Citation:

Nguyen Minh Trang, Ton Nu Bao Ninh. "Vietnam's Economic Transformation after 1986: From Central Planning to Market-oriented Economy" International Research Journal of Economics and Management Studies, Vol. 3, No. 8, pp. 118-129, 2024.

Abstract:

This paper examines Vietnam's economic transformation and development since the 1986 Doi Moi reforms. It highlights the transition from a centrally planned economy to a market-oriented one, focusing on the impacts of key policy changes. The study employs various methodologies, including historical and comparative analysis, statistical evaluation, and policy analysis, to provide a comprehensive overview. Key findings demonstrate significant GDP growth, poverty reduction, and increased agricultural productivity. The paper emphasizes the importance of economic liberalization, agricultural reforms, and foreign direct investment (FDI) in driving growth. A comparative analysis of China and the Soviet Union showcases Vietnam's unique strategies and outcomes in economic reform. The study underscores the critical role of state-owned enterprise reforms, private sector development, and integration into the global economy. It also discusses the challenges faced in maintaining sustainable development and continuing reform momentum.

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Keywords:

Vietnam, Economic Transformation, 1986, Central Planning, Market Economy.