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The choice between the market or non-market economy is obvious - the market-based economy has indisputable and outstanding advantages. Different growth models, different success or failure stories, are linked to a nation’s rightful, efficient and appropriate approach, depending on each nation’s conditions and each specific period, in tackling the relationship between the market and the state – two methodologies for resource allocation which can complement each other but can also cancel each other’s efficiency out. | The Social-oriented Market Economy in Vietnam. THE SOCIALIST-ORIENTED MARKET ECONOMY IN VIETNAM: THEORY AND PRACTICE PHI MANH HONG * TRAN DINH THIEN ** Abstract: Market economy is a realistic economic mechanism that has been firmly established throughout the world’s economic history. Although not a perfect mechanism, so far, market economy has proved to be the best mechanism for resource allocation and development. A country that adopts a market-based economy for development may not be successful, but one that does not adopt it will certainly fail in the long run. Strictly speaking, for modern development, development means the creation, development and perfection of a modern market economy. The choice between the market or non-market economy is obvious - the market-based economy has indisputable and outstanding advantages. Different growth models, different success or failure stories, are linked to a nation’s rightful, efficient and appropriate approach, depending on each nation’s conditions and each specific period, in tackling the relationship between the market and the state – two methodologies for resource allocation which can complement each other but can also cancel each other’s efficiency out. What happened before and after the Doi Moi (Renovation) period in Vietnam showed that: fostering a market economy and global integration (an element of globalization in the modern market economy) is a choice which cannot be avoided by Vietnam. Key words: Social-oriented market economy, growth model, modern market economy, private ownership, economic relationship. The foundation of a market economy is the universal establishment and enforcement of the rights on private ownership of property (“property” as the subject of ownership, including intangible assets such as intellectual property – the type of asset which has emerged as the leading resource crucial to the creation of goods in an intellectual economy). This argument is universally recognized and proven .
