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International media reflects Vietnam's Doi Moi achievements

by NDO13 October 2022 Last updated at 11:47 AM

Electronic components production at Youngbag ViiNa Company, Binh Xuyen Industrial Park, Vinh Phuc Province. (Photo: VNA)
Electronic components production at Youngbag ViiNa Company, Binh Xuyen Industrial Park, Vinh Phuc Province. (Photo: VNA)

VTV.vn - Vietnam is one of the countries that has achieved tremendous results in reducing poverty, along with many economic achievements, thanks to the application of private property rights and market economy reform.

The author of the article stated that with per capita gross domestic product of 98 USD, Vietnam was one of the poorest countries in the world in 1990.

As late as 1993, 79.7% of the Vietnamese population was trapped in poverty. However, by 2006 that had fallen to 50.6%, and by 2020, it was just 5% — extreme poverty has been virtually eliminated.

According to the author, these figures are evidence of successful poverty eradication. The article emphasises that the 6th 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 changes that have been achieved in Vietnam in the years that followed.

By 1987, Vietnam has passed a new investment law, opening the door 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.

As a result, Vietnam is now one of the world’s most dynamic emerging countries and offers countless opportunities for hardworking people and entrepreneurs.

Gross domestic product (in constant USD) has increased sixfold 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.

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