Đổi Mới

Period

1986

Region

Southeast Asia

Category

Economy

Đổi Mới is the name given to the economic reforms process of Vietnam since late 1986 with the goal of creating a "socialist-oriented market economy". The term đổi mới itself is a general term with wide use in the Vietnamese language meaning "innovate" or "renovate". However, the Đổi Mới Policy refers specifically to the reforms that sought to transition Vietnam from a command economy of the subsidy period to a socialist-oriented market economy. The economic reforms in the Soviet Union under Gorbachev partially inspired the Vietnamese government. However, unlike the Soviet Union but like China, the communist rulers in Vietnam refused political reform.

Sources: Wikipedia — Đổi Mới · CC BY-SA 4.0