More than three decades after a communist offensive reunified Vietnam, the party’s hold on power and civil society remains unchallenged. But twenty years of liberal economic reforms have brought sweeping changes and foreign investment to a nation characterized by increasing industrialization and a reduction in poverty. The Socialist Republic of Vietnam is poised to become a member of the World Trade Organization (WTO) in November. Despite improved relations with the United States since the two countries normalized relations during theClinton administration, a holdup in the U.S. Congress could stall Hanoi’s full accession into the WTO.
More than three decades after the fall of the U.S. backed South Vietnamese government in Saigon, the Socialist Republic of Vietnam is experiencing an economic boom, and is poised to become the 150th member of the World Trade Organization (WTO). Last year China was the only Asian country to surpass Vietnam in terms of GDP growth (NYT). This new Backgrounder takes a look at Vietnam’s startling economic expansion.