THE TRANSFORMATION PROCESS OF THE PRIVATE SECTOR IN VIETNAM IN THE PERIOD OF REFORM-AWARENESS AND REALITY

Hoang Xuan Son, Pham Phuc Vinh

Abstract


Developing the private sector in the socialist-oriented market economy of Vietnam is an indispensable trend as well as an appropriate and consistent policy of Vietnamese Communist Party. In the Party Congress X (2006), at the first time in the Party Congress Document, the concept of private sector was used to refer to an economic component based on private ownership mode of production materials, including individual business, small business owners and private capitalist economy. After 10 years of acknowledging this economic sector, at the XII Congress (2016), the Party affirmed more strongly about the role and position of the private sector in Vietnam's economy when determining that “the private sector is a crucial driving force of the economy”[5, p.103]. So far, the private sector has played an increasingly significant role in promoting growth, creating jobs, contributing to bringing Vietnam out of being a poorly developing countries and implementing the goal of striving to make Vietnam soon to be an industrialized country towards modernization trend.

 

JEL: B40; B50; B51

 

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Keywords


private sector, private business, socialist-oriented market economy, Vietnamese Communist Party

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References


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DOI: http://dx.doi.org/10.46827/ejefr.v4i2.840

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