Vietnam -Business Economics for the World Market
Business Economics for the World Market
Vietnam Group Project
Summer 2012
Post World War II Economic History
The post WWII economic history of Vietnam has been through many changes. These changes were due to the result of war, political ideologies, and natural resources. The most notable change was the division of North and South Vietnam. The economic division of North and South Vietnam had been in place since the colonial influences of France. Each division had its own economy with unique resources and industries. It wasn’t until 1954 that the North/South division became political – communist in the north and capitalist in the south (Spartacus Educational). During the mid 1950s and into the late 1960s the Vietnamese Economy, which had been slated for heavy industrial production, suffered many major setbacks and losses. Most of these setbacks came as the result of war, when air-strikes destroyed a huge amount of infrastructure and manufacturing facilities. During the Second Indochina War, numerous acres of farmland were destroyed, shipping routes for raw materials were destroyed, and what was left of the labor force spent most of their time repairing bomb damage (Mongabay). From the political division until the mid 1970s, South Vietnam relied mostly on foreign aid in order merely maintain an existence. This aid, most of which came from the US, developed a military, and constructed a large amount of infrastructure. Much like its northern counterpart, South Vietnam experienced extensive destruction during the Second Indochina War. Large amounts of farmland, forest, infrastructure, and cattle were destroyed along with an enormous human toll (Mongabay).
The human toll for Vietnam was extremely significant. Vietnam lost about 1.5 million soldiers and civilians and lost another 1 million people who fled the country. Those who fled included many skilled workers and intellectuals. To further strain the economy of Vietnam, the Vietnam War
Vietnam Group Project
Summer 2012
Post World War II Economic History
The post WWII economic history of Vietnam has been through many changes. These changes were due to the result of war, political ideologies, and natural resources. The most notable change was the division of North and South Vietnam. The economic division of North and South Vietnam had been in place since the colonial influences of France. Each division had its own economy with unique resources and industries. It wasn’t until 1954 that the North/South division became political – communist in the north and capitalist in the south (Spartacus Educational). During the mid 1950s and into the late 1960s the Vietnamese Economy, which had been slated for heavy industrial production, suffered many major setbacks and losses. Most of these setbacks came as the result of war, when air-strikes destroyed a huge amount of infrastructure and manufacturing facilities. During the Second Indochina War, numerous acres of farmland were destroyed, shipping routes for raw materials were destroyed, and what was left of the labor force spent most of their time repairing bomb damage (Mongabay). From the political division until the mid 1970s, South Vietnam relied mostly on foreign aid in order merely maintain an existence. This aid, most of which came from the US, developed a military, and constructed a large amount of infrastructure. Much like its northern counterpart, South Vietnam experienced extensive destruction during the Second Indochina War. Large amounts of farmland, forest, infrastructure, and cattle were destroyed along with an enormous human toll (Mongabay).
The human toll for Vietnam was extremely significant. Vietnam lost about 1.5 million soldiers and civilians and lost another 1 million people who fled the country. Those who fled included many skilled workers and intellectuals. To further strain the economy of Vietnam, the Vietnam War
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