Vietnam’s Đổi Mới: Transforming the Economy and Society in a Post-Reform Era

Introduction The Đổi Mới (Renovation) policy, initiated in 1986, marked a significant turning point for Vietnam’s economy and society. This report aims to explore the transformative impacts of Đổi Mới, highlighting both the economic reforms and their social implications in the post-reform era. The purpose of this analysis is to provide insights into how these reforms have reshaped Vietnam’s economic landscape, alleviated poverty, and fostered a more dynamic society, while also considering emerging challenges that accompany this transformation.

Economic Transformation The Đổi Mới policy was primarily driven by the need for economic reform in response to chronic stagnation and inefficiency in the centrally planned economy. By transitioning toward a socialist-oriented market economy, Vietnam aimed to harness market mechanisms while retaining state control over essential sectors. This dual approach has spurred significant economic growth, with Vietnam experiencing an average GD