Homonym: Đổi Mới (Reform)
"Đổi Mới" is a Vietnamese term meaning "Renovation." It refers to a series of economic reforms initiated in Vietnam in 1986 aimed at transitioning from a centrally planned economy to a socialist-oriented market economy. These reforms encouraged private enterprise, foreign investment, and market mechanisms, significantly boosting economic growth and improving living standards.
The Đổi Mới policy has led to substantial changes in various sectors, including agriculture, industry, and services. It has also facilitated Vietnam's integration into the global economy, allowing the country to become a member of organizations like the World Trade Organization and fostering trade relationships with numerous countries.