July 18, 1955 : Soviet Union agrees to grant Hanoi economic aid

Introduction

Following a visit from Ho Chi Minh and his ministers, the Soviet Union announces that it will grant Hanoi 400 million rubles (about $100 million) in economic aid. On July 7, China had announced that Beijing would extend Hanoi economic aid of 800 million yuan (about $200 million). The July grants from China and the Soviet Union enabled Hanoi to initiate an ambitious industrialization program. In less than 10 years, the North was producing items not yet made in the South. Continued aid from Hanoi’s fellow communist nations would sustain North Vietnam in its war against the South Vietnamese and their American allies until 1975, when they defeated the South Vietnamese forces and reunified the country.

Article Details:

July 18, 1955 : Soviet Union agrees to grant Hanoi economic aid

  • Author

    History.com Staff

  • Website Name

    History.com

  • Year Published

    2009

  • Title

    July 18, 1955 : Soviet Union agrees to grant Hanoi economic aid

  • URL

    http://www.history.com/this-day-in-history/soviet-union-agrees-to-grant-hanoi-economic-aid

  • Access Date

    November 18, 2017

  • Publisher

    A+E Networks