Vályi did considerable work in connection with the reform of the economic mechanism.

Vályi died as the consequence of a fall suffered during a visit to the Lenin Metallurgical Works in Miskolc on 18 September 1973.

In the most dangerous part of the factory he fell into the casting pit.

The reformist politician could have stood in the way of the political leadership of the Eastern Bloc.

A few days before Vályi's death, the Polish Deputy Prime Minister, who was also a pro-Western, died when hit by a car.