In the yeas following the Vietnam War, Vietnam spun further and further into economic crisis. They sent and maintained many military forces into Cambodia, and had a short border war with China, all of which cost them money they did not have. The government attempted to force the country into a fully socialist society as soon as possible. They controlled everything, down to the amount of spending money people could have. Private merchants and business were forced to give their goods over to the government. Farmers were encouraged to join collective organizations and sell their crop to the government at set rates. Many Vietnamese, and Vietnamese of Chinese descent fled the country by land to neighboring countries, or by poorly made boats. Economic methods that had worked for other socialist countries did not work in Vietnam.

The government was forced to release some of its restrictions in order to provide enough food for the people. They allowed some open market trade, and allowed farmers to only send part of their crop to the government, and sell or consume the rest. Regardless of their efforts, the economy did not show many signs of improving. Vietnam looked for aid from other communist countries, mainly the Soviet Union, and amassed a large foreign debt.

In 1986, the policy of Doi Moi was initiated. Doi Moi is an economic reform that emphasizes a marked based, not centralized, economy. Prices are determined by the market, not the government, an private as well as state controlled trade is permitted. The new reforms did improve Vietnam's economic standing, but until recent years the country still had major difficulties.

The government relaxed import regulations, and made Vietnam appealing to foreign investors. In hopes of convincing the United States to release a trade embargo against Vietnam, they withdrew many soldiers from Cambodia, and, for lack of other employment for the soldiers, unemployment soared. Eventually Vietnam's economic situation began to improve. Inflation fell drastically, foreign investors took interest in the country, and by the early 1990s Vietnam was no longer importing rice, but exporting it. In 1994, the United States did release its trade embargo and American companies moved into Vietnam.

Now Vietnam is continuing to boost exports to foreign countries. State owned enterprises are becoming more productive, and smaller private ones still thrive. Inflation is down from 700% in the 80's to 4% in 1997. The increased foreign investments, and the vigorous economic growth of the country are allowing for higher salaries and better public services.

Vietnam is the world's second biggest rice exporter today. Other exports include textiles, shoes, seafood, rubber, coffee, tea, fruits and vegetables, sugar, and raw materials such as wood coal, and minerals. Oil companies from all over the world are looking for opportunities to drill offshore of Vietnam. Vietnam and other southeast Asian countries are the source of much of the world's opium. Among the country's imports are steel, railroad equipment, chemicals and medicines.