ECONOMIC REFORMS

One of the most important measures to be taken to promote the development of a country is to constantly carry out economic reforms. Being aware of this, in December 1986, at its Sixth National Congress, the Vietnamese Communist Party initiated an overall economic reform, commonly known as "Doi Moi" (Renovation). The aim of Doi Moi was to restructure the economy of Vietnam and to raise the living standards of the people.

Before Doi Moi our country experienced a lot of difficulties: the economy was under-developed and was dominated by traditional agriculture; the country was poor, the people led a poor life, production was stagnant; there was a shortage of schools and hospitals, and inflation could be seen in every sector of the economy. To solve these problems, our Government introduced a number of renovation measures: they eliminated government subsidies; they shifted economic priority from heavy industry to three major economic programmes, namely, production of food, production of consumer goods and production of exports; they reduced state intervention in business; they opened trade relations with all countries in the world and encouraged foreign and domestic private investment.

The subsequent National Congresses of the Vietnamese Communist Party held in 1991, 1996, and 2001 continued to reaffirm its commitment to Doi Moi, and called for more administrative and economic reforms. Under the Party’s guidelines, the Government adopted the Land Law in 1993 and the Enterprises Law in 2000. These have laid legal grounds for dissolving inefficient co-operatives, expanding more opportunities for farmers, and encouraging both domestic and foreign private investment.

Since Doi Moi, our country has undergone substantial changes: productivity and agricultural exports have constantly increased, the farmers have enjoyed land use rights and have had greater choice on how to use their agricultural land, the workers have worked harder as their time is their money, and the children, particularly those from ethnic minorities have had more opportunities to enjoy education and training. 

We believe that with the strong commitment of our Party and Government to Doi Moi, we will gain greater achievements and build a better life for our people.