Socialist-oriented market economy in Vietnam

Abstract

This paper reviews the legal aspect of the formed and changing perceptions of the Communist Party of Vietnam on the socialist-oriented market economy (SME). The authors assess the reflection of that awareness in the 2013 Constitution and the practical implementation of Vietnam’s participation in recent free trade agreements. We find there have been important changes in perceptions related to the SME before the enactment of the 2013 Constitution. However, the reflection of awareness about that policy in the 2013 Constitution is not enough and has caused several challenges to its enforcement, especially regarding the legal system and global economic integration. The authors here also point out conflicts between the policy of building a SME in Vietnam with the requirements of free trade in terms of theory and recent practical agreements, raising questions of whether those conflicts could be acceptable and how to address them.