The timeliness of this book is beyond question. Since the crisis erupted in Thailand in mid-1997 and spread, with varying degrees of severity, to the rest of Asia, the export-led industrialization strategy that has driven economic growth in East and Southeast Asia over the last 50 years has come into question. Is this model still applicable to latecomers such as Vietnam? The Asian financial crisis has highlighted the dangers of implementing export-oriented industrialization through government subsidies and protection. This book finds that the strategy followed by the Asian economies in the last half-decade remains a valid model for Vietnam. In order to avoid grave damage to its financial institutions, the strategy needs to be implemented in conjunction with the development of a sound financial system and a robust private sector. Based on a detailed analysis of the causes and nature of the Asian financial crisis as well as the Vietnamese economy, this book concludes that it is unlikely that Vietnam will face a banking and currency crisis in the short term, but Vietnam could be plagued by balance of payments difficulties for some time to come unless major structural reforms are undertaken soon. This timely book will be of great use to Asian studies scholars and those interested in the role of the financial sector in economic management and development.

Since the late 1980s, Vietnam, Cambodia, PDR Lao, and Myanmar have been opening their economies to international trade and investment. With the exception of Myanmar, the reforms have yielded impressive results, but the process is far from complete. In this enlightening book, a group of leading scholars outline the continuing reform efforts needed to survive the current global recession and place these economies in a competitive position on the recovery of the world economy.In the aftermath of the global financial crisis of 2008, this topical book analyses the opportunities and threats to continued globalization for the Mekong 4, particularly in relation to rapid industrialization through joining the production networks of East Asia. It then assesses the political will for sustaining the reform process.This book will be an important resource for national government agencies, such as the department of foreign affairs and aid agencies that have significant bilateral relationships with the Mekong 4 ? namely, Australia, Canada, Japan, Scandinavia, and the USA. International financial institutions that have existing (or potential) business links with the Mekong 4 as well as universities with courses in development economics will warmly welcome this book.