The Park Place Economist


The Socialist Republic of Vietnam, also known as Vietnam, is a developing country in Southeast Asia. After French colonists left Vietnam, the 1954 Geneva Accords divided Vietnam into the Communist North and anti-Communist South. However, the country was reunited as a Communist state because of the North's victory in the Vietnam War in 1975, and the Communist Part of Vietnam has become the only official political party since then. The data of the World Bank in 2017 indicates that Vietnam is a lower middle-income country. Despite that, the country has had a substantial economic growth and development since the Đổi Mới economic reform initiated in 1986. The reform tried to transfer the country from a centrally-planned economy towards a market economy. Even though the economy is not completely free-market oriented, it has made great progress along the way, and the transition has changed Vietnam from one of the world's poorest countries to where it stands today.