Explaining recent trends of vietnam's current account

Vietnam shifted to a more liberalized economic growth path in the mid-1980s in the context of the adoption of Doi Moi or Reconstruction growth strategy. This liberalization continued and then gained momentum in the mid-1990s with the ending of the US trade embargo on Vietnam, and promises to continue further with Vietnam's prospective accession to the WTO. One recent disturbing side-effect of Vietnam's economic progress appears to be a weak current account (CA) situation. The current account is possibly the most important component of the balance of payments (BoP), particularly for an export oriented economy like Vietnam, as the current account effectively records all non-capital related money flows into and out of a country. Since the most important of these flows tend to be trade flows, current account is often seen as reflecting a country's competitiveness.