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Hedging has been a widely discussed concept in explaining East Asian states' counteracting policies in the face of great power competition. However, the current literature has yet to specify how hedging responds to great power competition in economic statecraft, namely, using economic means to influence other states. This paper examines Vietnam's response to Japan and China's infrastructure financing programs over the past three decades. Through a combination of quantitative and qualitative data, it explains how Vietnam, while following economic pragmatism, does not simply aim to maximize gains from these two powers. Vietnam's decisions embody what we call economic hedging, or a cautious calculation over the linkage between security risks and infrastructure partnership and a tendency to pivot away from infrastructure partners deemed risky, namely, China. It also shows that such caution has intensified in the face of a nationalistic public that has challenged the notion of economic pragmatism, pushed a realist approach to economic relations with China, and bolstered Hanoi to take more action to protect Vietnamese sovereignty from Chinese economic influence. The convergence of these domestic and international trends have driven Hanoi to enhance collaboration with Japan, which it views as an increasingly important strategic partner. [ABSTRACT FROM AUTHOR]

Socialist Republic of Vietnam is one of the few nations of the world that is involved in the process of building Socialism today. A country considered economically underdeveloped and which if facing huge obstacles, but is intended to be a middle income economy in a short term. The Vietnamese way of development is one of a transitory evolution to Socialism, without passing through a Capitalist stage. This way of development is divided in different stages and with different ways of economic and social organization with a transitory character, thus they have to appeal to intermediate forms with the corresponding fighting between the old and the new and the socialist and the no socialist elements. The article is aimed to characterize the process of Socialist construction in Vietnam, as well as to show the particular theoretical and practical elements which have allowed them to advance towards a new stage of development. [ABSTRACT FROM AUTHOR]

The paper develops robust measures of core inflation for Vietnam that can be used in policymaking. These core inflation measures (CIMs) are based on an analytical evaluation of the inflation process in the country, and use a filtering approach to narrow down potential measures that satisfy certain empirically desirable criteria. The study finds that commonly used exclusion-based measures (EBMs) do not perform well against these empirical criteria; trimmed mean measures (TMMs) do better. Among TMMs, "one trim does not fit all periods" -- periods of high and variable inflation require larger trims, and vice versa. The econometric computer programmes employed in the paper allow for quick and timely replication of CIMs as new data become available, making them valuable tools for the State Bank of Vietnam. These procedures and programmes can also be helpful to other central banks in their policy making process. [ABSTRACT FROM AUTHOR]

This study examines the patterns of structural change in economic development by drawing insights from the case of Vietnam. Empirical evidence from literature indicates that developing countries are likely to gain from structural transformation to boost the growth of labour productivity. While most East Asian countries have enjoyed significant structural transformation bonus, many African and Latin American economies, often endowed with rich natural resources, have benefited negligibly from this process. Vietnam, in particular, has gained substantially from its growth promoting structural transformation, contributing to nearly half of overall labour productivity improvement between 1990 and 2013. This structural change effect was modest in 1990-2000, strongest in 2000-07, and declining (but still significant) in 2007-13. The process has been associated with rapid expansion of the manufacturing and service sectors, change in export composition towards higher share of medium- and high-tech manufactures, and integration into global value chains. The expected slowdown in structural change suggests that the country would have to rely more on withinsector productivity improvement to enhance growth. [ABSTRACT FROM AUTHOR]

By negotiating Free Trade Agreements the EU aspires both to increase the competitiveness of its industry and contribute to sustainable development in the partner country. It pursues a flexible approach to norm promotion which aims at supporting developing countries in their attempt to adjust to international standards. Ideational and institutionalist scholars interpreted this approach as a manifestation of its normative power. We show that in the negotiations with Singapore and Vietnam the positions of the EU were not consistent with its declared goals, since they put stronger pressures upon Vietnam to adjust to regulatory standards. We explain this lack of consistency as the result of different patterns of interest group mobilization in the two negotiations. Those patterns, in turn, depend upon the bargaining power the EU has with single trade partners, competition between the EU and third countries, especially the US, and the structure of the economy of the trade partners. [ABSTRACT FROM PUBLISHER]

