Abstract
Ever since the policy of economic renovation (Doi Moi) was initiated in 1986, comprehensive domestic reforms and proactive economic integration have been major pillars of Vietnam’s economy. Deepening cooperation and integration through the ASEAN Economic Community (AEC) framework lies at the centre of Vietnam’s trade and investment liberalization agenda. Any domestic reforms undertaken in the lead up to the announcement of the AEC by the end of 2015 should engage the ongoing economic restructuring process as well as the country’s growth paradigm. Reforms will also entail narrowing the development gap between Vietnam and more advanced ASEAN economies. The Vietnamese government has to weigh adjustment costs from reforms and greater liberalization as well as ensure that benefits are distributed among a diverse set of stakeholders in the domestic economy. Past experiences have shown that stakeholders can be sensitive to adjustment costs and accompanying uncertainties. This paper focuses on three key issues related to managing consensus during the community-building process: (i) increasing consultation with stakeholders during reforms; (ii) building community awareness of potential changes; and (iii) mitigating adverse impacts of reforms.
Read the article here