Economy Vietnam embarked on Doi Moi policy in 1986. Since then, the country has seen dramatic changes, first and foremost in the economic thinking. The centrally-planned economy was replaced by the socialist-oriented market economy; national industrialization and modernization were initiated together with the policy of multilateralization and diversification of external economic relations, openness and international integration. Doi Moi process helped Vietnam rapidly reduce hunger and poverty rate, lay the initial foundation for an industrialized economy and maintain a high growth rate and a relatively equal society.

Foreign direct investment In December 1987, the Foreign Direct Investment Law of Vietnam was introduced to help form the basic legal framework for foreign investment activities in Vietnam. To better respond to business requirements and feedback from foreign investors, this Law was amended and supplemented several times, notably in 1996 and 2002, which created a more open and attractive environment to draw foreign investors into crucial industries such as export-oriented processing and manufacturing, and key economic zones of the country.

International economic integration The policy of openness and industrialization has opened up new opportunities for Vietnam to make full use of its inherent comparative advantages, i.e. vast natural resources, abundant workforce and low labour cost. These advantages are being exploited to raise Vietnam’s exports, which generate an increasing flow of foreign income for economic growth and industrialization. Over the years of Doi Moi process, Vietnam's export growth has averaged 20%. From around US$ half a million before the introduction of Doi Moi policy, the total export volume of Vietnam reached US$ 26 billion in 2004 and US$32.23 billion in 2005.