Cambodia, Laos and Vietnam (CLV) have embarked on market-oriented reforms since the mid-1980s. While sharing several similarities, the reforms and international integration processes of CLV have differed significantly, in terms of both pace and extent.
Despite being initiated in 1986, the market-oriented reform measures in Cambodia have been accelerated, with wider scope, only since 1989. At the end of 1993, the reforms were notably
strengthened, especially with a programme for rehabilitation and reconstruction introduced by the newly elected government.
Since 2001, Cambodia has made considerable progress in some key structural reform areas; however, the implementation of some other important structural reforms has been delayed and uneven. After the accession to World Trade Organization (WTO) in 2003, despite some delays, its government has made significant efforts in legislation work. Cambodia then committed to drastic market-oriented reforms within a transitional period of five years.
