Viewpoints of the Communist Party and State of Vietnam about Resources and Resource Allocation in the Socialist-Oriented Market Economy

Abstract

The paper reviews Vietnamese Communist Party and the State’s viewpoints about resources and resource allocation in the socialist-oriented market economy. Over 30 years of Doi Moi, there has been a turning point in the economic thinking of the Communist Party of Vietnam. Party’s perception of resources and mechanism of resource allocation in the socialist-oriented market economy has been changing and developing. From the concept that the State is the sole subject that allocates all economic resources according to the central planning mechanism, to date, market mechanism has been identified “to play a key role in effectively mobilizing and allocating development resources”. The role of the State is to guide development on the basis of respect for market principles. In order for the market mechanism to maximize its role in allocating development resources, efforts should be made to improve the synchronous and modern market economy institutions.