|Containers are unloaded at Saigon Newport (Photo: Hong Dat/VNA)
The website cites private property rights and free-market reforms as the main drivers of Vietnam’s effective poverty reduction and economic achievements, which began with Vietnam’s 6th National Party Congress adopting the “Doi Moi” (Renewal) in December 1986.
Vietnam’s GDP has increased sixfold since the launch of the reforms. From a country that could not produce enough rice to feed its own people, Vietnam has become one of the world’s largest rice producers and a major exporter of electronic goods.
In 1987, a new investment law was passed, opening up Vietnam to foreign investors. For the first time, Vietnam allowed investments that were 100% foreign capital and guaranteed that foreign investors’ capital and property would be secure, according to the Washington Examiner.