ASEAN-5 Trade & Growth

This book studies the role of exports in Vietnam's rapid growth since the country implemented a comprehensive reform (Doimoi) in 1986 to transform itself from a centrally command system to a 'socialist-oriented market economy'. One central finding is that Vietnam's growth since Doimoi has indeed been export-led as the second-tier NICs of Malaysia, Thailand and the Philippines, but that many of the characteristics of Vietnam's exports are different to those of these NICs. Another key finding is that Vietnam's growth since 2000 has been extensive rather than intensive with high GDP driven by rapid growth in factor supplies, especially labour, with low growth in non-agricultural productivity. Such a development path will definitely not support the rate of long-term growth that Vietnam requires to achieve its development objectives, and major policy changes are necessary. This book provides useful insights in Vietnam's economy and is a good reference for economic researchers, postgraduate students and the Vietnamese as well as ASEAN-4's policymakers in forming appropriate trade-and industrial policies to sustain high economic growth.