What is Đổi mới?
'''Đổi mới ''' is the official title given to the current economic system in the [[Vietnam|Socialist Republic of Vietnam]]. It is described as a multisectoral [[market economy]], where the state sector plays a crucial role in managing [[economic development]] with the possible long-term goal of developing [[socialism]].<ref>{{Cite web|url=http://links.org.au/node/14|title=Socialism and the market: China and Vietnam compared {{!}} Links International Journal of Socialist Renewal|website=links.org.au|language=en|access-date=2018-01-22}}</ref> The socialist-oriented market economy is a product of Đổi mới economic reforms, which led to the replacement of the centrally planned economy with a market-based mixed economy based on state-owned industry. These reforms were implemented to allow Vietnam to participate in the global market economy. Đổi mới-economic reforms were initiated by the [[Communist Party of Vietnam]] in 1986 during the party's sixth national congress. These reforms allowed private ownership of small businesses together with state-owned and collectively-owned companies. In addition, these reforms also played a greater role in market forces in order to coordinate economic activity between companies and public authorities. == References == {{reflist}} [[Category:Politics of Vietnam]]