent home to do agriculture work.

Moreover, the court forbade slaughtering cattle and water buffalo. Many agricultural ceremonies were held. Another important industry was the art trade or handicraft. Contrarily, commerce was not noticed and the economy was self- supplied.

From the 16th century, Confucianism was missing its regulation on Vietnamese society. The previous busy commercial ports such as Hoi An were limited. The closing policy in this period changed the Vietnamese economy and somewhat stagnated this. These are the reasons why Vietnam became a French colony in later days.