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The economic transformation of Vietnam since the launch of its “Doi Moi” (reform) policy in 1986 has been remarkable. Over the past two decades, Vietnam has made the transition from an agricultural, relatively isolated command economy to a globally integrating, export-focused, industrializing economy. Vietnam’s GDP growth has exceeded 5 percent per year since 2000 and peaked at 8.5 percent in 2007. While Vietnam’s economic performance to date has been significant, there are formidable hurdles ahead in efforts to achieve sustained and equitable growth. Those include consolidating the new economic gains into a strong foundation for ensuring long-term prosperity and competitiveness; effectively implementing the approved laws and regulations; and ensuring that the growing prosperity reaches down to poorer and marginalized Vietnamese.
USAID is in a unique position to assist Vietnam in facing these challenges. The hundreds of reforms supported by USAID’s economic growth programs have set the stage for greater transparency, economic openness, competition and the rule of law in economic affairs. Advances in these aspects of economic life are encouraging similar concepts and openness to emerge in Vietnam’s broader social and political landscape.
USAID works with the Government of Vietnam to help strengthen the country’s emerging market-driven economy. USAID provides technical assistance to support commitments under the U.S.-Vietnam Bilateral Trade Agreement, and World Trade Organization accession. At the Government of Vietnam’s request, we carry out activities to support an enhanced business environment through legal and regulatory reform, competitiveness, consumer protection, infrastructure financing, and agricultural development.
From 2001 through 2010, Vietnam, as both a developing and a transition economy, rewrote or developed most laws and regulations affecting commercial activity and related judicial procedures. USAID has worked on more than 150 laws and related regulations and decrees, and assisted more than 50 government agency counterparts in the legal and economic reform process.
- In collaboration with Mars, Inc., and the World Cocoa Foundation, we are promoting sustainable cocoa production and improving the livelihood of over 3,400 smallholder farmers in the Central Highlands, with a focus on ethnic minorities and women’s participation.
Last updated: March 11, 2014