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We assessed three key policies – electricity infrastructure, globalization, and privatization – to understand their respective contributions to Vietnam's economic growth from 1980 to 2018. Vietnam's economic development from 1980 onward can be divided into two distinct periods. The first period, from 1980 to 1997 (Period I), was marked by high but unstable growth. The second period, from 1998 to 2018 (Period II), saw sustained high growth with stability. To understand how these three factors influenced GDP growth during these two periods, we applied vector autoregressive (VAR) analysis alongside impulse response analysis. Our findings indicate that in Period I, while both globalization and energy infrastructure had immediate and notably positive impacts on GDP growth rates, their simultaneous influence led to instability in GDP growth during this period. However, in Period II, the impact of energy infrastructure and openness on GDP growth remained positive but relatively small. The privatization policy replaced earlier policies and had a major lasting impact on the economy. Concurrently, the Vietnamese economy demonstrated increased resilience to policy shocks, and the privatization policy played a crucial role in the stable, high growth experienced in 1998 and beyond.
