- Anonymous6 years agoFavorite Answer
Not a traditional,but transitional economy, means a transition from Communism to Capitalism. It is a member of ASEAN, and will be open to common market for trade and investment(AEC) in 2015. It can be called emerging country anyhow. The economy is better than Cambodia and Myanmar. It has McDonald now.
- 6 years ago
A traditional economy is when a community is run by tradition and values. Maybe a clan is in charge of farming and a clan is in charge of hunting. They barter to exchange goods and services, their markets are simple, and the quantity of goods produced are low (but the cost is low too).
Some consider Vietnam a traditional economy because of its relative backwardness compared to the developed nations (and even developing nations). Maybe because they have little or no impact on the world markets. Maybe because their people do not trade globally. Maybe they only produce what they need (self-sufficiency).