Accompanying with the huge potential growth, the aviation market of Vietnam is becoming more severe because of the harsh competition between domestic airlines as well as the rivalry of foreign rivals. It is necessary for low-fare carriers to enhance their competitive ability. However, the specific researches about this subject are still limited. This study conducted an empirical investigation to identify which factors have effect on service quality, customer satisfaction and customer loyalty within Vietnam low-fare airlines. The conceptual framework is provided in which customer expectation, perceived value, reliability and subjective norms are tested if they have positively impacts on customer satisfaction. Similarity, four variables including assurance, responsiveness, tangible and empathy are considered as predictors of service quality. Subsequently, the interrelationship between service quality, customer satisfaction and customer loyalty is examined. The results showed that customer satisfaction leads to customer loyalty, the offering service quality also help upgrading customer loyalty. Besides, four suggested variables (except customer expectation) and service quality have positively impact on customer satisfaction. Service quality is able to be improved through responsiveness and empathy - two variables have positively influence on it. [ABSTRACT FROM AUTHOR]

Foreign direct investment (FDI) enterprises are playing a key role in Vietnam's economy. By the end of 2016, there are more than 21,398 FDI projects in force, with the total registered capital of nearly 293 billion USD. One hundred six countries and territories have invested in 19 industries in 68 provinces and cities of Vietnam. These investments have added a large amount of capital to the economy, which has basically been used effectively, contributing to the economic growth of Vietnam. In this context, the study focuses on the analysis of statistical data from 1988 to 2016 on the sources of funds, the number of projects, the invested sectors, and countries invested in Vietnam; research also includes three main factors that affect the quality of FDI attraction in Vietnam, namely resources, infrastructure, and other support policies. In this study, the support policy factor is thought to have the greatest impact. In addition to the use of statistical techniques, quantitative research is also applied to three data analysis techniques, including descriptive statistics, scale reliability analysis, and regression analysis, to verify the hypothesis. Policy implications are also proposed in this study to improve the quality of FDI attraction in Vietnam in the coming years. [ABSTRACT FROM AUTHOR]

Social capitalist assert that civic engagement and participation yield significant economic gains for a county but, generally focus on democratic governed societies. The objective of this research is to determine if social capital transitions to Vietnam, a single-party governed country. This analysis first identifies factors that impact civic engagement and participation. Then it analyzes the relationship between civic engagement, participation, and economics. Using the 2012 Provincial Governance and Public Administration Performance Index, we find human capital is a stronger predictor of economics in Vietnam. We conclude by offering policy implications for understanding social capital in single-party, transitioning economy countries. [ABSTRACT FROM AUTHOR]

ABSTRACT Since the launch of the economic reform (Doi Moi) policy in the early 1990s, the union system of Vietnam has seen little change: the Vietnam General Confederation of Labour (VGCL) retains its monopoly, its political affiliation to and reliance on the Communist Party, while at the workplace, the VGCL-affiliated enterprise unions are too dependent on the management to represent workers' rights and interests. 'Collective bargaining by riots' has become the only way for rank-and-file workers to improve their working conditions. This article draws on more than a decade of research to show that informal organization of workers in some companies has grown to such an extent that the de facto leaders initiate bargaining with the employers and, when negotiations fail, they organize strikes. These strikes are usually settled in favour of the workers, causing a change in wage levels and leading to spontaneous 'copycat' strikes in neighbouring companies. This informal coordination of strikes across workplaces not only aims at achieving economic goals such as wage rises but has recently been used to express workers' discontent with government policy. The nature of the strike waves has shifted gradually from economic to political; together with external pressure, this has pushed the top leadership of Vietnam to initiate serious trade union reform. [ABSTRACT FROM AUTHOR]

The rapid developments in Vietnam since the economic reforms (doi moi) initiated in 1986 have led to a transformation of urban mobility. In less than 20 years, motorbike ownership in the country increased tenfold, and there are now 4 million motorbikes in Hanoi alone. While the two-wheelers dominate traffic, car ownership has increased rapidly in the last decade. This article approaches the consumption of cars and motorbikes in the Vietnamese capital from a social practice theory perspective. It particularly emphasises material conditions for practices in terms of systems of provision, available technology and infrastructure. This emphasis, the article argues, is necessary to account for large-scale changes in consumption in a context of rapid economic development. These conditions, however, have co-evolved with mobility practices and the local geography of consumption. Private cars in many ways represent a break with the dominant two-wheeled conditions and practices, but bring along social distinction, safety and comfort. In turn, a new automobility regime is emerging in the outskirts of Hanoi. The article analyses these material, social and bodily pillars of practices, and based on fieldwork in Hanoi approaches the changing urban mobility in the interplay between development and everyday life. [ABSTRACT FROM AUTHOR]

