(Mr. Dinh Nho Liem, Viet Nam) victims of the brutal policies of political and economic encirclement and isolation. That is why the Vietnamese people, more than anyone else, desire favourable international conditions and a lasting peace in order to promote national construction and defence, to stabilize the conditions of life and economic development, and to make a contribution to the world's common cause of peace, national independence, democracy and social progress. Nothing can divert us from those lofty objectives. Over the last three years we have been enqaged in renovation in all fields. In the economic sphere we have been proceeding with restructuring, thus creating favourable conditions for the development of all economic sectors, concentrating our efforts on the development of production of food and foodstuffs, consumer qoods and goods for export. We have abolished the bureaucratically centralized mechanism based on State subsidies and have applied a market mechanism in combination with planning at the macro level as well as expanding foreign economic relations with other countries. Thanks to the process of renovation, we have recorded a number of important initial achievements in the socio-economic field. While in the years 1986 to 1988 there was yearly triple-digit inflation, since the middle of 1989 inflation has been reduced considerably and prices have gradually been stabilized. While in past decades Viet Nam regularly had to import food grain, Viet Nam has now become a food exporter. Its co-operation with other countries has been increasingly expanded. VietNam's liberal law on foreign investment has resulted in the establ.ishment and operation of hundreds of joint-venture enterPrises. These initial important results have testified to the fact that the situation in Viet Nam is stable and that our policy of renovation, as well as the steps we have taken, is sound. RH/20 A/S-18/PV. 8 93 
**Analysis**
The text discusses the economic policies and achievements of Vietnam, specifically highlighting the country's efforts to promote national construction and defence, stabilize living conditions, and develop its economy. The text mentions the country's transition from a centrally planned economy to a market-based economy, the establishment of joint-venture enterprises, and the reduction of inflation and food imports.

**Category**
Economic development, International trade