Renewing Vietnam’s economic growth model: from policy to practice

Abstract

This article analyzes the process of developing the Communist Party of Vietnam (CPV)’s theoretical thinking on renewing the economic growth model over nearly 40 years of Doi Moi (Renovation process initiated in late 1986), clearly pointing out its achievements and limitations. From there, it proposes viewpoints, principles, and solutions for innovation in Vietnam’s economic growth model in the coming years. The CPV’s theoretical thinking on the renewal of the economic growth model has been formed and developed in association with the comprehensive national renovation process from 1986 to the present. This development is a process of continuous movement, both originating from the internal requirements of the economy and adapting to the international context, reflecting the creativity in applying and developing Marxism-Leninism and Ho Chi Minh’s thought in Vietnam’s reality. Nearly 40 years of Doi Moi have proven the CPV’s correctness and creativity in economic development orientation. Vietnam’s economic growth model has shifted from dependence on cheap labor and resource exploitation to one that relies more on science, technology, and innovation. However, limitations in productivity, quality, and competitiveness indicate that renewal of the growth model remains an inevitable and urgent requirement.