Illustrative image. (Photo: VNA)Hanoi (VNA) – Vietnamis one of the countries that are successful in hunger eradication and povertyalleviation, achieving many economic achievements thanks to the application ofprivate property rights and free-market reforms, according to an article posted on US’s news website washingtonexaminer.com on October 11.
Vietnam was one of the poorestcountries in the world in 1990 with per capita gross domestic product of 98USD. As late as 1993, 79.7% of the Vietnamese population was trapped in povertybut the rate dropped to 50.6% by 2006 and 5% by 2020. This achievement is a testament to thesuccess of the country’s poverty alleviation, it said.
The article emphasised that the SixthNational Congress of the Communist Party of Vietnam in December 1986 adoptedthe far-reaching reforms known as "Doi Moi" (Renewal),which laid the foundations for the positive change that was achieved in Vietnamin the years that followed. A new investment law was passed in 1987, openingits doors to foreign investors. For the first time, Vietnam allowed investmentsthat were 100% owned by foreign capital and guaranteed that foreign investors’capital and property would be safe.
According to the article, Vietnam is now oneof the world’s most dynamic emerging countries and offers opportunities forhardworking people and entrepreneurs. Its gross domestic product has increasedsix folds since the launch of the reforms.
From a country that could not produce enoughrice to feed its own people, Vietnam has become one of the world’s largest riceproducers and a major exporter of electronic goods, it said./.
