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VietNamNews

Economy needs more reforms

Update: August, 29/2015 - 09:05

HA NOI (VNS) — More institutional reforms were needed to help the Vietnamese economy maintain its momentum, a conference in Ha Noi was told yesterday.

Minister of Planning and Investment Bui Quang Vinh said that after nearly 30 years of reform, Viet Nam had made great achievements in socio-economic development.

However, the state of the economy in recent years showed that there was little room for development left from the renewal process, which began in 1986, and that many big institutional obstacles had surfaced in its wake.

Existing economic institutions vary from those of market economies in Europe, the United States and countries in the region, he added.

Nguyen Dinh Cung, head of the Central Institute for Economic Management (CIEM), said Viet Nam could not afford delays in reforming economic institutions.

He said the Government needed to take measures to improve the business environment and national competitiveness.

Associate Professor Dr. Bui Tat Thang, head of the Development Strategy Institution, said Viet Nam should encourage enterprises from all economic sectors to provide public services.

GSO statistics show that Viet Nam's per capita GDP reached US$2,052 in 2014, a 21-fold increase against 1990, but was only equivalent to the level of Malaysia in 1988, of Thailand in 1993, of Indonesia in 2008 and of the Philippines in 2010. — VNS

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