Doi Moi: Vietnam's economic miracle

In the late 1970s, Vietnam was one of the poorest countries in the world. Its economy had been destroyed by war with the USA, a trade embargo, and the communist government's restriction of private enterprise. So, at the Vietnam Communist Party’s 6th National Congress in December 1986, radical economic reforms were introduced, known as Doi Moi, meaning ‘renovation’. The reforms transformed the country from a centrally planned economy to a market-oriented one, unleashing huge economic growth and improving living standards. Ben Henderson speaks to Phạm Chi Lan, an economist who worked at Vietnam’s Chamber of Commerce and Industry through the period of reform.

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(Photo: Street vendor in Hanoi, 1993. Credit: Steve Raymer/Corbis via Getty Images)