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PM hails market economy's socio-economic achievements

Update: July, 15/2014 - 09:01
Prime Minister Nguyen Tan Dung chairs a meeting held in Ha Noi to review the five-year implementation of a resolution on Viet Nam's socialist-oriented market economy adopted at the sixth meeting of the 10th Party Central Committee. — VNA/VNS Photo Duc Tam

HA NOI (VNS) — Viet Nam's transition to a market-based economy has racked up significant achievements, including a stable macro-economy and a robust social welfare system, Prime Minister Nguyen Tan Dung said yesterday.

Dung was addressing a meeting held in Ha Noi to review the five-year implementation of a resolution on Viet Nam's socialist-oriented market economy adopted at the sixth meeting of the 10th Party Central Committee. The shift was viewed as a major milestone for Viet Nam's move from a centrally-planned, subsidised economy to a market one.

The economy was experiencing stable growth fostering social progress and equality, said Dung.

Members of the Party Central Committee's Commission for Economic Affairs were outspoken about future challenges, alluding to the ineffective use of social resources and insufficient attention given to fostering greater competition.

The delegates suggested that further revisions were needed to create a level playing field for businesses while offering assistance to low socio-economic groups.

Concluding the event, the PM welcomed the feedback as important guidance for the Party and State's policy making process.

"What should be changed must be identified soon to forge a transparent, equal, and competitive market," said Dung.

The PM also emphasized the important role of market bodies in clarifying the relationship between the State and the market, and the need to balance global integration with self-reliance and independence. — VNS

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