The Economy of Vietnam

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Vietnam has suffered numerous hardships, causing its economy to drastically change over time. The conquest of Vietnam by France began in 1858 and was completed by 1884. In March 1945, Japan took over direct administration from the Vichy regime, which was France during World World II. Vietnam declared independence after World War II but, unfortunately, France continued to rule until its 1954 defeat by Ho Chi Minh and his Viet Minh forces. Born on May 19, 1890. Ho Chi Minh grew up to be a well known communist revolutionary leader and, eventually, the president of the Democratic Republic of Vietnam. He formed the Vietnamese Independence League, also known as Viet Minh, and began organizing a nationalist movement against the Japanese and the French. On September 9, 1945, hours after Japan’s surrender of World War II, Vietnamese communist Ho Chi Minh declared national independence at Hanoi’s Ba Dinh Square. A year later the Democratic Republic of Vietnam launches its first attack against the French which started a spark leading to the Vietnam War. From 1965 to 1969, U.S involvement in the Vietnam war increased most dramatically, which caused defense expenditures to skyrocket by $31.9 billion while total federal government outlays increased by $65.4 billion. The increase in tax revenues was not enough to keep pace with the increased spending so Vietnam’s deficit reached $25.2 billion in fiscal year 1968. Vietnam’s increased budget deficit increased the nation’s overall price level, decreased in the employment rate, an increase in interest rates (Encyclopedia of the Vietnam War: A Political, Social, and Military History).

Fiscal Year Defense Expenditures Total Outlays Tax Revenue Surplus or Deficit

1965

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...n in businesses. The most populated city in Vietnam is Ho Chi Minh (Saigon) with approximately 3.3 million people.

Vietnam Population from 1990 to 2009, data by World Databank (2011)

I predict Vietnam will have a prosperous future since it has made a huge comeback along with many economic achievements since the beginning of Doi Moi such as improved living standards and unemployment rates. Vietnam is now doing better in terms of economic growth than any country in Asia other than China (Vietnam & Angkor Wat). Vietnam is in a period of being integrated into the global economy since it has become a leading agricultural exporter and is serving as an attractive destination for foreign investment in Southeast Asia. Nevertheless, most Vietnamese today enjoy more freedom than their forefathers did at any time in their countries long history of struggle and strife.

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