Private healthcare services in Vietnam are seen as a major part of the solution to the rapid increase in need and demand for healthcare services. Formally recognized over 20 years ago, the private health services coexist with public services and are available all over the country. However, the scale and size of private sector is still small compared to the public sector and public acceptance and reputation still limited. There are substantial concerns with the quality of services and the adequacy of regulation. Human resource for health is currently inadequate to support growth in both public and private sectors. The role of the private sector in achieving Vietnam's population health objectives is not clear. In this emerging economy, there is significant potential for increased dependency on private healthcare to increase health access inequities. This paper discusses how private healthcare could better contribute to healthcare coverage in Vietnam. [ABSTRACT FROM AUTHOR]

A thorough understanding of the transmission mechanism is a key requirement for central banks for successful implementation of monetary policy. This paper investigates the existence of the interest rate channel, exchange rate channel and asset price channel in Vietnam by employing a vector autoregressive model analysis using monthly data ranging from 2003M1 to 2012M12. The results from the analysis present evidence for a cost channel. However, we find no evidence for the existence of an exchange rate channel or asset price channel of monetary transmission in Vietnam. [ABSTRACT FROM AUTHOR]

The article explores the modernization, industrialization and greater quality of life aspired by the government of Vietnam, which saw a crucial leadership transition in 2016 that came after years of turning the country into a lower-middle-income nation. Topics discussed include need for a new growth model for Vietnam, the redefinition of social contract in the country, and Vietnam's quest for international integration.

Conventional wisdom holds that international trade agreements can serve as a source of external pressure and credible commitment to overcome opposition and to lock in domestic economic reforms. This belief, however, underestimates the ability of politicians not only to circumvent these pressures, but to leverage international trade agreements to advance their own policy preferences – preferences that may be highly anti-reformist. Thus, trade agreements do not necessarily induce reforms and, in certain circumstances, they can even be counterproductive. Through an analysis of aggregate data and 40 interviews with senior politicians, government officials, and state-owned enterprise managers in Vietnam, this paper illustrates these insights by analyzing the political economy of SOE reform backsliding on the eve of Vietnam's accession to the WTO. [ABSTRACT FROM PUBLISHER]

Thirty years ago, the Vietnamese government was forced to change its economic policy. The inefficiencies of the economic system led to deteriorating living conditions in the 1980s. During the 6th party congress in December 1986, the communist party decided to reform the economic system, called Doi Moi (renovation). The political elite opted for a gradual change of the economy, without changing the political system. The economic development induced by the reforms was remarkable. The living conditions of the Vietnamese have improved drastically as a consequence of high growth rates. Despite economic and social success since the introduction of reforms, Vietnam has reached now a distinctive moment. The country has to tackle five challenges in order to enhance the future welfare of its citizens. Firstly, macroeconomic stability and especially a functioning financial market is a precondition for future economic growth. Secondly, the successful catch-up model based on cheap labour as well as mineral and agricultural resources is reaching its limitations. Thirdly, a stronger spatial perspective has to be taken into account as the economic development is unevenly distributed and leaving the rural areas behind. Fourthly, environmental issues need to be considered more seriously, especially pollution from intensified agricultural production, mining, and industrialization. Fifthly, due to increasing income disparities, more attention has to be paid to social justice and participation. [ABSTRACT FROM AUTHOR]

