"Vietnam’s Market Socialism: Evaluating the Sustainability of Its Development Model"

EasyChair Preprint 14816

Abstract

Vietnam's economic development over the past few decades has been remarkable, with the country transitioning from a centrally planned economy to a market-oriented socialist system, often referred to as "market socialism." This paper examines the sustainability of Vietnam's development model, which combines elements of a market economy with the principles of socialist planning. The analysis explores the key features of Vietnam's market socialism, including the role of state-owned enterprises, the management of land and natural resources, and the integration of the country into the global economy. The paper evaluates the successes and challenges of this unique economic system, drawing on economic data, policy analysis, and insights from academic literature. The discussion considers the long-term viability of Vietnam's development path, the potential trade-offs between economic growth and social equity, and the implications for the country's political and social stability. The paper aims to contribute to the understanding of alternative economic models and their relevance for developing countries seeking to balance economic development with ideological and social considerations.

This paper examines the sustainability of Vietnam's market socialism, a unique development model that combines centralized planning with market-oriented reforms. Initiated by the Đổi Mới reforms in 1986, Vietnam's economic transformation has resulted in remarkable GDP growth, poverty reduction, and improved living standards. The model's key features include a mixed economy with significant state-owned enterprises (SOEs) and an expanding private sector, alongside social and economic policies aimed at achieving both economic efficiency and social equity.

Keyphrases: Evaluating the Sustainability, Vietnam’s Market, development model, socialism

@booklet{EasyChair:14816,
  author    = {Elisha Blessing and Gettio Lasha and Charles Eric},
  title     = {"Vietnam’s Market Socialism: Evaluating the Sustainability of Its Development Model"},
  howpublished = {EasyChair Preprint 14816},
  year      = {EasyChair, 2024}}