Question

vietnam now has an economy that is growing strongly with low unemployment and raising living standards. what changes in economic policy have been responsible for this economic transformation

Answer 1

The government of Vietnam has carried out important reforms that have resulted in the benefit of the entire nation, that is why today Vietnam is considered as an economic power.

Step-by-step explanation:

Some of these important changes have been, a greater investment in land to carry out massive crops and consequently increase productivity and thus feed the entire population.

Regarding education, important reforms were also made because the government of Vietnam considered that a good education with good infrastructure is important to improve the quality of life of an entire nation.

Other important reforms have been a reduction of subsidies and raising interest rates, this has allowed to improve inflation.

Answer 2

Answer: The current upturn which has resulted in Low level of unemployment and a rise in the standard of living are results from Vietnam shifting their economy from a centrally planned socialist economy, to a more market oriented system.

Step-by-step explanation:

The current upturn which has resulted in Low level of unemployment and a rise in the standard of living are results from Vietnam shifting their economy from a centrally planned socialist economy, to a more market oriented system.

Examples of economic reforms issued by the government which was to privatized agricultural land and dismantled state farm collectives. This caused farm productivity to grow rapidly as a result of this. The government also relaxed rules restricting the establishment of private enterprises, removed price controls entirely, state-owned enterprises were privatized to give more productivity, and barriers for foreign direct investment were lowered. The trade agreement also agreed with the US has being of great benefits, something they haven't done since the Vietnam war,