State-Owned Enterprises and Economic Reform in Vietnam.

摘要

Vietnam's State-Owned Enterprises (SOE) comprise a significant portion of the economy and must be reformed if Vietnam is to achieve strong economic growth. SOEs are rife with corruption, they discourage foreign investment and they retard the development of infrastructure. Generous lending practices and preferred government treatment have concentrated disproportionate amounts of financial and human capital in the SOEs with poor economic outcomes. The absence of competitive market forces permitted SOEs to invest heavily in multiple subsidiary companies, many of which are neither profitable nor linked to the SOEs core businesses. Grand corruption, combined with the arbitrary and reckless use of capital, has stunted Vietnam's economic growth and must be dealt with by a comprehensive program of SOE privatization. Only then will Vietnam enjoy the benefits of sustained economic growth as reforms unlock market forces and enhance economic stability.