He points to the 6th National Party Congress in 1986 as the decisive moment when Vietnam began shifting from a centrally planned, heavily subsidised system to a market‑oriented, multi‑sector economy, a change he describes as the birth of the “socialist‑oriented market economy.”

According to Dr. Thang, the early reforms broke new ground by removing most subsidies, giving firms and farmers more autonomy, and introducing the Contract 10 system that linked agricultural production to market incentives. The reforms also opened the door for private enterprises and foreign investors, and paved the way for Vietnam’s accession to ASEAN and the World Trade Organization.

These steps, he says, were underpinned by a new development mindset that blended market mechanisms with state‑guided goals of social equity, prosperity and national strength.

Looking at today’s economy, Dr. Thang notes that Vietnam has moved away from growth driven mainly by resource extraction, low‑cost labour and raw investment. The current model stresses productivity, quality, efficiency and innovation, and places digital transformation, the green economy and the circular economy at its core.

He adds that the focus is no longer on merely fixing shortages. Instead, the government aims for macro‑economic stability, stronger competitiveness, deeper participation in global value chains, and sustainable development that protects the environment.

The shift is reinforced by institutional reforms, greater investment in science and technology, and a stronger emphasis on human‑resource quality and inclusive growth, all of which Dr. Thang says are essential for a resilient economy.

After more than 40 years of Doi Moi, Vietnam has turned from a small, poor, closed economy that often faced food shortages into a sizable regional player with consistently high growth rates, substantial foreign direct investment and deep integration into worldwide supply chains. Its international standing has risen, and it is now seen as a dynamic and stable economy with long‑term potential.