Vietnam, one of Asia's Newly Emerging Economies, has turned its economy around dramatically after several years of macroeconomic instability, stagnation, and isolation from the world economy. With its Soviet style ministerial system and Communist Party leadership, Vietnam is moving from a commodities based economy heavily reliant on ever diminishing supplies of natural resources, through a phase of 'strategic retreat', to one of conscious and determined development of uniquely Vietnamese market-oriented ideologies.

Some suggest the recent changes in policy are attributable in part to generational changes in leadership, where 'new blood' has been allowed in to the decision-making process. Vietnam's adjustment and political, administrative and economic reform programs have restored stability, accelerated growth to 8% - 9% per year in the 1990