The conference on the role of the State in the market economy during 2016-2020 and issues on institutional reform was organised by the Development Strategy Institute (DSI) in collaboration with the Central Institute for Economic Management (CIEM).
Nguyen Dinh Cung, head of the CIEM, said public debt has increased quickly in recent years, as a growing proportion of public investment is sourced from foreign loans.
He said public investment in economic fields has been reduced but at a slow pace, while public investment in public services directly relating to human development has not changed much.
For the State to be a positive investor making the right decisions in line with the market economy, according to Cung, it is necessary to adjust the public investment structure towards decreasing public investment proportion and increasing investment from non-State economic sectors.
The State should not invest directly in enterprises and commercial production, and set aside an amount of State capital for infrastructure projects in the form of public-private partnership.
He also stressed the need to boost discipline, transparency and accountability in budget management, closely supervise public debt and maintain national finance security.
Nguyen Van Bich, Deputy Director of the DSI, said there is a need to establish a close relationship between reforming institutions and promoting efficiency in providing basic services.
Participants at the conference also discussed the role of the State in improving efficiency of public services and in developing the financial market system in Vietnam.