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But despite launching its doi moi reforms, growth stalled long before the economic crisis hit Asia.
CNN: Stops and Starts
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And back home, Vietnam had begun experimenting with Doi Moi , or market-based reforms within the ongoing socialist structure.
FORBES: Vietnam's First Billionaire And The Triumph Of Capitalism
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Reform has come in fits and starts since doi moi began but, at present, Vietnam's palpable success encourages boldness.
ECONOMIST: Vietnam
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The first round of reform, called doi moi, was started in 1986, only to fizzle out in the early 1990s.
ECONOMIST: Hanoi Bill
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Money poured in at the launch of doi moi, but as reforms moved slowly, if at all, the cash flow slowed to a trickle.
CNN: Stops and Starts
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This presents Mr Phieu with the biggest test to come the way of a Vietnamese leader since the doi moi reforms began over a decade ago.
ECONOMIST: Vietnam