Legal Framework and Private Sector Development in Transitional Economies: The Case of Viet-Nam

摘要: INTRODUCTION Viet-Nam's transition to a market economy requires the reactivation of private sector within "multi-component" or mixed economy. Several new laws have been introduced in many areas since 1990 achieve this objective and create an environment that will enable engage formally business.(1) has considerable potential for rapid growth, as become evident through its increasing success agriculture, trade, services. Factors crucial include Vietnamese entrepreneurship, literate population, country's comparative cost advantage labor intensive industries. Unlike other transitional economies Eastern Europe China, southern half Viet-Nam relatively recent experience with workings economy, which provides added easier transition. However, impediments remain further development sector. For example, investment remains quite low, comprising less than ten percent GDP 1993 only slightly more 1994.(2) In addition, successful industrial portions A deficient legal framework made up complicated regulatory uncertain substantive is perceived by one most serious obstacles expansion.(3) As still influenced ideology, causes problems such ownership real property can affect fundamental concepts due process law. This Article discusses some important regulations affecting activities--including on property, intellectual companies, domestic investment, foreign bankruptcy, contracts, dispute resolution. These establish foundation Although antitrust not yet Viet-Nam, addresses issue competition larger context current trade law, relative roles state versus sector, restrictions corporate The also judicial institutions, including civil code tradition socialist orientation, capacity court system, efficiency law enforcement mechanisms. I. Emerging Private Sector began 1989 reform program called Doi-Moi, Renovation. Initially, focused price reform, exchange rate liberalization abolition subsidies state-owned enterprises (SOEs).(4) Law Business,(5) promulgated 1990, allowed involved business activities first time years. Prior Reform 1989, all commercial entities industry were state-owned, agriculture was collectivized.(6) re-emergence changed structure significantly. cooperative flourished when centrally planned but collapsed during years following program. sector's contribution output fell significantly between 1993.(7) By contrast, involvement grown subsectors, particularly SOEs, however, continue dominate A. Structure Household units undertakings emerge urban Reform. They now number about 300,000 form core what may be considered "informal" Under Company Law,(8) household register "individual businesses" sole proprietorships. …