The Rise of Vietnam from Poverty to Economic Miracle in the Context of Its Economic Transformation

Abstract

This article explores Vietnam's remarkable economic rise, examining the stages and main factors that favored the transition from a centralized economy to a free and open one. The paper also highlights the economic and political obstacles that Vietnam faced and the solutions undertaken in the form of reforms with a revealing impact. The state's performance was also analyzed from the point of view of the corresponding macroeconomic indicators, such as GDP, unemployment rate, economic growth and general economic structure, based on which we can estimate the main advances of Vietnam. Moreover, the study includes the assessment of trade and capital flows, emphasizing the overcoming of the trade deficit and the expansion of foreign direct investment. Therefore, towards the end, Vietnam's positions in the international rankings provided by International Economic Organizations and Reports are also included, which reflect certain indications to the state's population, external economies and representatives of the business environment. So, the article provides a comprehensive answer to the causes of the "Vietnamese economic miracle" and how the country managed to overcome the lowest levels of development and become one of the most dynamic economies in Southeast Asia. CZU: 338.1(597); JEL: O53, P4