History of Industrialization in Vietnam

Vietnam has almost 2700 years of history. However, the history of its industrial growth is very new. Since its known history the country has been under the rule of different countries. The country was under Chinese rule for almost thousand years. After that the country regained independence. The country remained independent until France colonized the country in the 19th century. Post World War II the country was partitioned into two by Geneva Accords. This decision gradually led to the infamous Vietnam War. Later the country experienced an economic growth from the middle of 1980s. From this period the history of industrialization in Vietnam also took its recent shape.

The economy of Vietnam has gone through a major change over the past 20 years and here has been a shift from the central planning based economy to a socialist mixed economy. This new economy is very market oriented. This period is known as Doi Moi in Vietnam the meaning of which in Vietnamese language is renovation. Due to this shift the economy of the country has experienced a rapid growth. The country is now integrating into the economy of the world. This change has made the economy a part of globalization.

Over the past 20 years Vietnam has also become an vital name among the chief agricultural exporter in Southeast Asia. It has also experienced a wonderful expansion in the tourism industry and has emerged as one of the leading tourist destinations in Southeast Asia. It has also become an lucrative foreign investment destination.