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Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.Phát triển kinh tế thị trường tại nước cộng hòa hồi giáo Iran từ năm 1989 đến năm 2019.
VIETNAM ACADEMY OF SOCIAL SCIENCES GRADUATE ACADEMY OF SOCIAL SCIENCES TRAN ANH DUC MARKET ECONOMY DEVELOPMENT IN THE ISLAMIC REPUBLIC OF IRAN FROM 1989 TO 2019 Major: International Economics Code: 31 01 06 SUMMARY OF DOCTORAL THESIS HANOI - 2022 The thesis was completed at: Graduate Academy of Social Sciences Supervisors: Assoc Prof Dr Pham Thi Thanh Binh Assoc Prof Dr Tran Thi Lan Huong 1st Reviewer: Assoc Prof Dr Ha Van Hoi 2nd Reviewer: Assoc Prof Dr Nguyen Viet Dung 3rd Reviewer: Dr Kieu Thanh Nga The thesis will be defended in front of Academylevel Thesis Judging Committee at at …… ….……… …., on The thesis can be found in the libary: INTRODUCTION Rationale for the study Vietnam's economy is in the process of transitioning to a market economy, continuing to perfect market economic institutions to serve the common development needs Therefore, referring to international lessons and experiences on market economy development is not a new but necessary work Islamic Republic of Iran, an important partner of Vietnam in Middle East market, is also in the process of economic reform, economic transformation to a market economy and has many similarities with Vietnam's economy Thus, the case study of Iran will certainly have practical and theoretical implications Research aims and objectives Research aims: The thesis provides scientific arguments to explain and evaluate the situation of market economic development in Iran, analyze the success limitations and causes; from which to draw implications for Vietnam Research objectives: To achieve the above goal, the thesis needs to: - Clarify the theoretical and practical basis of economic institutions and the development of the market economy; - Analyze and evaluate the progress of market economy development in Iran; - Compare similarities and differences in market economic development in Vietnam and Iran, thereby giving some implications for Vietnam To carry out the task, the thesis will answer the following research questions: 1) What model of market economic development does Iran follow? 2) What is the progress of market economy development in Iran? 3) What are the similarities and differences in developing market economy in Iran and Vietnam? What implications can Vietnam draw from the case of Iran? Object and scope of the study Research Object: Market economy development in Iran Scope: - Geographical location: Iran, Vietnam - Duration of the study: 1989 - 2019 - Scope of content: Economic liberalization, private economic development, equitization of state-owned enterprises Research methodology Approach: The thesis approaches the research problem of market economy development in Iran from an economic and political perspective Analysis of the development of a market economy would seem to lean towards an economic approach, however, in a country like Iran, where economics and politics are closely linked, the simultaneous use of Using two economic and political approaches is necessary Research methods: The thesis uses research methods in the field of economics and politics to carry out the proposed research tasks New scientific contribution of thesis - On the basis of systematizing the basic theories of market economy development, institutional theories, the thesis contributes to clarifying the theory of market economic development in the Islamic Republic of Iran - The thesis analyzes the development of the market economy in Iran in the period 1989-2019; specify success and limitations as well as reasons - The thesis contributes to clarifying the point of view of the market economy development of Iran; analyze the development process through the presidential period; explain why Iran must carry out economic reforms in the direction of open markets - From the studies on Iran, the thesis draws implications for Vietnam; analyze the current situation, propose policy implications so that Vietnam can well realize the goal of renovating the growth model, renovating institutions, and perfecting a socialist-oriented market economy Theoretical and practical significance of thesis In terms of theory: the thesis is a serious research work on the basis of valuable and reliable original documents The two main theoretical meanings of the thesis are: i) contribute to systematizing the basic theories of market economy development; ii) clarify the process of market economy development in some countries with particular political-religious background, namely Iran In terms of practice: the thesis analyzes and evaluates market-oriented economic development programs and some economic reform activities towards more openness in Iran from 1989 to 2019 On that basis, The thesis draws on reference experiences, meaningful suggestions for Vietnam in the process of perfecting and developing market economy institutions In addition, the research results of the thesis contribute to additional knowledge for readers who want to learn about the Islamic country of Iran Structure of the thesis In addition to the introduction, conclusion, references, appendices, the thesis consists of chapters: Chapter 1: Overview of the research situation; Chapter 2: Theoretical basis and international experience on market economy development; Chapter 3: Development of the market economy in Iran in the period 19892019; Chapter 4: Policy implications for Vietnam CHAPTER LITERATURE REVIEW In this chapter, the thesis reviews works related to the topic of the thesis according to the following issues: 1.1 Research related to the theory of institutions and development of market economy The research on the theoretical basis of institutions and market economy, is the foundation for the analysis in the topic 1.2 Studies on market economic development in some typical countries Studies on the process and experience of market development in some economies 1.3 Research related to market economy development in Iran Aspects of the Iranian economy, the content of market development in Iran through