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Renewed perception of Vietnam communist party on market economy

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In this paper, the author focuses on analyzing the renewed perception of the Communist Party of Vietnam on the market economy, reflected in the official documents of the National Party Congresses as well as of Central Party Committee’s meetings. | Renewed Perception of Vietnam Communist Party on Market Economy Renewed Perception of Vietnam Communist Party on Market Economy* Duong Phu Hiep ** Abstract: In this paper, the author focuses on analyzing the renewed perception of the Communist Party of Vietnam on the market economy, reflected in the official documents of the National Party Congresses as well as of Central Party Committee’s meetings. Based on the renewed perceptions on this matter, the author points out the achievements brought about by the renovation process, and also the limitations and inadequacies in theoretical and actual development of the socialist-oriented market economy in Vietnam so far. Consequently, the author proposes some issues pertaining to orientation guidelines and major solutions that would help fostering the renovation and development of the national economy. Key words: Renewed perception, market economy, Communist Party, Vietnam. Vietnam embarked on the renovation (Đổi mới) in the second half of the 1980s when the world’s socialism was going into crisis and many socialist countries were on the brink of collapse. It was at that point that the issue of establishing socialism was faced with harsh criticism, challenging to a great extent the spirit and wisdom of the Communist Parties, especially those in power at that moment. Under such circumstances, the mission to renovation the economic mechanism, or more broadly, the economic institution, in a country of which the economy was already in crisis, was not simply the task of finding out an ad-hoc solution and revive the economy. It was also about finding a reasonable and effective approach to tackle the issues of development, turning the underdeveloped and povertydriven economy of Vietnam into a modern socialist economy. To study the actual renovation process of the economy as an experiment and testing of the renewed mindset and providing “inputs” for the ongoing mindset renovation process is the basis on which we can accurately