Doi Moi Economy
The process of Vietnamese economic development after the war can be divided into two periods: the 10-year period of the centrally planned economy from 1975 to 1985 and the subsequent years of economic reform when Vietnam shifted toward a market-led economy.
After more than a century of foreign domination and 21 years of war and division, Vietnam became an independent nation. North Vietnam’s communist party, Lao Dong, merged with the People’s Revolutionary Party of South Vietnam to form the Communist Party of Vietnam (CPV). A new national constitution was adopted and, in July 1976, the country was formally re-styled as the Socialist Republic of Vietnam. The party plays a leading role in establishing the foundations and principles of communism, mapping strategies for economic development, setting growth targets,
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It decided to allow foreign export and individual ownership to help improve the economy.
Under Doi Moi, lots of exportations and private ownership were allowed which had a very positive effect on the economy. Moreover, there was also a reduction in the amount of bureaucracy which resulted in a boom for the rice production. By the late 1990s, the success of the business and agricultural reforms ushered in under Doi Moi was evident. More than 30,000 private businesses had been created, and the economy was growing at an annual rate of more than 7 percents, and poverty was nearly halved.
Government control of the economy and a nonconvertible currency have protected Vietnam from what could have been a more severe impact resulting from the East Asian financial crisis in 1997. While the country has shifted toward a more market-oriented economy, the Vietnamese government still continues to hold a tight rein over major sectors of the economy, such as the banking system, state-owned enterprises, and areas of foreign
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