Doi Moi
After the death of its leader Lê Duẩn in 1986, Vietnam began making the transition from a planned economy to a socialist-oriented market economy after suffering an inflation rate of 700% and a stagnant economy. The Communist Party launched a broad economic reform package called Doi Moi ("Renewal"), with similarities to the Chinese model (economic openness mixed with communist politics), and achieving similar results. Between 1990 and 1997, Vietnam's economy grew at 8% per annum, with similar results in the following years.