Socialist-oriented market economy: Difference between revisions
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The '''socialist-oriented market economy''' is the official title given to the current economic system in the [[Socialist Republic of Vietnam]]. It is described as a multi-sectoral [[market economy]] where the state sector plays the decisive role in [[Developmental state|directing economic development]], with the eventual long-term goal of developing [[socialism]].<ref name="links.org.au">{{cite web|url=http://links.org.au/node/14|title=Socialism and the market: China and Vietnam compared|author=Karadjis, Michael|publisher=Links International Journal for Socialist Renewal|access-date=20 March 2013}}</ref> | The '''socialist-oriented market economy''' is the official title given to the current economic system in the [[Socialist Republic of Vietnam]]. It is described as a multi-sectoral [[market economy]] where the state sector plays the decisive role in [[Developmental state|directing economic development]], with the eventual long-term goal of developing [[socialism]].<ref name="links.org.au">{{cite web|url=http://links.org.au/node/14|title=Socialism and the market: China and Vietnam compared|author=Karadjis, Michael|publisher=Links International Journal for Socialist Renewal|access-date=20 March 2013}}</ref> | ||
Revision as of 18:48, 14 November 2021
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The socialist-oriented market economy is the official title given to the current economic system in the Socialist Republic of Vietnam. It is described as a multi-sectoral market economy where the state sector plays the decisive role in directing economic development, with the eventual long-term goal of developing socialism.[1]
The socialist-oriented market economy is a product of the Đổi Mới economic reforms which led to the replacement of the centrally planned economy with a market-based mixed economy based on the predominance of state-owned industry. These reforms were undertaken to allow Vietnam to integrate with the global market economy. The term "socialist-oriented" is used to highlight the fact that Vietnam has not yet achieved socialism and is in the process of building the basis for a future socialist system.[2] The economic model is similar to the socialist market economy employed in the People's Republic of China.