Empirical Analysis And Comparative Study On Economic Performance Of Vietnam And China Since Reform

China and Vietnam from the reform and opening up to now, two countries economic have been achieving great success. China and Vietnam are in the scientific theory under the guidance of Marxism-Leninism combined with its national conditions, and achieved a great victory for the socialist cause. China’s reform and opening up in 1978 called "feeling the stones", while Vietnam’s reform and opening up the outside world in 1986, known as "crossing the river by feeling the stones in China.Both China and Vietnam began their economic development from economies dominated by agriculture, and in both cases, their attempts to build a Soviet-style economy failed during their pre-reform periods. Although economies reforms in the two countries were launched nearly a decade apart, they have strikingly similar features; these similarities lay in the circumstances leading to reform, the initial socio-economic development conditions and the approaches to reform and economic management. The economic reforms in both China and Vietnam were initiated under circumstances the provided three critical factors for change:receptivity, crisis and opportunity. Both China and Vietnam did the economic reform dominated by investment and export-led, maintain rapid growth in investment and exports to drive the economies of the two countries development. Both China and Vietnam used abundant labor as the national overall competitive advantage of industrial development, the labor intensive industry strategy has played a very important in the economic development and employment of two countries.Investment and trade export are two important driving force of two countries economic reform. Vietnam and China government decided to fundamentally alter the countries growth strategy, the new economic that relied more on expanding domestic consumption. Although two countries had a very similar economic development model, but Vietnam’s growth has been below China’s by a notable margin. If we compare the domestic consumption of two countries, especially expand the growth of household consumption, Vietnam has done better than China. China’s announced decision to transition away from growth driven by investment and a growing global trade surplus toward one more dependent on consumption is laudable. But to date China’s policy iniatives have been too modest to change its underlying growth dynamic.This article is from the perspective of development strategy theory, based on the econometric model, based on China and Vietnam from the reform and opening up until the development of strategic research compared between Vietnam and China’s economic investment, export, final consumption of the three important indicators of econometric model situation to examine, and then put forward in the more two country’s economic development trends.The next step is combined with the evolution of economic reform in China and Vietnam and the results of the econometric modelto identify the background of economic reform, the nature and purpose of the reform period, the major strategic and economic reform achievements. According to the findings of the previous two stages, between reform and development strategies to identify the common points and differences, from analysis of the reform process in Vietnam, although the start time of the reform era with some of the same conditions, but the achievements of each country have now reached difference, through the analysis, identify the causes and compare conclusions.The results show that the contribution to the Vietnam’s GDP of 70%(China was 54%) of the total value of output, should belong to labor input; each 1% increase in the total social investment in fixed assets in Vietnam, GDP increases 1.05% (China was 0.68%); every 1% increase in exports to Vietnam, gross domestic product increased 0.89% (China was 0.61%); Vietnam’s final consumption for every 1% increase, domestic production GDP increases 0.99%(China was 1.09%).The conclusion provides a useful reference for the reform and open policy of Vietnam in the future, and it also points out the direction and development path of the economic policy.Through this paper, will find out the development strategy of China and Vietnam experience, the author puts forward some suggestions, the two nations from economic reform enlightenment and reference to each other. This research will have certain reference value for some countries, especially in Southeast Asia.