The role of private economy in the socialist-oriented market economy in Vietnam

The author discloses, through the prism of Vietnamese sources, the role of the private sector in the Vietnamese economy, showing that it has changed fundamentally during the 35 years of Đổi Mới implementation; analyzes its place in the structure of the Vietnamese economy and its evolution, as well as its position in comparison with two other sectors, namely the public sector and sector with the participation of foreign capital. The article, based on official Vietnamese sources, reflects the CPV's view of the private sector and the Communist Party's intention to use it in promoting the country's prosperity. At the same time, the author introduces the idea that large Vietnamese private groups are indebted to political protection by the leadership of the country, emphasizes the existence of a cronyism and patronizing approach in relations between them. Thus, the private sector can therefore, contribute to economic development and the creation of economic champions but maybe not to a leveled playing field between sectors and within the private sector. The paper aims at putting forward the fact that the State is actually piloting the private economy. In reality the Vietnamese authorities seem to adapt to it and take advantage of its development.

The Politics of Commodification

Even though commodification is a quasi-natural tendency of capitalist economies, the extent of commodification can vary over time, depending, among other things, on government intervention. In the last three decades, neoliberal reforms have fueled (re-)commodification. This chapter looks at six major policies: privatization, liberalization, deregulation, marketization, New Public Management, and austerity. Privatization promotes commodification by abolishing non-commodified alternatives to the sale of goods and services. Liberalization fuels commodification by exposing producers to competition and by forcing them to make profits. Deregulation eliminates restrictions that in one way or another limit commodification. Marketization creates markets in economic and social spheres where no markets have existed before, while New Public Management promotes metric output measurements that closely resemble what, in the private economy, are market values. Austerity and related cuts in welfare expenditure drive re-commodification by making citizens more dependent on markets and on private alternatives to the welfare state.

The Legal Dimension of the Relation Between the Chinese Communist Party and the Private Economy. A Perspective of the Article 19 of the Company Law

Chinese economic development has been driven, among other factors, by the gradual expansion of the private economy and the establishment of Chinese-based multinational corporations recognized as “champions” of the Chinese economy. At the same time, the Chinese Communist Party strives to maintain proper coordination mechanisms over the Chinese private economy, in order to ensure the harmonization between private and public interests. Does such policy direction, pursued by the Chinese leadership, rely on legal mechanisms? Does the Chinese Communist Party have legal instruments at its disposal in order to carry out coordinative functions concerning the private economy? The issue, although acknowledged by several scholars, has been rarely the object of a comprehensive legal analysis, taking into account the interactions between the different legal formants of the Chinese system. The purpose of this paper is to sketch an outline of the main legal mechanisms empowering the Chinese Communist Party to supervise and coordinate the activity of private economic operators. Starting from the assessment of some recent developments, embodied in «Opinions on Strengthening the United Front Work in the Private Economy in the New Era» issued in September 2020, the analysis will try to identify some of the most relevant legal provisions aimed at ensuring Party supervision over the private economy, in particular Art. 19 of the Company Law. Such provisions will be analyzed not only within the context of the recent developments of Chinese economic law, but also with regard to its practical applications by courts, in order to define the scope, in concrete, of Party activities in the private economy. The information gathered and analyzed will then be taken as conceptual basis to draw some conclusions regarding the structural role of the Chinese Communist Party in the development of Chinese commercial and economic law.

Ill-neoliberalism

In a recent contribution Hendrikse (2018) has coined the concept of neo-illiberalism to signify mainstreaming of illiberal doctrines among neoliberal elites, thereby signifying a ‘mutation and restoration of transatlantic neoliberalism’. After a critical appraisal of his concept, this contribution argues that it is too early to claim that neoliberalism is mutated and suggests that the present conjuncture can better be termed ill-neoliberal instead. Following numerous scholars who have argued that we have arrived at an interregnum, I argue, also by applying Gramscian framework, that neoliberalism is increasingly malfunctioning, ‘ill’ or even dying, while something new is yet to be born. Yet in contrast to those who apply a Gramscian approach, I do not regard the rise of Trump or the European far right as ‘morbid symptoms’, but as attempted remedies (or authoritarian restorations) for neoliberalism. Neoliberal elites, somewhat reluctantly, welcome illiberal actors and doctrines in an effort to keep existing hierarchies in place or even restore old ones, now by even more authoritarian means. This transformation in the transatlantic neoliberal heartlands towards more illiberal regimes differs, then, from the emerging (and already) illiberal or authoritarian world powers such as China. If we were to accept the validity of the term ‘neo-illiberalism’ this should be exclusively applied to those regimes that are consistently illiberal, but increasingly rely on an ever-growing private economy (cf. Aiyar. 2016). Yet, whether such powers will be able to install a new (global) order depends foremost on the ability of the transatlantic heartlands to overcome neoliberalism. The article therefore concludes by pointing at some outlooks for the renewal and further contestation of an increasingly malfunctioning neoliberalism.

Private economic development, experience of some countries and lessons for Vietnam

Private economic development is an indispensable requirement. No matter what economic modeling approach that countries follow, governments could not deny the enormous contribution of this economic sector. In the current period of international integration, the role of the private economy is much more important to the majority of countries, especially industrialized nations. In our country, an affirmation was made regarding the importance of the private sector in the 12th Congress which asserted that: "The private economy is an important driving force of the economy". In fact, in recent years, the private economy has significantly contributed to national economic development. However, currently, there are still policy barriers that hinder the development of the private economy and the internal strength of the economy. Hence, the authorities should encourage researchers on conducting research with the aim of developing this kind of important economic component in accordance with the practical conditions of the country. Within the scope of the article, the author defines the word ``private economy'', the perspective of Vietnam's private economic development, and analyzes the achievements of the private economy in the period of 2011-2018. In addition, the article also examines the experience of some countries, from which we could be able to gain meaningful lessons to improve our national private economic model. The countries chosen include: (i) China, a neighboring country, has a political system relatively similar to Vietnam. China early developed and focused on the private economic system as the result of successfully identifying the vital role of the model in national economic growth. (ii) South Korea and the United States, despite being capitalist, have achieved successful private economic development with an array of valuable lessons for Vietnam.

The study on the Financing Difficulties and Countermeasures of China’s Private Enterprises in Recent Years

Private enterprises occupies an important position in China’s economic development. They have played an important role in maintaining stable economic growth, promoting entrepreneurship, increasing employment, providing taxes, and improving people’s lives. They are an important force in promoting highquality enterprises. Based on the analysis of relevant data, this paper concludes that the financing difficulties of private enterprises are caused by both themselves and the investors, and provides countermeasures from financial system reform, Build a risk prevention mechanism, information platform construction, and enterprise self-management, etc, aiming to solve the private economy Practical problems.economic development in China. Financing is an important condition for the healthy development of private enterprises, and financing has always been a major problem for the development of private.