Affiliations: Department of Economics, University of California, Riverside, 1150 University Avenue, Highlander Hall B108, Riverside, CA 92521-0427, USA
Correspondence:
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Permanent mailing address: Professor Keith Griffin, Department of Economics, University of California, Riverside, 1150 University Avenue, Highlander Hall B108, Riverside, California 92521-0427, USA. Tel.: 1 909 787 5037; Fax: 1 909 787 5685.
Abstract: Vietnam has been remarkably successful in managing structural adjustment and macroeconomic reform. As a result, it has achieved very rapid economic growth during the present decade without, apparently, a substantial increase in inequality. All sectors of the economy have grown rapidly and yet there has been dramatic structural change. This growth and structural change, according to official data, have occurred despite a relatively low rate of investment. Our analysis suggests, however, that savings and investment have been understated, that actual output is higher than the national accounts data indicate and that growth is even faster than the official figures suggest. These results are a consequence of the nature and sequencing of the policy reforms that were introduced from the 1980s onwards.
