Vietnam to advise North Korea on economic development

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Commuters on bicycles in Pyongyang © Arno Maierbrugger

Vietnam is set to teach secluded North Korea lessons of how to open its economy during a visit of North Korea’s foreign minister Ri Yong Ho which started on November 30. Ri has been meeting with leaders in Hanoi, visiting a hi-tech zone and speaking to agricultural experts and eager to learn lessons from Vietnam’s post-war economic reform that has transformed the Communist nation into one of Asia’s fastest growing economies.

Particularly, North Korea, with its economy severely underdeveloped by wide-ranging sanctions and years of self-imposed isolation, is seeking to learn from Vietnam’s “doi moi” economic reforms introduced in the 1980s, according to media reports.

Vietnam state media said that Hanoi has expressed its willingness to share its socio-economic development experiences that are in line with North Korea’s needs.

Vietnam’s economy has flourished as it has embraced market reforms, opened its doors to foreign investment and entered free trade deals, with GDP growth hitting five per cent or higher for the past decade. It has done so while maintaining a single-party state with a tight grip on power and little tolerance for dissent, a model that experts say could appeal to Pyongyang.

Vietnam and North Korea established diplomatic relations in 1950, though there has been little in the way of trade following UN sanctions passed last year aimed at cutting off Pyongyang’s revenue streams.

Hanoi’s exports to Pyongyang reached $7.3 million, mainly of food products, according to official data.

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Reading Time: 1 minute

Commuters on bicycles in Pyongyang © Arno Maierbrugger

Vietnam is set to teach secluded North Korea lessons of how to open its economy during a visit of North Korea’s foreign minister Ri Yong Ho which started on November 30. Ri has been meeting with leaders in Hanoi, visiting a hi-tech zone and speaking to agricultural experts and eager to learn lessons from Vietnam’s post-war economic reform that has transformed the Communist nation into one of Asia’s fastest growing economies.

Reading Time: 1 minute

Commuters on bicycles in Pyongyang © Arno Maierbrugger

Vietnam is set to teach secluded North Korea lessons of how to open its economy during a visit of North Korea’s foreign minister Ri Yong Ho which started on November 30. Ri has been meeting with leaders in Hanoi, visiting a hi-tech zone and speaking to agricultural experts and eager to learn lessons from Vietnam’s post-war economic reform that has transformed the Communist nation into one of Asia’s fastest growing economies.

Particularly, North Korea, with its economy severely underdeveloped by wide-ranging sanctions and years of self-imposed isolation, is seeking to learn from Vietnam’s “doi moi” economic reforms introduced in the 1980s, according to media reports.

Vietnam state media said that Hanoi has expressed its willingness to share its socio-economic development experiences that are in line with North Korea’s needs.

Vietnam’s economy has flourished as it has embraced market reforms, opened its doors to foreign investment and entered free trade deals, with GDP growth hitting five per cent or higher for the past decade. It has done so while maintaining a single-party state with a tight grip on power and little tolerance for dissent, a model that experts say could appeal to Pyongyang.

Vietnam and North Korea established diplomatic relations in 1950, though there has been little in the way of trade following UN sanctions passed last year aimed at cutting off Pyongyang’s revenue streams.

Hanoi’s exports to Pyongyang reached $7.3 million, mainly of food products, according to official data.

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