Benchmarking Study Of Economic Growth Pattern Of Zhejiang, China

After many years of the Great Patriotic War, Vietnam reformed their economy,accelerating the pace of economic growth and development in order to get rid ofunderdevelopment. In recent years, the Vietnamese socio-economic has improved,since2000Vietnam maintained an average annual growth rate of over7%. In2009,during the global economic crisis, Vietnam’s was able to maintain an economy growthrate of5.8%. In2010their basic development goals was achieved while economicrecovery rapidly increased. However, the rapid economic growth in Vietnam was notstable, during the development of Vietnam, there were many problems and could notsustain their growth, and now seek improvements to be more in line with futuredevelopment. Comparing China’s economic development with Vietnam, there is adifference of nearly10years. Looking at the historical background of China’sdevelopment, it was formed by non-governmental driven individual and it developedthe unique local characteristics of the "Zhejiang Model", established by the local. Thedevelopments of capital are local. The development was formed by local and privateeconomy. In many areas, national industry and commerce industry has beenconsiderable developed together, and there are sufficient foreign direct investment tocompete, this economic model is very favourable to the development of the wholecountry. China and Vietnam have similar process of development, Zhejiang and evenChina’s rapid economic development has become a model for Vietnam’s economicdevelopment. Therefore, this report,"Zhejiang Model" as the research purpose, fromthe experience of the development of private economy through its detailed research and industrial cluster combined. To conclude, Vietnamese referring to the "ZhejiangModel" is speeding up economic development and its propose is significant.