Socialist-oriented market economy

This article is about the current economy in Vietnam. For the economic system in the People's Republic of China, see Socialist market economy. For theoretical models of market-based socialism, see Market socialism.
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The socialist-oriented market economy (Vietnamese: Kinh tế thị trường định hướng xã hội chủ nghĩa) is the official title given to the current economic system in Vietnam. It is described as a multi-sectoral market economy where the state sector plays the decisive role in directing economic development, with the eventual long-term goal of developing socialism.[1]

The socialist-oriented market economy is a product of the Đổi Mới economic reforms which led to the replacement of the centrally planned economy with a market-based mixed economy based on the predominance of state-owned industry. These reforms were undertaken to allow Vietnam to integrate with the global economy. The term "socialist-oriented" is used to highlight the fact that Vietnam has not yet achieved socialism and is in the process of building the basis for a future socialist system.[2] The economic model is similar to the socialist market economy employed in China.

  1. ^ Karadjis, Michael. "Socialism and the market: China and Vietnam compared". Links International Journal for Socialist Renewal. Retrieved 20 March 2013.
  2. ^ Socialism plus markets: Vietnam's chosen path (Video). YouTube. April 26, 2016. Retrieved May 12, 2019.