This paper by adopting the Software on Market Analysis and Restrictions on Trade assessed the ex-ante impact of tariff elimination under the European-Vietnam free trade agreement (EVFTA) on Vietnam's pharmaceutical imports from the EU based on two scenarios. The results showed that although Vietnam's tariff removal for the EU's medicines would not result in a significant increase in Vietnam's imports from the EU, Vietnam's deeper integration with ASEAN + 3 and TPP (the Trans-Pacific Partnership) nations would affect quite slightly on its imports from the EU. Therefore, the EU would be still the most important and biggest source of pharmaceuticals for Vietnam in the near future. In addition, there might be an uneven distribution in Vietnam's import increases by the EU nation, pharmaceutical group and product. The simulation results also pointed out that the EVFTA's trade creation effect would be higher than trade diversion effect and therefore the agreement would improve welfare of Vietnam. When Vietnam extends its coverage of tariff elimination to also TPP and ASEAN + 3, Vietnam's welfare would potentially increase more but Vietnam would face with the relatively high increases of pharmaceutical imports from not only the EU but also the US, Australia, South Korea, Thailand and China. Bases on these results, the paper argued that both the Vietnamese government and pharmaceutical enterprises should not neglect the EVFTA and its impacts on the pharmaceutical sector, and perceive clearly the uneven distribution of Vietnam's import changes from the EU by nation and by product to design appropriate business and investment strategy. In addition, Vietnam should take measures to diversify its European import markets to be less dependent on the traditional ones in the current context of the EU. Finally, Vietnam should promote the integration in the pharmaceutical sector with all three groups of nations, especially ASEAN and ASEAN's key partners, to reduce trade diversion effect and raise the welfare of Vietnam, given that Vietnam should consider carefully the point of time to remove tariff for each group to avoid the sudden increase in its pharmaceutical imports. [ABSTRACT FROM AUTHOR]

The article presents the text of the address by U.S. President Barack Obama to the people of Vietnam delivered on May 24, 2016 in Hanoi, Vietnam. Topics discussed include relations between the two countries, ancient heritage of Vietnam, history of both countries during the Second World War, and the economic progress of Vietnam in the global sphere.

The paper examines the correlations among the 5 ASEAN emerging stock markets (Indonesia, Malaysia, Philippines, Thailand and Vietnam), and international gold market. Multivariate GARCH models i.e., CCC-GARCH and DCC-GARCH are employed to evaluate the conditional correlations between these markets. We find that the estimates of conditional correlations in the CCC and DCC models, on average, exhibit low to medium levels. The gold and Vietnam stock markets are especially low correlated with each other and with the remaining stock markets. Moreover, the estimates of the DCC model show that the correlations between the sample market pairs are time varying. Interestingly, in the recent economic downturn, the downward trend appeared in the pair correlations between the gold and stock markets, while the rapid upward trend occurred in the pair correlations between the Vietnam and 4 remaining stock markets. [ABSTRACT FROM AUTHOR]

Macro-level policies frequently transform and reconfigure local livelihood options. While there is a small but growing body of ethnographic work regarding ethnic minority livelihoods in Vietnam’s mountainous borderlands, there is far less research examining the state decrees and policies implemented there and the opinions of state workers who have to apply them. This article starts to address this gap. First, we examine contemporary Vietnamese state legislation regarding upland livelihoods. We focus on the directions found in 82 livelihood-related state decrees, examining their scope and edicts while critiquing what they overlook regarding upland livelihood needs and approaches. Then, from in-depth interviews with state officials in Hà Giang Province, a mountainous upland region with a proportionately large ethnic minority population, we explore the opinions of those charged with the implementation of these decrees. Building on O’Brien’s earlier work on rightful resistance in China, we suggest that a form of “rightful criticism” has emerged among upland state officials, allowing us to reveal the contours of political power in Vietnam’s borderlands. Moreover, we draw attention to the lack of acknowledgement of ethnic diversity in these uplands within policy and official practice. [ABSTRACT FROM PUBLISHER]

This study investigates for the first time whether government spending is an important driving force of a recent increase in housing price in Vietnam. Using a Vector Autoregressive Model approach with a unique quarterly dataset of the 2011-2015 period from two biggest and most important cities of Vietnam (Hanoi and Ho Chi Minh), the results show that an increase in expenditure for investment instead of the recurrent expenditure or other government spendings pulls up housing price. On the one hand, the findings may reflect that households in the investment projects' areas may be willing to pay for an increase in public spending through taxes and fees. On the other hand, the results may suggest that one of the solutions curbing housing price inflation is to limit government spending in new streets, new infrastructure, and building improvements. [ABSTRACT FROM AUTHOR]

