Government

Thirty years after the launch of the economic reforms known as Doi Moi, with economic revolutions paving the way for the market economy have been rid of Vietnam’s significant potential. Vietnam government has changed considerable policies, such as doing away with the ration stamp, cutting price supports, mitigating two-price system, transforming to apply market price system, exchange rates. The combination between economic international revolutions and integration international economic, exceeding the economic blockade and embargo have offered valued processes in Economic aspects. Vietnam reached middle-income status in 2009, achieved most Millennium Development Goals (MDGs)—many of them ahead of time—and has adopted the Sustainable Development Goals (SDGs).

These days, the innovated Political Economy model of Vietnam is The Communist Party leading, the State managing and Vietnamese people owning. In term of political, the political regime has been founded on Democratic centralism in which political decisions reached by voting processes are binding upon all members of the party. In term of economic, Vietnam has centralized resources, given priority to invest for economic revolution on two primary terms. Firstly, transforming from the centrally-planned economy with a market-based mixed economy based on state-owned industry to the socialist-oriented market economy. Secondly, transforming from closed economy to integrated and connected to the global economy.