Doi Moi

Đổi Mới () is the name given to the economic reforms initiated in Vietnam in 1986 for a "socialist-oriented market economy". As a result of Đổi mới many privately-owned enterprises were permitted in commodity production (and later encouraged) by the Communist Party of Vietnam; furthermore, the push to collectivize the industrial and agricultural operations of Vietnam, previously the focus of intense efforts by the Communist authorities, was abandoned. These reforms led to the development of what is now referred to as the Socialist-oriented market economy, where the state sector plays a decisive role in the economy but private enterprise and cooperatives play a significant role in commodity production. This economic reform helped Vietnam establish diplomatic relationships with the capitalist West and East Asia in the 1990s, such as the United States and Japan. The Communist Party of Vietnam has reaffirmed its commitment toward the socialist economic orientation and that the renovation of the economy is intended to strengthen socialism.

Although not simultaneously accompanied by an articulated policy of increased political liberty (such as political glasnost accompanied economic perestroika in the Soviet Union), the Communist government has nonetheless tacitly permitted many personal freedoms much greater than in the past since the beginning of the Đổi mới era.

The economic reforms that introduced market forces in Vietnam are likened to modern Chinese economic reform.

References

Further reading

Murray, Geoffrey. Vietnam : Dawn of a New Market. New York : St. Martin's Press, 1997.

Pham, Minh-Chinh, and Vuong, Quan-Hoang. Kinh te Viet Nam - Thang tram va Dot pha. Hanoi: NXB Chinh Tri Quoc Gia, 2009.

Vuong, Quan-Hoang. Financial Markets in Vietnam's Transition Economy: Facts, Insights, Implications. ISBN: 978-3-639-23383-4, VDM-Verlag, Feb. 2010, 66123 Saarbrücken, Germany.

See also

Five-Year Plans of Vietnam

Economic history of Vietnam

Socialist commodity economy

Socialist-oriented market

Transition economy

Socialism with Chinese characteristics

Privatization in Iran

External links

Vietnam : “Doi moi” and the World Crisis

ICFAI Journal of Entrepreneurship Development, VI(3&4), pp. 54-78, Sept.-Dec. 2009. © ICFAI University Press.">Vuong, Quan-Hoang and Tran, Tri Dung. "The Cultural Dimensions of the Vietnamese Private Entrepreneurship". ICFAI Journal of Entrepreneurship Development, VI(3&4), pp. 54-78, Sept.-Dec. 2009. © ICFAI University Press. (article)

Category:Political economy Category:History of Vietnam Category:20th century in Vietnam Category:Southeast Asian history stubs Category:1986 establishments Category:1986 in Vietnam Category:Economic history of Vietnam