Đổi Mới

Đổi Mới, meaning "Renovation," is Vietnam's economic reform policy launched in 1986 to transition from a centrally planned economy to a socialist-oriented market economy. It involved liberalizing trade, encouraging private enterprise, and attracting foreign investment. These reforms aimed to boost economic growth, reduce poverty, and improve living standards. By shifting focus from state-controlled production to market-driven mechanisms, Đổi Mới transformed Vietnam into one of the fastest-growing economies in Southeast Asia, while maintaining political stability. It was a significant move towards integrating Vietnam into the global economy and modernizing its economic structure.