Socialist-oriented market economy

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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 by the ruling Communist Party. It is described as a multi-sectoral market economy where the state sector plays the decisive role in directing economic development, with the eventual long-term goal of developing communism. The socialist-oriented market economy is a product of the Đổi Mới (innovation) economic reforms process which led to the replacement of the centrally planned economy with a market-based mixed economy based on the predominance of state-owned industry. These reforms were undertaken to allow Vietnam to integrate with the global economy. 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. The economic model is similar to the socialist market economy employed in China.

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