The Doi Moi Reforms were a set of reforms which transformed Vietnam from a Soviet-style centrally-planned socialist economy to a socialist-oriented market economy. It was launched in December 1986 by the Communist Party of Vietnam’s 6th National Congress; the word “Doi Moi” is a Vietnamese word meaning “restoration”. The Soviet-style planned economy had become clearly ineffective and flawed in Vietnam,[citation needed] as just about a decade earlier they were at war with the U.S. and had strict sanctions put onto them by the U.S. Vietnam was also isolated as other socialist countries at the time were (except China), and Agent Orange had rendered much of the farmland unusable, so they decided to open up to the outside world and replace the planned economy with a market one; this came with a drastic reduction in Soviet economic and military assistance after the mid 1980s and opening up to the rest of the world by allowing foreign direct investment and more exportation of rice.[1][2]
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References
- ↑ Hong Anh Tuan. "Doi Moi and the Remaking of Vietnam" GlobalAsia. Retrieved 2022-10-5.
- ↑ "Vietnam Foreign Direct Investment 1970-2022". Marcrotrends.