From 1975 to the mid-1980s of the last century

Economic growth was low and even non-existent.

The economy had no savings. Inflation was rampant.

1986

In the first year of the Doi Moi process, inflation peaked at 774.7%, while the economic scale, at this time, was only 26.88 billion USD. People's lives were extremely difficult and deprived.

Renovation has brought the Vietnamese economy to a new page.

The 1986-1990 period

This was the initial stage of the renovation process. The policy of developing a multi-sector commodity economy was considered a long-term strategic approach, following the law of transitioning from small-scale production to socialism. As a result, the economy gradually overcame weaknesses and made progress.

By the end of the five-year plan, the renovation process had achieved initial successes.

GDP growth averaged 4.4% per year and export turnover increased by 28% per year. Most importantly, this period marked a fundamental transition from the old management mechanism to a new one, liberating productive forces and creating new development momentum.

The 1991-1995 period

The Party continues to affirm the consistent implementation of a multi-sector economic policy, and at the same time clearly states that the economic operating mechanism is a market mechanism with State management through laws, plans, policies and other tools. The country is gradually emerging from stagnation and recession.

The economy continues to achieve important achievements: the growth rate is relatively high, continuous and comprehensive. Most of the main indicators have exceeded the target, with the average GDP having increased by 8.2% per year. Economic sectors in general achieved a relatively good growth rate.

The 1996-2000 period

The Party drew a number of new conclusions about the relationship between commodity production and socialism, between planning and the market, between the domestic and international markets, between the State's management rights and the business autonomy of enterprises, as well as on distribution, and used this as a basis to continue to innovate the economic management mechanism with the goal of eliminating the centralised, bureaucratic, subsidised mechanism, thus continuing to synchronously establish a market mechanism with State management in the socialist orientation.

This period marks an important step in the development of the economy, with a focus on promoting the industrialisation and modernisation of the country.

This period marks an important step in the development of the economy, with a focus on promoting the industrialisation and modernisation of the country. Although affected by the regional financial-economic crisis, Vietnam still maintained a fairly high growth rate. The annual average GDP growth for the entire 1996-2000 period reached 7%. Meanwhile, the average GDP growth rate for the 1991-2000 period is 7.5%/year.