Vietnam Renovation

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At the 6th congress of the Communist Party of Vietnam in December 1986, the General Secretary Nguyen Van Linh made a proposal of Doi Moi (Reform) and adopted. Doi Moi is a reforming program in economy and politics that has been launched by the Communist Party of Vietnam.

In economy, Vietnam’s economy has been developed as the Socialist-oriented market economy. In this new model, the government holds a decisive part in the national economy. Besides, private and foreign enterprises also play an important role in economy. Vietnamese government acknowledges legal and equal existence of economic components: state economy, collective economy, private sector (including individual business owners and economic profile), state capitalist economy, economy of foreign investment. Vietnam’s enclosed economy was replaced by open-market economy. Vietnam also expandscommercial relationship with several countries and organizations in the world such as US, EU, Japan, China, etc.

In political sector, Vietnam has established and resumed diplomatic relation with many Western and neighboring countries (like the US, China, ASEAN countries). Vietnam’s partners now are not only socialist countries like it was. Vietnamese government also focuses on multilateral cooperation, joining actively international and regional organizations, including WTO, ASEAN, APEC, etc.

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