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The term đổi mới itself is a general term with wide use in the Vietnamese language meaning "innovate" or "renovate". However, the Đổi Mới Policy (Chính sách Đổi Mới) refers specifically to these reforms that sought to transition Vietnam from a command economy to a socialist-oriented market economy. [1] [page needed]
Phạm Nhật Vượng (born 5 August 1968) [3] is a Vietnamese property developer and Vietnam's first USD billionaire. [4] He is the founder and chairman of Vingroup, the largest conglomerate in Vietnam. As of November 2024, Vượng has a net worth of $4.2 billion according to Forbes. [5]
Vietnam, [e] [f] officially the Socialist Republic of Vietnam, [g] [h] is a country at the eastern edge of mainland Southeast Asia, with an area of about 331,000 square kilometres (128,000 sq mi) and a population of over 100 million, making it the world's fifteenth-most populous country.