Title: A Qualitative Review of Vietnam’s 2006–2010 Economic Plan and the Performance of the Agriculture Sector
Abstract: Vietnamâs economy faced difficulties in the 2006â2010 period due to the global financial crisis. The average inflation rate (>20%) was higher than the expected level (<10%) for the period. The average GDP growth rate (6.3%) was lower than the target (7.5%). In the global context, however, Vietnamâs economic growth and inflation rate were still seen as successful due to the governmentâs strong policy and administration interventions. Nevertheless, similar to the outcomes of the countryâs other economic plans since 1986, the key ârelative targetsâ of the plan for 2006â2010 were not successfully achieved, including that for reduced income inequality, thus restraining Vietnamâs long-term growth. The main reason is that policies implemented to achieve these goals are not at âequilibriumâ quantitative points. Therefore, more investment in research that applies large-scale mathematical economics models is urgently needed, similar to the ones used widely by many other governments in the world. In addition, the governmentâs role in managing and developing domestic markets should be improved to protect farmers who always sell their products at prices lower than the shadow prices.
Publication Year: 2014
Publication Date: 2014-06-01
Language: en
Type: review
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