In 1986, the Sixth National Congress of the CPV introduced socialist-oriented market economic reforms as part of the ''Đổi Mới'' reform program. Private ownership began to be encouraged in industry, commerce and agriculture and state enterprises were restructured to operate under market constraints. This led to the five-year economic plans being replaced by the socialist-oriented market mechanism. As a result of these reforms, Vietnam achieved approximately 8% annual gross domestic product (GDP) growth between 1990 and 1997. The United States ended its economic embargo against Vietnam in early 1994. Despite the 1997 Asian financial crisis affecting Vietnam by causing an economic slowdown to 4–5% growth per annum, its economy began to recover in 1999, with growth at an annual rate of around 7% from 2000 to 2005 making it one of the world's fastest growing economies. According to the General Statistics Office of Vietnam (GSO), growth remained strong even in the face of the late-2000s global recession, holding at 6.8% in 2010, although Vietnam's year-on-year inflation rate hit 11.8% in December 2010 with the country's currency, the Vietnamese đồng being devalued three times.