State, Industry, and Business in Indonesia’s Transformation

Abstract

This chapter explores the sustainability ofVietnam’s economic growth with a focus on the manufacturing industry. As the driving force of the country’s economic growth over the past two decades, manufacturing plays a vital role in Vietnam’s endeavour to renovate its growth model. This chapter will assess Vietnam’s industrial development over the past two decades, covering the changes in key industries and their main players, and examine how firms have developed and transformed their activities and the factors that have shaped such processes. The focus will be on state-owned enterprises (SOEs), which have long been at the centre of Vietnam’s industrialisation strategy. Previous discussions on SOEs, focusing on the state sector as a whole or some ofthe largest state- owned conglomerates, have argued that SOEs performed poorly despite heavy protection and preferential access to resources