Đổi Mới

Đổi Mới is Vietnam’s renovation program, launched in 1986, that replaced central planning with a socialist-oriented market economy while retaining Communist Party rule.

Socialist-oriented market economy: An economic system combining market mechanisms with socialist principles and significant state direction. This is the model Đổi Mới set out to build.
Sixth National Congress of the Communist Party of Vietnam: The 1986 congress that adopted Đổi Mới as Vietnam’s reform program. It formally announced the shift away from rigid central planning.
Vietnamese poverty reduction: The long-term decline in the share of Vietnam’s population living in poverty. Rising production and incomes after reform helped drive substantial poverty reduction.
Nguyễn Văn Linh: Vietnamese Communist Party leader who served as general secretary from 1986 to 1991. He led the party during Đổi Mới’s early implementation and publicly backed reform.
Chinese economic reform: The market-oriented reforms begun in China under Deng Xiaoping in the late 1970s. Vietnam borrowed elements of China’s reform sequence while following its own conditions.
Vietnamese agricultural collectivization: The organization of Vietnamese farming through collectively managed agricultural cooperatives. Ending collective controls on farming helped launch Đổi Mới’s productivity gains.
Vietnamese postwar economic crisis: The severe economic difficulties Vietnam faced after reunification, including shortages, inflation, and weak production. Crisis made the costs of the existing planning system increasingly difficult to ignore.
Vietnamese export-led growth: Economic growth in Vietnam driven substantially by production for foreign markets. Trade liberalization connected domestic production to expanding international demand.
Trường Chinh: Vietnamese Communist Party leader and theorist who served as general secretary in 1986. He helped prepare the policy shift adopted at the 1986 congress.
Perestroika: Mikhail Gorbachev’s restructuring reforms in the Soviet Union during the 1980s. Unlike Soviet restructuring, Đổi Mới expanded markets without ending Communist Party rule.

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