The The Role of State and Industrial Economic Development of the Socialist Republic of Vietnam between 1976 – 2020: An Analysis from the Perspective of Political Economy

Abstract

The purpose of this article is to describe the development of Vietnam's industrial economy from 1976 to 2020 and also to analyze the role of the socialist state in the development of the industrial economy under various economic systems in each period. The findings show that the Vietnamese government has adjusted industrial economic development to suit the domestic and global context for the country's economic benefits. These adjustments resulted in the positional change of the state from being the lead player who produces industrial goods and manages the economic system following the centralized development plan after the national reunification to being a supporter who facilitates industrial development following the commercialized model of production which is caused by Doi Mei reform. In addition, the socialist state has also changed the industrial development strategy from socialist industrialization to industrialization and modernization as well.