From the current global economic crisis - thinking of a development model in Vietnam

• Main Author: Pham, Van Dzung
• Format: Article
• Language: English
• Published: Đại học Kinh tế 2016
• Subjects: Economic crisis; Development model; Việt Nam
• Online Access: http://repository.vnu.edu.vn/handle/VNU_123/14149
• Institution: Vietnam National University, Hanoi

The current global economic crisis once again proves Karl Marx's theoretical point. The basic contradiction of capitalism - between the highly socialized productive force and capitalist relation of production has blowed up globally, causing severe economic, politic, and social consequences. The intervention of states has softened this critical contradiction and restricted its damage remarkably. In the near future, a global centre for economic regulation will appear. However, the capability and power of states are limited. The inherent contradiction of capitalism still exists and a similar crisis is inevitable in the future.Building a country with “wealthy people, prosperious country, democracy, justice, cilvilization” is a goal that Vietnam has targeted. They are also the common values of the humankind. To achieve this goal, Vietnam should learn lessons from other countries. Development of a market economy is indispensable for Vietnam. However, it is necessary to aware of advantages and disadvantages that exist in a market economy, including crisis risks. The current global economic crisis has awoken every country. In fact, it could be confirmed that Vietnam has a correct choice when choosing development model as “Socialist-oriented market economy”. In essence, socialist orientation in market economic development of Vietnam is to develop a market economy followed the shortened and sustainable development model. Thanks to this model, the impacts of global economic crisis on Vietnam are less dramatic than several countries; macroeconomic situation is relatively stable, economic growth is positive; hunger elimination and poverty reduction gains achievements and so on. Those achievements prove that Vietnamese Communist Party has successfully applied Marxist economic theory in the new situation of Vietnam.