Early Vietnam Economic System

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Early Vietnam Economic System Vietnam is located in a region considered a cradle of mankind, one of the earliest agricultural centers practicing wet rice farming, where the stone and metallurgical revolutions took place. In economic terms, this period saw the formation of agriculture and irrigation development (with Red River Dyke construction) and traditional crafts. During early centuries, Vietnam's production was feudal and agriculture-based. Lands and rice fields were possessed by the court, mandarins and landlords. They applied over rent and taxes over land contribution. The society sank into dark medieval nights, characterized by the typical stagnation of "the Asian Mode of Production". Before Western capitalists entered and colonized…show more content…
French policies were mainly focused on the exploitation of natural resources and cheap indigenous labor. The French did not promote manufacturing industries. That is why Vietnam's industry under French colonization was actually a small-scale extractive industry. Economic in Vietnam can be divided into several phases: pre-1975, 1975-1986. Pre-1975 economy The country was divided and two different economic systems were operating along ideological lines. In North Vietnam, like China, the primary task of economic development was socialist industrialization, of which the key issue was the development of state-owned heavy industry, the North Vietnamese government had to make some adjustments to its macro-economic strategy. North Vietnamese suffered heavily from the US bombing campaign during the early 1960s. There is a tendency towards higher unemployment in a large cities and industrial center. In addition, underemployment in the rural areas is serious. 1975-1986 After the war, the Northern and Southern Vietnam were unified as one state: the Socialist Republic of Vietnam. In 1978, Vietnamese government issued new currency of Vietnam Dong (VND), unified financial market of the North and the South. Socialist planned economy played dominant role in the…show more content…
Structure of Vietnam’s economy involves three main sectors: (I) agriculture, forestry and aquaculture; (II) industry and construction; (III) service. It encouraged the establishment of private businesses and foreign investment, including foreign-owned

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