Overview: Viet Nam embarked on Doi Moi policy in 1986 with three main pillars: (i) to shift from a centrally planned economy to a market- oriented one; (ii) to develop a multi-sector economy in which the private sector plays an increasingly important role; and (iii) to actively and effectively integrate into regional and global economy in accordance with Viet Nam’s situation.
Since the Sixth CPV’s Congress in 1986, the Doi Moi has recorded significant accomplishments and Viet Nam’s economy maintains consecutive high growth rate. WTO membership enables Viet Nam’s economy to integrate further into the global economy and to utilize external resources to boost industrialization and modernization. Viet Nam aims to basically become a modern industrialized economy by 2020.
The 1987 Foreign Investment Law was the first legal document that helped form the legal framework for the Vietnamese market economy. In 1991, the Private Enterprise Law and Corporate Law were introduced. The amended 1992 Constitution affirmed the existence and development of a multi-sector economy under a market mechanism, including the foreign-invested sector. This was followed by the promulgation of a number of laws essential for the formation of the market economy, including Land Law, Tax Law, Bankruptcy Law, Environment Law, and Labor Code, etc. Hundreds of ordinances and government decrees were enacted to guide the implementation of these laws for national socio-economic development.