How To Become A Billionaire In A Communist Country | Vietnam's Billionaire Families That Defied...

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The richest families in vietnam

Less than a lifetime ago, the world knew Vietnam through the grainy lens of conflict. A nation scarred by decades of war, its name synonymous with struggle and devastation. When the war finally ended in 1975, the newly unified Socialist Republic of Vietnam faced a landscape of ruin. Its economy was not just poor; it was one of the most impoverished and isolated on the planet, crippled by the ravages of war, a subsequent trade embargo from the United States, and the heavy-handed application of a Soviet-style centrally planned economic model.

For a full decade, from 1976 to 1986, the country languished in a period of deep economic malaise known as "Bao Cấp," or the subsidy period. Private enterprise was suppressed, production was dictated by the state, and agricultural lands were collectivized. The results were catastrophic. Instead of a post-war reconstruction boom, Vietnam experienced a sharp deterioration. Store shelves were empty, national income grew slower than the population, and by 1986, inflation had skyrocketed to an unmanageable 700 percent. The nation, having won the war, was now losing the peace, teetering on the brink of total economic collapse.

It was in this crucible of crisis that a profound change was forged. In December 1986, acknowledging the failure of the command economy, the 6th National Congress of the Communist Party of Vietnam made a historic decision. It initiated a series of sweeping political and economic reforms known as "Đổi Mới," meaning "renovation." This was Vietnam's pragmatic pivot, a move to create a "socialist-oriented market economy." The government began to abolish price controls, encourage private businesses, de-collectivize farms, and open the door to foreign investment.