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State-owned banks that are poorly managed and suffer from non-performing loans still dominate the financial sector. [3] Vietnam had an average growth in GDP of 7.1% per year from 2000 to 2004. The GDP growth was 8.4% in 2005, the second largest growth in Asia, trailing only China's. Government figures of GDP growth in 2006, was 8.17%.
Vietnam's socialist-oriented market economy shares many common characteristics with the Chinese socialist market economy in its institutions and policies, combining fundamentally market-based economies with the predominance of state-owned enterprises, the coexistence of a vibrant private sector, a single-party political system, and the ...
Historically, in many countries there have been existing state socialist systems known as communist states such as the Soviet Union, China, Vietnam, North Korea, Laos, East Germany and Cuba. Ho Chi Minh was a Vietnamese Communist revolutionary leader who was Chairman and First Secretary of the Workers' Party of Vietnam.
All organs of Vietnam's government are led by the Communist Party. Most government appointees are members of the party. The General Secretary of the Communist Party is one of the most important political leaders in the nation, controlling the party's national organization and state appointments, as well as setting policy.
State capitalism would be a step forward as compared with the present state of affairs in our Soviet Republic. If in approximately six months' time state capitalism became established in our Republic, this would be a great success and a sure guarantee that within a year socialism will have gained a permanently firm hold. [45]
However it was seen as a vassal government of North Vietnam. [53] [54] [55] North and South Vietnam were officially reunited on 2 July 1976 as the Socialist Republic of Vietnam. The merged country's government was dominated by holdovers from North Vietnam, and adopted the North Vietnamese constitution, flag and anthem.
[5] [page needed] In 1980, Provincial governments were permitted to establish trading firms, breaking the monopoly of foreign trade by the central state in Vietnam. [ 9 ] [ page needed ] In 1981, agricultural reforms were introduced, which allowed farmland to be distributed to individual workers, individual management of a collective, and ...
The Vietnam War began shortly after, between the communist North Vietnam, supported by the Soviet Union and China, and the anti-communist South Vietnam, supported by the United States. Upon the North Vietnamese victory in 1975, Vietnam reunified as a unitary socialist state under the Communist Party of Vietnam (CPV) in 1976.