Socialist-oriented market economy

The socialist-oriented market economy (Vietnamese: Kinh tế thị trường định hướng xã hội chủ nghĩa) is the official title given to the current economic system in Vietnam.

The term "socialist-oriented" is used to highlight the fact that Vietnam has not yet achieved socialism and is in the process of building the basis for a future socialist system.

[5] In the early 1990s, Vietnam accepted some World Bank reform advice for market liberalization, but rejected structural adjustment programs and conditional aid funding requiring privatization of state-owned enterprises.

Common to other East Asian developmental states, Vietnam shares mutually supporting institutions and active public authorities with strong capacities to implement long-term economic plans.

[7] The Communist Party of Vietnam has re-affirmed its commitment to the development of a socialist economy with its Đổi Mới reforms.

The Government of Vietnam is under the absolute leadership of the Communist Party of Vietnam , which established the country as a nominal socialist state .