Vietnam Economy



Overview: Viet Nam embarked on Doi Moi policy in 1986 with three main pillars: (i) to shift from a centrally planned economy to a market- oriented one; (ii) to develop a multi-sector economy in which the private sector plays an increasingly important role; and (iii) to actively and effectively integrate into regional and global economy in accordance with Viet Nam’s situation.


Since the Sixth CPV’s Congress in 1986, the Doi Moi has recorded significant accomplishments and Viet Nam’s economy maintains consecutive high growth rate. WTO membership enables Viet Nam’s economy to integrate further into the global economy and to utilize external resources to boost industrialization and modernization. Viet Nam aims to basically become a modern industrialized economy by 2020.


The 1987 Foreign Investment Law was the first legal document that helped form the legal framework for the Vietnamese market economy. In 1991, the Private Enterprise Law and Corporate Law were introduced. The amended 1992 Constitution affirmed the existence and development of a multi-sector economy under a market mechanism, including the foreign-invested sector. This was followed by the promulgation of a number of laws essential for the formation of the market economy, including Land Law, Tax Law, Bankruptcy Law, Environment Law, and Labor Code, etc. Hundreds of ordinances and government decrees were enacted to guide the implementation of these laws for national socio-economic development.

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Ethnic Groups


Ethnic Groups

 Vietnam is a multi-nationality country with 54 ethnic groups. The Viet (Kinh) people account for 87% of the country's population and mainly inhabit the Red River delta, the central coastal delta, the Mekong delta and major cities. The other 53 ethnic minority groups, totalling over 8 million people, are scattered over mountain areas (covering two-thirds of the country's territory) spreading from the North to the South.

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Before the 19th century, identified as oriental traditional medicine, Viet Nam’s medicine used mainly herbs. In late 19th century, western medicine was introduced to Viet Nam. At that time, clinics could only be found in big cities, while in rural areas, traditional medicine remained common treatment.


When the Democratic Republic of Viet Nam was born in September 1945, a healthcare system started to be built. The Medical University was established in the Viet Bac war zone in 1949. Even during that early stage, Medical University, Research Institute and hospitals had managed to produce some basic medications such as penicillin and malaria medicine. After reunification in April 1975, the healthcare sector started to develop rapidly with renowned doctors and numerous achievements that have earned international recognition.

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