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Depends what is meant by "failure". The economies of the former Soviet Union and Eastern bloc were considered successful at generating economic growth and raising the living standards for their population.
However, there were serious deficiencies with their economic systems arising from perverse incentives. Corruption and disincentives to act on information became prominent due to the political system of single-party rule and the mandate that party-approved officials oversaw all aspects of society. This meant that people in important positions were chosen based on party loyalty rather than technical competence and bred a culture of corruption. The second major issue with these economies was over-centralization of economic decision-making, resulting in ill-informed and inflexible nation-wide plans. Although these economies were nominally "planned economies", in reality they were "managed" economies.
To date all socialist economies with the exception of Yugoslavia have been based on this Soviet economic model, so inherited its deficiencies and problems. So all these "socialist economies" stagnated for similar reasons.
China and Vietnam began moving toward state-directed capitalism.
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