General
Socialist-Oriented Market Economy
Vietnam's economic model, combining market mechanisms with state guidance and socialist principles to ensure social equity and development.
Definition
As described in Chapter III of the Vietnam Constitution 2013, the Socialist Republic of Vietnam's economy is a 'socialist-oriented market economy with various forms of ownership and various economic sectors.' This economic model integrates market forces with state management and socialist principles, aiming to achieve economic growth while ensuring social justice, equality, and the well-being of the people, which includes fair labor practices and equitable remuneration.