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The paper documents three principal findings: (1) China and Vietnam are noticeably similar in their initial conditions and approaches to reform and economic management (2) the widening gap in growth performance between China and Vietnam can be explained by two broad sets of factors; one related to institutions and another to governance. While the institutional factors have certain effects, the governance-related factors are more powerful in driving the divergence; and (3) the divergence between the two countries was notably accelerated at certain critical moments during their courses of reforms.
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