A number of studies have found that more flexible exchange rate regimes tend to be associated with greater inflation persistence. This paper investigates whether this finding is applicable to Vietnam from 1992 to 2010. We find no evidence to suggest that inflation persistence in Vietnam was systematically higher under a "soft" peg exchange rate regime than under a "hard" peg. Rolling regressions suggest that inflation persistence peaked during 2004 to 2007, when Vietnam was governed by what may be characterized as a hard-peg regime. [ABSTRACT FROM AUTHOR]

An essay is presented on economic and political conditions in Vietnam. Particular focus is given to the role of young people under the age of 29 in Vietnam's economy and society. According to the author, this is the first generation to adopt of middle-class European mindset and standard of living and to grow up with peace and political stability. Details on the economic policy known as doi moi, or renovation, are presented.

Colombia, Indonesia, Vietnam, Egypt, Turkey, and South Africa guided its foreign economic policies to comply with the Washington Consensus measures and implemented strategies to attract foreign investment to their territories as a possible way out from the external debt crisis of the eighties. Once multilateral trade rules were agreed under the World Trade Organization (WTO), those countries encouraged its domestic trade policies to cope with both the organization principles and international investment standards promoted by the World Bank. After the CIVETS acronym was created in 2009 as a group of promissory emergent economies, transnational economic groups focused its attention on the "new investment miracles", but none interest has been shown by the CIVETS governments to coordinate its foreign economic policies in investment issues. The current Colombian administration self-claimed the leadership of the group, showing the political will to go further, but without followers CIVETS keeps as an acronym. I argue that emergent economies recognized in CIVETS exemplify a case of foreign economic policies convergence facilitated by systemic reasons, such their common necessity to overcome historic processes of economic transition and insert successfully to the world trade; as well as domestic variables such the ideas of the CIVETS decision policy makers. [ABSTRACT FROM AUTHOR]

Vietnam is an evolving political economy and marketing system. Since the implementation of Doi Moi, the 1986 policy to invoke a shift from central economic planning to a more market-oriented system, the country has made extraordinary progress on several socioeconomic indicators. Some observers contend Vietnam is a development model; others suggest the country still has numerous challenges to overcome before it can reach its development goals. This article provides an overview of Vietnam’s socioeconomic development; it introduces eight refereed articles and four commentaries that comprise the scholarly contributions to the first special issue of the Journal of Macromarketing to feature research on a single country. Vietnam is that country. Contributors provide detailed research, analysis, and reflection on the interplay of markets, marketing, and society. Topics studied include system complexity and entrepreneurship, retailing evolution, consumption dynamics and societal wellness, family policy and consumption, education and human resource development, living standards and quality of life, ethical/unethical foreign direct investment, ritualistic consumption, and marketing, trade and protectionism, land policy and environmental sustainability, and implications for Vietnam’s economic and geopolitical future. [ABSTRACT FROM PUBLISHER]

This article describes the development and validation of a new consumer self-concept scale created for use in Confucian societies whose economies formerly were centrally planned but are now moving toward a free-market system. Traditional self and modern self are proposed to be the two subconstructs of the perceptions of self. The empirical work involved with the scale development and validation using data from Vietnam and China are presented. Managerial implications and future research directions are also discussed in this article. [ABSTRACT FROM AUTHOR]

In this article the author examines issues contributing to the economic development and commercial success in Vietnam during the period following the end of hostilities with the United States. The central contention of the author is that the economic boom the region experienced after the end of the Vietnam War was an outgrowth of economic conditions within North Vietnam before 1975, the year the conflict with the United States came to an end. The author asserts that practical economic reforms in North Vietnam were a factor in the nation's transition to a system of international capitalism.

The process of doi moi has brought about profound changes in perception and practice of employment among young Vietnamese. Generally, youths in Vietnam today no longer conceive of employment as a job for life in the state sector. Instead, there is a trend for the young to stay away from the state sector in search of more challenging, dynamic, exciting, and rewarding opportunities. These changes reflect the image of a new generation that is generally open-minded in their way of thinking, as well as flexible and responsive to economic reforms. [ABSTRACT FROM AUTHOR]

Presents a study that analyzed the nature and implications of economic reforms in Vietnam on human resource management. Methodology of the study; Discussion on the results.

