The financial economy of Viet Nam in an age of reform, 1986–2016

Q. Vuong
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引用次数: 25

Abstract

Before the Doi Moi reforms in 1986, Viet Nam’s economy was devastated by 30 years of warfare with two major military powers, France and the US, ending in 1975. In the subsequent 10 years, Viet Nam suffered from failing economic experiments, including agricultural cooperatization, “industry-commerce rehabilitation,” price-wage-currency reform, among others, under the centrally planned mechanism (Wood 1989), as well as the international isolation and a US trade embargo when its troops entered Cambodia to overthrow the Khmer Rouge (Riedel and Turley 1999). Its per-capita gross domestic product (GDP) declined to USD 97 in 1989 whereas the ratio of external debt to GDP reached 330%. The economy languished and became one of the poorest in the world (VGP 2016). Things have since changed. With a population of 92 million, its GDP was USD 204 billion in 2015, after 30 years of socio-economic transitions. Doi Moi has enabled the marketization and internationalization of the economy, bringing about the fruits of the market (Dutta 1995; Riedel and Turley 1999), with the financial system facilitating the transformation (Siregar 1997). The banking system then had total assets of USD 307 billion, about 150% of GDP.
改革时代的越南金融经济,1986-2016
在1986年改革之前,越南与法国和美国这两个主要军事大国长达30年的战争摧毁了越南的经济,这场战争于1975年结束。在随后的10年里,越南遭受了失败的经济实验,包括农业合作、“工商业复兴”、价格-工资-货币改革等,在中央计划机制下(Wood 1989),以及国际孤立和美国军队进入柬埔寨推翻红色高棉时的贸易禁运(Riedel和Turley 1999)。1989年人均国内生产总值(GDP)下降到97美元,而外债占GDP的比例达到330%。经济萎靡不振,成为世界上最贫穷的国家之一(VGP 2016)。自那以后,情况发生了变化。经过30年的社会经济转型,人口9200万,2015年GDP达到2040亿美元。Doi Moi使经济的市场化和国际化,带来了市场的成果(Dutta 1995;Riedel and Turley 1999),金融体系促进了这种转变(Siregar 1997)。当时银行体系的总资产为3070亿美元,约为GDP的150%。
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