Saturday, November 23, 2024
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Business - Economics

Reunification

On 25th April 1976, the Democratic Republic of Vietnam was renamed into the Socialist Republic of Vietnam, which governs both northern and southern parts in its territory.
 

In 1977, Vietnam became a member of the United Nations.

After many years of prolonged war, the country was heavily devastated. In the 1975 - 1986 period, Vietnam had to cope with innumerable difficulties. The aftermath of war, social evils, the mass flow of refugees, war at the southwest border against the genocidal policies of Pol Pot government in Cambodia, the dispute at the northern border, the isolation and embargo from the United States and Western countries, plus continual natural calamities ...put Vietnam before tremendous tough challenges. Moreover, those difficulties became more severe due to subjective reasons such as hastiness and impatience, and voluntarism in rebuilding the country regardless of specific actual conditions. Early in the 80s, Vietnam witnessed the most serious ever socio-economic crisis, the inflation rate rose up to a record 774.7% in 1986.


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