Looks at the export performance of foreign-invested enterprises in Vietnam from 1988 to 1998. Statistics on direct foreign investment that flowed into Vietnam during the period; Role of government policies in the export performance of foreign-invested enterprises; Incentives offered by the government to lure in direct foreign investments.

Argues that institutional strengthening is critical for the future prosperity of Vietnam. Comprehensive economic reforms that commenced in 1986; Policy recommendations for the country; Importance of well-defined property rights.

As Vietnam opens up its economy through a series of economic reforms, entrepreneurs from both Western and Asian economies are flocking to the country to share in its rapid growth. In view of the growing foreign interest in conducting businesses in Vietnam, this paper attempts to provide an overview of the political, economic and business environments in the country. Although the country is full of opportunities, it may pose several problems and challenges to new players as well. Thus, this paper will further discuss the possible investment issues and challenges facing foreign companies which are considering venturing into Vietnam. Some cultural characteristics and operating rules during business interactions in Vietnam are discussed. Common mistakes committed by foreign companies entering the country are also highlighted. It is hoped that this paper will provide an in-depth understanding of the Vietnamese business environment and help improve the likelihood of the successful venture performance of international investors, thus benefiting both the foreign investor and the growth of Vietnam in the global marketplace. [ABSTRACT FROM PUBLISHER]

Explores the economic decision-making process in Vietnam. Factors that caused gradualism in reform; Influence of the economic crisis on Vietnam's renovation process; Doi Moi programme; Basis of the Vietnamese development model; Marxist-Leninist principle of democratic centralism; Eighth national party congress process; Need for political stability; Need for openness to the outside world.

Explores the political, cultural, and economic difficulties a developing country like Vietnam encounters in adopting and enforcing The Agreement on Trade-Related Aspects of Intellectual Property Rights, a Western-style intellectual property standard. Dictated intellectual property laws; Challenge of sovereignty; Implications for foreign investment and world trade involvement.

Both China and Vietnam are undergoing a social experiment as they diverge from the path of their Soviet compatriots and attempt transition to a 'socialist market mechanism'. The economic reform in both countries aims towards the so-called 'third way' between the failed command economies and the capitalist alternative. However, after over a decade of reform, it is necessary to investigate whether China and Vietnam are locked into the cycle of reform and retreat which was characteristic of East European societies before 1989 or whether indeed the two countries are developing a stable system consonant with the notion of a 'socialist market economy'. This article tackles these issues by examining and comparing the changing labour relations systems in China and Vietnam in the wake of the changes in economic policies and enterprise regulation towards new forms of labour contracts, wages and welfare systems, worker representation and trade unionism, and legal frameworks. So far there have been significant changes in society and the two countries are still experimenting to find their way towards the 'socialist market economy' by following the philosophy of 'crossing the river by feeling the stones'. The new industrial relations lie at the heart of the reform and their successful management is the key factor determining the outcome of the further transition. [ABSTRACT FROM AUTHOR]

Presents an overview of Vietnam's economic policy in the light of its history since 1975. Efficacy of resistance and protest against all injustices; Structural changes created by the Vietnam War; National characteristics of the Vietnamese; Ho Chi Minh's communist principles; Building of military power; Regionalization of Vietnam's economy; Corruption in the Communist Party of Vietnam.

Discusses the forces integrating the economies of China and Vietnam. Rivalry between economic regions; Impact of linkages with the capitalist world market on autarkic or semi-autarkic economic entities; Rise of sub-national nationalism in the former socialist world; Disparity between the reform movements in China and Vietnam.

Examines the failure of the Soviet-type economic model of development in Vietnam. Stabilization policy needed; Transformation of the Vietnamese economy; Struggle between economic rationality and political targets; `Market communism' explained; Do'i Mo'i economic reform.

Reports on the Socialist Republic of Vietnam's economic policy reforms and its future. Impact of past military conflict on economic performance; Escalation of the implementations of reforms; Decentralization of economic decision-making; Role of the private sector; Barriers to development; Limited prospects for development; Major challenges for the future.