Vietnam’s advantages in economic reform and a model for North Korea
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Vietnam’s advantages in economic reform and a model for North Korea

(Dan Tri) – Economist magazine said that although the US still encourages North Korea to learn from Vietnam’s economic reform model, Pyongyang also needs to consider the differences between the two countries to apply it.

Leader Kim Jong-un visited the farm in Samjiyon in July (Photo: KCNA)

When the US urged North Korea to abandon its nuclear weapons and missile programs, Washington used Vietnam as a model economic development model for Pyongyang.

Previously, Japan’s Nikkei newspaper reported that in a private conversation with South Korean President Moon Jae-in at the inter-Korean summit in April, North Korean leader Kim Jong-un revealed that he

According to the Economist magazine, the current North Korean economy has many similarities with Vietnam’s in the past when applying a centralized subsidized economic model.

In terms of diplomacy, the relationship between North Korea and the US also has similarities with Vietnam.

Compared to Vietnam, the transformation in US-North Korea relations is also taking place quickly.

Differences between the two countries

Vietnam's advantages in economic reform and a model for North Korea

North Korean workers work in a shoe factory in Dandong city, China (Photo: Reuters)

However, North Korea and Vietnam still have some differences in the process of economic reform.

Although the pace of commodity and food market development in recent years has facilitated private business models in North Korea, there are still not many opportunities for large-scale businesses.

In addition, North Korea’s economic structure is also more complex.

In contrast to Vietnam, more than 60% of North Korea’s population lives in urban areas.

The geographical location near China, South Korea and Japan has created conditions for North Korea to attract foreign investment capital to create more jobs for its people.

Another disadvantage for North Korea when compared to Vietnam is population.

In North Korea, the average age of the population is 34, even higher than the average age of the current Vietnamese population.

Although leader Kim Jong-un may face many difficulties when carrying out economic reform, analysts say that the prospect of North Korea opening up is still a better option for the country.

Besides Vietnam, North Korea can also learn from China’s economic reform and opening model in 1978. However, experts say that because China’s growth rate is too fast and too hot, the model

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