How Does It Affect Modern Day Vietnam?
The Đổi Mới has had a significant impact on the country of Vietnam, both on the individual level, in terms of the welfare of the people and for Vietnam as part of the global economy. Vietnam along with China is now considered one of the powerhouses, in an economic development sense, of Asia. A lot of these recent benefits can be traced to the introduction of the Đổi Mới and the new economy that it has developed. As mentioned earlier, if you are citizen of Vietnam, now you can own business and land rights. This not only empowers the people but boosts the economy by increasing local produce, putting more money into the private sector and allowing basic capitalist ideas based on competition to take hold. Over the last 20 years this has greatly affected the economy with economic growth in Vietnam nearing an unprecedented 10% per year (over the last few years an impressive increase of 7% has been recorded) which has given Vietnam its title as an economic powerhouse of Asia, and indeed the w
