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    The missing middle: A political economy of economic restructuring in Vietnam

    Busch, Matthew | December 2017
    Abstract
    Vietnam’s cautious and sequenced adoption of market institutions has brought more than two decades of impressive economic performance, all while leaving the country’s underlying political economy largely intact. Notably, Vietnam has leveraged greater integration with the international economic system, including through ascension to the World Trade Organization in 2007 and the conclusion of a spate of free trade agreements, as a means of reinforcing domestic change. Such efforts, however, have not resolved Vietnam’s ‘missing middle’, or the dearth of a productive domestic private sector and the continued dominance of the state-owned sector. As a result, impressive levels of exports and investment have not yet resulted in concomitant gains for domestic value added or linkages to domestic firms. As these challenges represent serious risks to Vietnam’s future growth potential, it is important to find new methods to bolster institutions and reduce the role of state-linked actors. The historical importance of international trade agreements in the Vietnamese system means initiatives such as the rebranded Comprehensive and Progressive Agreement for Trans-Pacific Partnership presents an unusual opportunity — both for assisting Vietnam’s current economic restructuring, as well as creating a framework for further expansion of trade and investment with other important economic partners.
    Citation
    Busch, Matthew. 2017. The missing middle: A political economy of economic restructuring in Vietnam. © Lowy Institute For International Policy. http://hdl.handle.net/11540/7748.
    Keywords
    Enterprises
    Financial aid
    Economies in transition
    Local Finance
    Local Government
    Insurance Companies
    Banks
    Social Equity
    Economic Development
    Economic Infrastructure
    Economic Policies
    Regional Economic Development
    Microfinance Programs
    Public Finance
    Local Financing
    Financial Stability
    Financial Sector Regulation
    Social responsibility of business
    Accounting
    Personal budgets
    Cost and standard of living
    Bank accounts
    Credit control
    Regulatory reform
    Banks and banking
    Digital Financial Service
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    Citable URI
    http://hdl.handle.net/11540/7748
    Metadata
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    Busch_Vietnam_WEB.pdf (1.250Mb)
    Author
    Busch, Matthew
    Theme
    Economics
    Finance
     
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise
    Copyright 2016-2021 Asian Development Bank Institute, except as explicitly marked otherwise