the stages 1.4 Research related to the development of market economy in Vietnam Economic reform and market development activities in Vietnam from 1986 to 2019 The above-mentioned domestic and foreign theoretical studies have also provided the topic with a relatively sufficient theoretical basis to analyze and evaluate the main scientific contents in the topic Domestic and foreign scholars have a certain interest in the development of market economy in Iran In particular, a study analyzed and evaluated some important contents of market economic development in Iran There are not many systematic and comprehensive domestic studies on market economy development in Iran This is also one of the tasks that the research topic will have to solve Comparative research on market economic development in Iran and Vietnam is not available Therefore, this is also one of the important research gaps that the thesis focuses on addressing CHAPTER THEORETICAL FRAMEWORK AND INTERNATIONAL EXPERIENCE ON MARKET ECONOMY DEVELOPMENT 2.1 Theoretical framework 2.1.1 Definitions In economics, a market is defined as the set of conditions and agreements under which buyers and sellers conduct the exchange of goods The economist Cournot was the first to introduce the concept of the market in their economics He argued that a market is not simply a place where goods are gathered for sale, but anywhere that sellers and buyers freely transact with each other, and where prices tend to equalize quickly and easily A market economy is one in which production, investment, and distribution decisions are based on supply and demand The prices of goods and services are determined in a free price system Adam Smith discussed a free economy in his work "On the Nature and Causes of the Wealth of Nations" According to Adam Smith, in a free market economy each individual pursues his own interests, and it is the actions of these individuals that tend to further promote and strengthen the interests of the community as a whole through an "invisible hand" He argued that each self-interested individual maximizes the benefit of the whole community, just as the sum total of all the interests of each individual Economic institutions are a matter of recent research interest in many countries However, up to now, the concept of economic institutions has not been understood uniformly, both among scientists as well as among politicians 2.1.2 Characteristics of market economy First, ownership and actors in a market economy are clear The market economy requires the existence of independent economic entities in different forms of ownership Second, free competition governs the allocation of resources and the choice of market participants Third, the prices of goods, services and factors of production are determined based on market laws 2.1.3 Market economy model Mơ hình kinh tế thị trường tự Mơ hình kinh tế thị trường xã hội Free market economic model Social market economy model State-dominated market economic model 2.1.4 Contents of market economic development The need to develop a market economy Criteria to evaluate the market economy Programs to develop market economy 2.2 International experience on market economy development 2.2.1 In Hong Kong Hong Kong is officially known as the Hong Kong Special Administrative Region, the People's Republic of China, was ceded to Britain in 1898 and returned to China under the "one country, two systems" status in 1997 Hong Kong's economy is considered the freest economy in the world [28] The success of Hong Kong's economic development stems from its flexible market-based institutional system and strong support for private economic development 2.2.2 In Korea Since 1960, the Korean government has implemented an industrialization strategy with the goal of rapid growth Korea focuses its resources on key fields such as heavy industry, chemical industry, shipbuilding The Korean economy is completely coordinated by the state The process of industrialization brought certain successes, notably growth and income, but the weaknesses of the planned model gradually revealed Inequality in the distribution of resources and income, corruption, cronyism, vested interests and financial sector inefficiencies are all consequences of the statedominated development model 2.2.3 In Germany Germany is one of the world's leading industrialized countries, ranking fourth in the world after the US, China and Japan in GDP, and third in exports Germany's main industries are automotive, electronics, mechanical engineering and chemical manufacturing, where million people work, bringing in a turnover of 912 billion euros in 2017 Research on the market economy development model in the three economies of Hong Kong, Korea and Germany shows similarities and differences in the development model The three economies all emphasize the role of the private economy, liberalize the economy and reduce the role of the state in the economy The main difference between the three economies is the degree of economic liberalization, the scope of regulation and intervention of the state in the economy and the development space for the private economy Hong Kong is an economy with the highest degree of freedom, all economic activities take place according to market signals, and the space for private development is very large Meanwhile, the scope of development of the Korean private sector is more limited when Korea still has state-related economic groups that dominate Germany follows the socio-economic model, in addition to prioritizing economic freedom, the German government pays special attention to social security issues It can be seen that the differences in political and economic institutions have formed different market economic models in different countries These institutions also contribute to determining the level of economic success of economies 10 CHAPTER MARKET ECONOMY DEVELOPMENT IN IRAN FROM 1989 TO 2019 3.1 Overview of the Iranian economy and the context of market economic development in Iran 3.1.1 Overview of the Iranian economy As of 2019, Iran continues to hold its position as the second largest economy in North Africa and the