Đổi Mới reforms

The Đổi Mới Reforms were a set of reforms which transformed Vietnam into a socialist-oriented market economy. It was launched in December 1986 by the Communist Party of Vietnam’s 6th National Congress; the word “Đổi Mới” is a Vietnamese phrase 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 introduce a market econmy, albeit with a predominance of state-owned industry and still guided by central planning; 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.

See also

• Economy of the Socialist Republic of Vietnam
• Socialism with Chinese characteristics
• Socialist-oriented market economy
• Transition economy