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- Vietnam is a paradox. It's a communist government with a capitalist economy. Telling it how it is, communism, socialism, call it what you will, is dead. This is a one-party capitalist bureaucracy that doesn't need to sweat about bothersome elections, and democratic rights. Officially, communism is still king , but there can be few party hacks that really believe Vietnam is a Marxist Utopia. Market - oriented socialism the new mantra, although socially-responsible capitalistic might be nearer the mark. My real love is painting and my work is quite popular. My living is stable, my family is happy, and we like to visit new areas of Vietnam for our holidays. I like to wander around the desolate and natural places that will soon disappear when life moves on.
Economic reconstruction of the reunited country has proven difficult. After the failures of the state-run economy started to become apparent, the country launched a program of đổi mới (renovation), introducing elements of capitalism. The policy has proved highly successful, with Vietnam recording near 10% growth yearly (except for a brief interruption during the Asian economic crisis of 1997). The economy is much stronger than those of Cambodia, Laos, and other neighboring developing countries. Like most Communist countries around the world, there is a fine balance between allowing foreign investors and opening up the market.
There are extreme restrictions on foreigners owning property or attempting to sell. It is very difficult for them to trade without negotiating 'fees'. Business can be done via local partnerships with all the attendant risks.
Power and services is another issue. There are often 'rolling blackouts' when there is not enough electricity at times. For this reason, many shops have portable generators.
According to government estimates Vietnam sees 3.3m tourist arrivals each year. Vietnam has a return rate of just 5% compared to Thailand’s whopping 50%.
Vietnam is a one party authoritarian state, with the President as the Head of State, and the Prime Minister as the Head of Government. The Vietnamese legislature is the unicameral National Assembly, from which the Prime Minister is selected. In practice, the President's position is only ceremonial, with the Prime Minister wielding the most authority in government.
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