Middle East (MENA), second only to Saudi Arabia Iran's gross domestic product (GDP) in 2019 reached $440 billion (World Bank, 2019) Iran continues to have a relatively high per capita income in the region Iran's GDP per capita reached $7,818 in 2011, the highest level in the period 19892019 Iran's inflation fell from a peak of 39.3% in 2012 to 17.2% in 2014 thanks to sanctions relief and tightening monetary policy by the Central Bank of Iran Iran's 2011-2020 inflation has always been in double digits, the lowest inflation rate was 10.1% in 2010 (Bijan Khajehpour, 2020) 3.1.2 Context of market economic development in Iran Totalitarian theocracy Iran-Iraq War 3.2 Content of market economy development in Iran 3.2.1 Economic liberalization Financial market liberalization Trade liberalization 11 Investment liberalization 3.2.2 State – owned Enterprise equitization The root cause and the main reason why the performance of post-share companies in Iran has not improved much is the government's too deep intervention in business operations Therefore, equitization is only really effective if the government gradually reduces its influence in enterprises and in the overall economic environment In addition, the process of equitization and ownership transformation, to be successful, must have prerequisites, factors such as adjusting the economic structure, the capital market must be flexible and developed, the banking system must be flexible Modern, transparent finance, clear and favorable business and economic laws are all necessary 3.2.3 Developing private sector During the period 1989 - 2019, Khatami and Rouhani were two presidents who really cared and implemented policies to develop the private economy In 2002, President Khatami implemented a policy of cutting subsidies for state-owned enterprises, with the goal of creating a fairer and fairer competitive environment for private enterprises However, when the real barriers to the development of the private economy have not been removed, policies to encourage or develop the private economy are only effective in the short term and cannot create a turning point for the development Inequality in the Iranian market lies not only in subsidies but also in many other 12 aspects such as access to capital, access to projects, and relations with the government 3.3 General assessment of market economy development in Iran 3.3.1 Success The first success was Iran's transition from a centrally planned economy to a mixed economy In addition, the market-oriented economic reform policies have been implemented and have initially yielded results The identification of the private economy as a component of the national economy and allowing the private economy to operate within a certain range (expanded after the amendment of the constitution) has created more space for the private economy private sector development 3.3.2 Restriction Firstly, the influence of politics on economic activities in Iran is still too great Second, trade and investment activities in Iran are directly affected by changes in international relations with the West Third, the equitization of the state economic sector is not really effective Fourth, property freedom is a complex but important issue for Iran in its transition to a market economy 3.3.3 Reason 1) Perspectives on the development of the private sector 13 2) Group interests 3) Status of corporate governance 4) Iran's market economy institution CHAPTER SOME IMPLICATIONS FOR VIETNAM 4.1 Overview of market economic development in Vietnam in the period 1986 -2019 4.1.1 Economic liberalization 4.1.2 State – owned Enterprise equitization 4.1.3 Developing private sector 4.2 Compare similarities and differences Similarities are shown in Table 4.3 Table 4.3: Similarities in content of market economy development in Iran and Vietnam Content Similarities Economic liberalization All implemented policies and orientations for liberalization in three main areas: trade, investment and finance State – owned Enterprise equitization There is a common pattern for the equitization roadmap, the equitization process is divided into three stages: pilot, promotion and restructuring They all set the common goal of reducing the influence of the state 14 economic sector Initially, the equitization of stateowned enterprises was not fully supported Developing private sector The role of the private sector changes over time and from policy to policy; initially unrecognized, then recognized and created space for development by the state The private sector creates more jobs than the state sector, but receives less incentives than state-owned enterprises Source: Author's own synthesis after analysis The difference is shown in Table 4.4 Table 4.4: Differences in content of market economy development in Iran and Vietnam Content Iran Vietnam Economic 1) Iran is limited in 1) Vietnam has more liberalization its trade favorable conditions liberalization process than Iran in due to sanctions accessing free trade 2) Iran tries to agreements change its trade 2) Vietnam changes patterns to its trade model to accommodate make the most of its economic sanctions advantages and from the West opportunities from 3) Iran's financial freelancing 15 market has many 3) Vietnam's limitations, the financial market is causes include both more fully development policy developed, meeting and the impact of many international sanctions The criteria, products and operation of the services meet the banking system is increasing demands limited, has not of the market The shown its role as a developing banking capital conduit for sector is an the economy, and the important capital stock market still has conduit for the many limitations that economy, in addition have not yet allowed to the rising role of easy access for the stock market investors State – owned 1) The number of 1) The number of Enterprise enterprises with enterprises is more equitization shares in Iran is less shares than Iran than in Vietnam 2) There is a transfer 2) The equitization of shares between process is somewhat state-owned more transparent enterprises to than in Iran 16 economic groups under the