Economic reform and welfare in Viet Nam

Economic reform in Viet Nam started around 1980 and accelerated in the late 1980s. Economic and social indicators show that the transition of the economy has been highly successful. Rapid and widespread growth has lifted living standards of the majority of the population. Continued rapid growth will be required to reduce the remaining poverty and to catch up with other Asian countries. In terms of macroeconomic requirements such rapid growth is possible although not guaranteed. Future growth strategies need to be more employment-oriented in order to prevent sharp increases in unemployment and income inequality.