Party Chief calls for efforts to fine-tune market economy

Speaking at a September 12 meeting of the Party Central Committee’s Politburo reviewing 5 years of implementation of the Party resolution on socialist oriented market economy, Trong applauded the review’s necessity, saying that it must be further promoted.

The Party leader emphasized the significance of the resolution, particularly in the lead up to the 12th National Party Congress and the review of the 30-year renewal process. 

Politburo members said new emerging issues must be clarified and addressed. Trong said Vietnam has successfully transited from a centrally planned economy to a socialist market economy.

“The Party’s renewal pathway has been institutionalized in the Constitution and legal system. Ownership has been renovated from collective to multi sectoral forms operating on various market types. State managed market economy has been operating with businesses making their own decision on the basis of fair competition for development. State management has been switched from administrative order to legal basis and master planning, while paying due attention to social issues and poverty reduction.”

Trong also highlighted the need to combine economic growth with social progress, equality and environmental protection, and strengthen the inclusion of socio-political organisations and individuals in the socio-economic development progress.

Vietnam should accelerate the full implementation of the socialist-oriented market economy institution as this process has so far been slow going at some point and failed to keep up with the processes of renewal and international integration” he noted.

The Party Chief also deemed it necessary for the country to enhance Party leadership, increase the efficiency of State management, establish institutions on ownership and distribution, and fully perform economic principles.