Forty Years of Doi Moi: Facts and Figures Shaping Vietnam's Transformation

Vietnam is marking four decades since the launch of its "Doi Moi" (Renovation) policy in 1986, a period that has woven a narrative of remarkable transformation. Emerging from prolonged wars, facing severe socio-economic difficulties, and an economic embargo, the country has undergone profound changes over the past four decades. The Doi Moi policy, centered on market economy reforms and openness to the outside world, fundamentally reshaped Vietnam's economic structure. This led to improvements in agricultural productivity, industrialization, and the attraction of foreign direct investment, resulting in significant economic growth. Once a nation plagued by poverty, Vietnam is now recognized as one of Southeast Asia's dynamic economies. This transformation process is being highlighted through celebratory events both domestically and internationally. For instance, the story of Doi Moi was shared at a solidarity festival in Belgium, and its achievements were emphasized during Vietnam's National Day celebrations in Australia. These events demonstrate Vietnam's commitment to deepening international relations and showcasing its development. Currently, Vietnam is entering a new phase of transformation, often referred to as a "second wave of Doi Moi." Experts point to advancements in science and technology as key drivers for this new wave, with innovation and digitalization expected to fuel future economic growth. This signifies Vietnam's ambition to enhance its international competitiveness and pursue sustainable development. Vietnam's economic growth under its one-party system is characterized by a state-controlled market economy. While its economic interdependence with China is significant, geopolitical tensions, particularly over the South China Sea, also persist. These factors are expected to influence the future trajectory of Doi Moi.