In the late 1900s, specifically the 1980s, Vietnam's government gave markets a greater role in the economy (free enterprise practices were adopted). What result did this have on Vietnams' economy?
1 answer
The adoption of free enterprise practices in the 1980s had a significant positive impact on Vietnam's economy. This shift towards a market-based economy led to increased economic growth, improved productivity, and a rise in foreign investment. The country saw a boost in exports and a diversification of industries, leading to job creation and reduced poverty levels. Overall, Vietnam experienced a period of rapid economic development and modernization as a result of embracing free enterprise practices.