The seminar, themed “Overall economic model in the transitional process to socialism: Theory and reality”, was co-organised by the Central Theory Council and the National Economics University. It aimed to clarify theoretical foundations and major practical factors in order to define Vietnam’s overall economic model in the future.

About 70 reports at the seminar focused on issues relating to the State’s role in developing economic sectors, the relationship between the State and the market, and economic growth and measures for sustainable economic development.

Prof. Le Huu Nghia, member of the Central Party Committee and deputy head of the Central Theory Council, said the 9^th National Party Congress defined the concept of a “socialism-oriented market economy” and made this Vietnam’s overall economic model during the transitional process to the socialism. The 10^th National Party Congress reaffirmed this model and started to clarify a number of its characteristics. However, he said, it is essential to revisit the theoretical and practical foundations of the model now and in the future because of difficulties in national economic development in recent years, and negative impact of the global financial crisis.

Prof. Nghia noted that opinions at the seminar could be collected and contributed to the economic development strategy for 2011 to 2020 and then submitted to the 10th National Party Congress.

Most delegates to the seminar agreed that Vietnam’s overall economic model in the future should lead to a modern market economy to ensure a strong nation with prosperous people and a just, democratic, and civilised society.