Economic institutional renovation in Vietnam from 1986 to the present: An analysis of liberalization, equitization, and administrative reform

Tóm tắt

The article analyzes the process of economic institutional renovation and reform in Vietnam from 1986 to the present, focusing on three principal pillars: economic liberalization, equitization of state-owned enterprises, and administrative reform. Drawing upon major economic theoretical frameworks, the study clarifies the role of institutions in reducing transaction costs, protecting property rights, promoting innovation, enhancing productivity, and strengthening national competitiveness. Prominent reforms include the equitization of state-owned enterprises, the restructuring of the public sector, the simplification of administrative procedures, the reform of the legal framework, and commitments to international integration. These measures have played a critical role in transforming Vietnam from a centrally planned economy in systemic crisis into one capable of sustaining high growth rates, deeply integrating into global value chains, and improving its Human Development Index. The findings suggest that sustaining development trajectories will require continuing to refine its economic institutions toward greater transparency, coherence, and adaptability amid globalization, the Fourth Industrial Revolution, and digital transformation.