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Đổi mới

From Simple English Wikipedia, the free encyclopedia

Đổi mới is the official title given to the current economic system in the Socialist Republic of Vietnam. It is described as a multisectoral market economy, where the state sector plays a crucial role in managing economic development with the possible long-term goal of developing socialism.[1]

The socialist-oriented market economy is a product of Đổi mới economic reforms, which led to the replacement of the centrally planned economy with a market-based mixed economy based on state-owned industry. These reforms were implemented to allow Vietnam to participate in the global market economy.

Đổi mới-economic reforms were initiated by the Communist Party of Vietnam in 1986 during the party's sixth national congress. These reforms allowed private ownership of small businesses together with state-owned and collectively-owned companies. In addition, these reforms also played a greater role in market forces in order to coordinate economic activity between companies and public authorities.

References[change | change source]

  1. "Socialism and the market: China and Vietnam compared | Links International Journal of Socialist Renewal". links.org.au. Retrieved 2018-01-22.