Foreign media on Vietnam’s success in renewal process

Illustrative image. (Photo: VNA)

Hanoi (VNA) – Vietnam is one of the countries that are successful in hunger eradication and poverty alleviation, achieving many economic achievements thanks to the application of private property rights and free-market reforms, according to an article posted on US’s news website washingtonexaminer.com on October 11.

Vietnam was one of the poorest countries in the world in 1990 with per capita gross domestic product of 98 USD. As late as 1993, 79.7% of the Vietnamese population was trapped in poverty but the rate dropped to 50.6% by 2006 and 5% by 2020. This achievement is a testament to the success of the country’s poverty alleviation, it said.

The article emphasised that the Sixth National Congress of the Communist Party of Vietnam in December 1986 adopted the far-reaching reforms known as "Doi Moi" (Renewal), which laid the foundations for the positive change that was achieved in Vietnam in the years that followed. A new investment law was passed in 1987, opening its doors to foreign investors. For the first time, Vietnam allowed investments that were 100% owned by foreign capital and guaranteed that foreign investors’ capital and property would be safe.

According to the article, Vietnam is now one of the world’s most dynamic emerging countries and offers opportunities for hardworking people and entrepreneurs. Its gross domestic product has increased six folds since the launch of the reforms.

From a country that could not produce enough rice to feed its own people, Vietnam has become one of the world’s largest rice producers and a major exporter of electronic goods, it said./.