The Development of Private Economy in Vietnam from 1986 to 2001: from Policy to Practice

Abstract

The recognition of the private economy as an integral part of the economy at the Sixth National Congress (1986) of the Communist Party of Vietnam stems from the practical needs of Vietnam before doi moi. From 1986 to 2001, the private sector in Vietnam has gradually affirmed its role and position in the socialist-oriented market economy and has made important contributions to national budget, increasing gross domestic product growth and job creation. However, besides the positive contributions, the private economy in Vietnam still reveals certain limitations in the development process.