Viet Nam's transition to market economy largely complete, say analysts
Singapore, 16 July 2009 - Viet Nam is "making a decisive escape from poverty."
In an independent assessment of Viet Nam's ability to meet it's commitment to achieve Bogor Goals by 2020, analysts cite a rise in living standards and marked reform since adoption of the doi moi strategy in 1986. And "joining the World Trade Organization (WTO) in 2007 is a highlight of such achievements."
Overall, the Vietnamese "economy grew by 7.8 percent each year, from 2002 to 2007; and exports grew more than threefold from 2003 to 2008 - a growth rate of over 25 percent per year. Trade-led growth has come from the private sector and since 1986 the number of state-owned enterprises has been reduced dramatically."
"Since late 2008, the economy has been seriously affected by the global financial crisis which has damaged most of Viet Nam's export markets. Nevertheless, the Government is determined to adhere to its outward-looking development strategy and to sustain its program of reducing and eliminating impediments to international trade and investment."
The Bogor Goals are that free trade and investment in the APEC region should be established by 2010 in developed economies and by 2020 in developing economies.
Peer Reviews are conducted by independent, external review teams on a rotating basis and draw from the information found in economies' most recent Inpidual Action Plans, reports issued by the World Trade Organisation and academic studies pertaining to the economy under review.
A synopsis of the Peer Review may be found at: http://www.apec.org/Press/News-Releases/2009/~/media/Files/Press/NewsRelease/2009/IAP_Brief_Viet_Nam_FINAL.ashx
The complete report will be made available at the close of the APEC Senior Officials' Meeting on 19 July at:
http://www.apec.org/Press/News-Releases/2009/~/media/Files/Press/NewsRelease/2009/2009SOM2_IAP_PeerReviewFull_Viet_Nam.ashx
News photos may be found at: http://www.apec.org/Press/Photos/2009/20090716_iap_viet_nam.aspx