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China, Vietnam belongs to a socialist country, has the common development goals. From the mid-80s of last century, the Vietnamese follow the example of China adopted reform and opening up. After 20 years of practice, Vietnam not only achieved great results and also formed its own features. At present, Vietnam has become a rising star of economic growth in Southeast Asia, annual economic growth ranked the second place in the world following China for many years. And Vietnam turns from a poor and backward country into a fast-growing developing country. Thus, it is very necessary to conduct a comprehensive review and in-depth explanation on the process of vietnam‘s reform and opening-up, the basic characteristics, experiences,lessons,and its Implications on China’s reform and opening up.This research project is conducted by the Marxist theory, starting from the facts of Vietnam’s reform and opening up and takes the development and improvement of socialist as its purposes. Through research, this paper argues that:process of reform and opening up in Vietnam has gone through three stages, namely, from 1979 to 1991 is the phase of innovative start-up, from 1991 to 2001 is the phase of the overall deepening of reform, and from 2001 till now is the phase of rapid development. Vietnam’s reform and opening up has three basic characteristics,namely, the socialist orientation of innovation, incremental innovation road, opening-up strategy for cooperation and exchange. Although Vietnam made great achievements, it also exists some serious problems,such as lacking of complete theoretical system, imbalance on economic development , economic crisis , and serious corruption problem. Vietnam’s experiences and lessons tell us that we must establish and perfect the system of socialism with Chinese characteristics,insist on political reform in parallel with the economic system, economic development goes on well with improving people’s livelihood, and insist on eliminating corruption and prevent ing economic crisis through various coordinated means to make China’s reform and opening up goes on rapidly and healthly.
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