GEG WP 2015/107 The Political Economy of Industrial Development in Vietnam: Impact of State–Business Relationship on Industrial Performance, 1986–2012

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Vietnam’s industrial development since doi moi is a success, but only a partial one. This paper provides a political economy account of Vietnam’s industrial growth since 1986. It shows that the key determinant of Vietnam’s industrial growth lies in the relationship between the party-state and the private sector. It also shows that the level of distrust and discrimination against the private sector — and therefore the level of industrial growth — depends on the degree of the trade-off between the political ideology and economic legitimacy, on the internal structure of the state, and on the quality of leadership.