Foreign Direct Investment, Institutional Change, and Vietnam ́s Gradualist Approach to Reform

cent in 19931 ? has been a unifying thread in Vietnam's gradualist reform process, and it is now facilitating bolder institutional change within the political economy. Over the past year, the government has reaffirmed its priority of attracting higher rates of contracted and realized FDI, but more importantly, it has stepped up efforts to demonstrate credible commitment to formal institutional reform. In the longer term, policies focusing on capital inflows and institutional change have been sequenced and paced to promote Vietnamese political objectives of stability, and economic goals of growth and structural change. Although the emphasis on these elements has been intensified recently, the actual policies are a result of long-term strategic objectives and an evolving reform process officially initiated in late 1986. Throughout this article, we are basing our reasoning on empirical evidence; the subjective motivations and objectives of Vietnam's leadership are positioned within this context. While this article concentrates its arguments within the framework of dot moi, Vietnam's renovation or reform process that was initiated by the Sixth Congress of the Communist Party in December 1986, reform of Vietnam's economy can be traced back to the mid and late 1970s after the reunification

Economic system · Economics · Foreign direct investment · International economics · Macroeconomics · Political science · Economic Growth and Productivity · Fiscal Policy and Economic Growth · Monetary Policy and Economic Impact

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