Vietnam Model to be Followed for Equitable Development
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Abstract
Reflects on Vietnam's transition from a planned economy to a socialist-oriented market economy, highlighting important reforms since the Doi Moi policy. The second section addresses two fundamental questions: firstly, it explores the valuable lessons that can be gleaned from the Doi Moi process. Secondly, it delves into the question of whether a distinct ‘Vietnam model’ truly exists. The concluding section examines the evolving circumstances that Vietnam now confronts and the hurdles it must surmount to advance further. Several necessary policies are also recommended. Despite remarkable achievements such as transitioning from a poor to a middle-income country and becoming one of the most open economies globally, there are still challenges. The risk of falling into the 'middle-income trap' remains high, and the country has faced environmental consequences due to its growth. To ensure success, lessons must be learned from past experiences, emphasizing political will, administrative reforms, and international integration. The chapter also explores the concept of the Vietnamese Model of a socialist-oriented market economy, recognizing healthy competition and the central role of the state economy. Looking ahead, Vietnam aims to become a high middle-income economy by 2030 and a developed country by 2045. Key policy actions include strengthening public capacity, improving the legal framework, accelerating structural reforms, enhancing human resources development, and strengthening the National Innovation System to overcome the ‘middle-income trap’ and achieve its development goals. Basically, Vietnam is required to continue Doi Moi.