military force 3) Political influence on the process and results of large equitization Developing private 1) The Iranian 1) The Vietnamese sector government is still government creates hesitant to create many favorable space for private conditions and sector development development space 2) Space for the for the private private sector is economy limited, both in terms 2) The legal system of size and area of and legal framework operation in Vietnam is more complete and clear than in Iran Source: Author's own synthesis after analysis 4.3 Implications for Vietnam Firstly, innovative thinking and perspectives play an important role in the process of institutional change and economic reform Second, the case study of Iran also clearly shows that success in market economic development is directly related to clearly 17 delineating the role, functions and powers of the State for development market CONCLUSION It can be said that the market economy development model in Iran is a typical dominant state model and is in the transition period Iran's economic model is heavily influenced by politics and religion This is a feature of the Iranian economic model Iran is an Islamic country with centralized politics, Iran's political and economic power is fully concentrated in the hands of the Supreme Leader State agencies and governments only play an advisory and supportive role to the Supreme Leader, with limited powers All the most important decisions and orientations of the country are decided by the Supreme Leader Religious power determines political power, and political power governs economic power This is the hallmark of the Iranian economic model This feature also strongly influences the model of market economic development in Iran The extent of political influence on the economy in Iran is clearly much larger than in countries with economies in transition like China or Vietnam In addition, Iran's isolation, sanctions and economic sanctions also affect the market-oriented development model In the process of developing the market economy, the Iranian government has implemented three major programs, namely: economic liberalization, equitization of state-owned enterprises and development of the private economy These market-oriented reform policies did not initially receive consensus even within the Iranian 18 government However, after 30 years of implementation, these policies have brought certain results and changed the views of many conservative leadership classes on the development of the market economy The superiority of the market economy has been recognized, the market economic model is considered a product of human knowledge instead of the product of the capitalist system, the enemy of the Islamic state The biggest success in the development of a market economy in Iran is the government's implementation of the transformation of a centrally planned economic model into a mixed economy, with market elements, controlled by the government state distribution For a country with a unique political background like Iran, this transition can be seen as an important step forward for the entire economy Although the market economy institution in Iran is still weak, the fact that the Iranian government is aware of the role and benefits of the market economy institution and has carried out market-oriented economic reforms is a sign of weakness a great success Market-oriented economic reform policies have been implemented and have initially yielded results A change in development mindset and outlook will be the foundation for the implementation of Iran's future economic reforms The fundamental and profound reason for the slow progress of market economy development in Iran is the lack of changes in political institutions Iran's totalitarian theocracy is a barrier to economic development International experience has proven that economic institutional reform will be successful when political 19 reform is accompanied Therefore, in the absence of political reforms, the effectiveness of Iran's economic reform will be shortterm and not reach the optimal level of efficiency Vietnam and Iran have much in common in the process of economic development Both countries were devastated by war, used to follow a centrally planned economic model, and both denied the development of a market economy After realizing the importance and superiority of the market economy, the two countries' governments have implemented market-oriented economic reforms to suit the national political situation and institutions Vietnam follows the socialist-oriented market economy model, while Iran follows the state-dominated economic model The most obvious difference between the two models is the role of the state in the process of economic development Research on the market economy in Iran helps Vietnam to draw some lessons, which may not be new, but are still important That is reform thinking, economic reform must be accompanied by political institutional reform, this must be a two-horse carriage Along with that, the role of the state in general and the state economic sector in particular needs to be reviewed and updated according to the fluctuations of the economy and the world context Finally, emphasizing the important role of the private sector in the development of the market economy 20 AUTHOR’S WORKS Tran Anh Duc (2020), Privatizing State-Owned Enterprises In Iran, Asia-Pacific Economic Review, June 2020 Tran Anh Duc (2021), Iran Private sector: Current situation and Prospect, Asia-Pacific Economic Review, October 2021 ... Reviewer: Dr Kieu Thanh Nga The thesis will be defended in front of Academylevel Thesis Judging Committee at at …… ….……… …., on The thesis can be found in the libary: INTRODUCTION Rationale for the... his own interests, and it is the actions of these individuals that tend to further promote and strengthen the interests of the community as a whole through an "invisible hand" He argued that each... community, just as the sum total of all the interests of each individual Economic institutions are a matter of recent research interest in many countries However, up to now, the concept of economic institutions