ietnam's government is central control (communist) their economy is a market economy (capitalism). Vietnam abandoned central control economy in 1985, and started economic reform, called Doi Moi or 'Rennovation', as an effort to move the country towards a market economy.
Doi Moi sputtered along through two minor reforms, and finally had enough gas to take off like a rocket. Economic growth took off after 1990, and Vietnam became the second fastest growing economy in the world after the turn of the Millenium.
The U.S. is soon to approve normal trade status with Vietnam's, and Vietnam is expected to join the WTO this fall. This will cause Vietnam's economy to expode once again.
The downside is rural unemployment has grown to alarming rates. 35%-40% unemployment is common in areas outside the major cities.