Clarke, Steven, Akbari, Mohammamadreza, and Maleki Far, Shaghayegh (2017) Vietnam’s trade policy: a developing nation assessment. International Journal of Community Development and Management Studies, 1. pp. 13-37.

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Abstract

Aim/Purpose: This paper is a review of the progress of the Vietnam socio-economic and development plan and an assessment of the extent to which Vietnam is putting in place the critical social and economic development structures that will enable it to reach the status of “developed nation” in the time set (2020) by its national strategic plan. The research will identify and review trade patterns, trade policy and the effect of foreign aid on Vietnam’s plan to transform its economy and society from a developing nation status to status of developed nation. The overriding question stands as “is” Vietnam effectively moving towards developed nation status soon”?

Background: This paper examines the history of Vietnam from the command economy in its transition to a market driven economy, the criteria, hurdles and challenges as the country moves towards a developed country status.

Methodology: Applied research based on the body of research in socio-economic development theory, international trade and market theory. The review is conducted by collecting and analyzing data on foreign trade, foreign aid, business and general economic growth, development and social wellbeing. It identifies and appraises the trade patterns, trade effects, socio-economic policies and the effect of foreign aid] on the economic growth and the progress of the country towards becoming a developed nation state.

Contribution: The findings will assist academic, business and government researchers, policy and decision makers engaged developing Vietnam’s trade policies and strategic plan for its it future growth and economic progress towards a developed nation status. The paper will also provide additional insight into the business and market structure and environment in Vietnam and the role it plays aiding its growth and development. Findings Vietnam has experienced significant progress to date based on conventional developed nation criteria. However, there is an ongoing need for continued assertive governmental application of geo-economic and geopolitical policies focusing on sustainable, comprehensive, and vital social, cultural and economic growth.

Recommendations for Practitioners: Specific policies and strategies for government and business reforms in Vietnam must focus on, 1. Replacing the projected benefits in growth utilizing accomplishments to date from negotiations and strategic development of the TPP, in-spite of current delays or withdrawal. 2. Continuing use of US financial aid and ODA sources to enhance HDI and support Vietnam’s commercial and social opportunities 3. Continued industrial zone development 4. Continued human labor improvements 5. Continued export expansion programs 6. Continued close working relationship with the WTO 7. Continued development strategies including SEDS, SEDPs, and FTAs

Recommendation for Researchers: Researchers, when collecting economic and social data, need to [adhere to World Trade Standards data collection, measurement, classification, and estimation of trading data: for example,] precisely define, and determine the validity, accuracy, expected bias and relevant statistics and classification methods used by government agencies and international organizations.

Impact on Society: Vietnam’s drive towards developed nation status will enhance the quality of life for a greater number of its citizens.

Future Research: Future researchers ought to focus on specific elements of HDI and forms of foreign aid support for long-term economic and social development, and enhancing governmental reform of its dynamic and strategic development potential.

Item ID:	73212
Item Type:	Article (Research - C1)
ISSN:	2576-4306
Keywords:	Developing nation, trade, terms, patterns, preferences, development and policy, foreign aid, import substitution, and export-led growth
Copyright Information:	This article is licensed to you under a Creative Commons Attribution-Noncommercial 4.0 International License. When you copy and redistribute this paper in full or in part, you need to provide proper attribution to it to ensure that others can later locate this work (and to ensure that others do not accuse you of plagiarism). You may (and we encourage you to) adapt, remix, transform, and build upon the material for any non-commercial purposes. This license does not permit you to use this material for commercial purposes.
Date Deposited:	13 Apr 2023 05:05
FoR Codes:	48 LAW AND LEGAL STUDIES > 4803 International and comparative law > 480308 International trade and investment law @ 30% 44 HUMAN SOCIETY > 4404 Development studies > 440404 Political economy and social change @ 30% 35 COMMERCE, MANAGEMENT, TOURISM AND SERVICES > 3509 Transportation, logistics and supply chains > 350909 Supply chains @ 40%
SEO Codes:	15 ECONOMIC FRAMEWORK > 1503 Management and productivity > 150302 Management @ 100%
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