Đổi Mới

Đổi Mới (IPA: [ɗo᷉i mə̌ːi]; transl. "renovation" or "innovation") 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 (Chính sách Đổi Mới) refers specifically to these reforms that sought to transition Vietnam from a command economy to a socialist-oriented market economy. The economic reforms in the Soviet Union under Gorbachev inspired the Vietnamese government. However, unlike the Soviet Union but like China, the communist rulers in Vietnam refused political reform.

The Đổi Mới economic reforms were initiated by the Communist Party of Vietnam (CPV) in December 1986 during the party's 6th National Congress. Vietnam learned from China's reform experience but with more conservative level. These reforms introduced a greater role for market forces for the coordination of economic activity between enterprises and government agencies and allowed for private ownership of small enterprises and the creation of a stock exchange for both state and non-state enterprises.