Vietnam to advise North Korea on economic development

Vietnam to advise North Korea on economic development
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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[caption id="attachment_32265" align="alignleft" width="300"] Commuters on bicycles in Pyongyang © Arno Maierbrugger[/caption] 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...

Vietnam to advise North Korea on economic development
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.



Support ASEAN news

Investvine has been a consistent voice in ASEAN news for more than a decade. From breaking news to exclusive interviews with key ASEAN leaders, we have brought you factual and engaging reports – the stories that matter, free of charge.

Like many news organisations, we are striving to survive in an age of reduced advertising and biased journalism. Our mission is to rise above today’s challenges and chart tomorrow’s world with clear, dependable reporting.

Support us now with a donation of your choosing. Your contribution will help us shine a light on important ASEAN stories, reach more people and lift the manifold voices of this dynamic, influential region.

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Donation Total: $10.00

 

 

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