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Future policy directions for doi moi in Vietnam

During the 1980s Vietnam experienced a radical process of industrial and service sector liberalization, known as doi moi. The process was initiated by the government as a means for managing the collapse in overseas financial support occasioned by the demise of its principal supporter, the former Soviet Union. In this paper we focus on the currency and state owned enterprise (SOE) aspects of doi moi. The paper has several aims. First, we examine the effectiveness of the currency policy introduced under doi moi through which the Vietnamese government has attempted to stabilize the VNDong with the overall aim of reversing the dollarization process and restoring confidence in the domestic currency. Second, we discuss possible capital markets instruments which may now be suitable for government financing, such as the suitability of commodity indexed bonds, a debt conversion program and establishment of a private development trust fund. Third, we consider the macroeconomic implications of Vietnam's accession to ASEAN. Lastly, we make a number of recommendations for future macroeconomic policy in Vietnam.