Boosting the completion of socialist-oriented market economy mechanism

Thursday, 2017-02-16 05:29:15
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At the seminar (photo: VNA)
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NDO—A seminar entitled “Completing the Socialist-Orientated Market Economy Mechanism in a New Context” was held by the Vietnam Academy of Social Sciences and the Central Theoretical Council in Hanoi on February 15.

The event saw the presence of Politburo member and head of the Party Central Committee’s Economic Commission Nguyen Van Binh, along with nearly 100 delegates who are leading managers, scientists and economists from various ministries and sectors.

Dr. Nguyen Quang Thuan, President of the Vietnam Academy of Social Sciences, emphasised blocks that hinder the economic growth of Vietnam in the short term and mid-term including poor infrastructure, an unstable macroeconomy, weak State-owned enterprises and a small private sector.

He also pointed out other problems such as non-performing loans of the banking system and public debts which affect the rapid and sustainable growth of the Vietnamese economy.

Dr. Thuan also stated new problems for the economy in the mid-term and long term, which are its capacity to absorb, apply and create technology and management methods for enterprises in addition to the upward trend of urbanisation and inequality, among others.

He said that the biggest obstacle to economic development and growth is the decline in the trust of enterprises and people in the economic development model, requiring the perfection of the socialist-oriented market economy.

Delegates heard 20 speeches at the seminar focusing on achievements, shortcomings and issues raised during the process of completing the mechanism of the socialist-oriented market economy as well as plans and solutions to shortcomings in the context of the new situation.