This Policy Discussion Paper has two key messages. First, the government’s response to the worsening economic situation has been, to date, insufficient and even counterproductive.7 We are well aware that in making this assertion we may be accused of impatience, of not giving policies time to take effect. Our response is that time is a luxury Vietnam cannot afford and the government must take vigorous action to translate its recent policy pronouncements into action. Second, reestablishing economic stability will require the Vietnamese government to address core structural flaws in the Vietnamese economy. Vietnam cannot both integrate into the global economy and continue to make policy as if the hard-learned lessons of other economies, that the “laws of gravity” do not apply. We conclude with a ten point plan for stabilization and recovery. These recommendations include both short-term measures to restore equilibrium and longer term, structural reforms needed to improve the economy’s competitiveness and make possible the attainment of the government’s long-term development goals.