Symposium hears that criteria in place fails to identify true state of Vietnam's socio-economic development.
“The criteria used to evaluate socio-economic development plans in Vietnam remain inadequate,” Mr. Vuong Dinh Hue, Head of the Central Economic Committee, told an international symposium held on June 23 on improving the criteria.
Mr. Hue pointed out that such criteria are an important component of economic and social development plans that cement the goals of the State in all development stages. The system behind the criteria, however, is beset by problems.
The first is an absence of quality indicators reflecting the growth, efficiency, and competitiveness of the economy, such as labor productivity, national competitiveness, the Human Development Index (HDI), and the Incremental Capital-Output Ratio (ICOR).
The second is the difference between certain indicators at the local and central levels. Figures for Gross Regional Domestic Product (GRDP) are often higher 1.5 times the growth rate determined for national GDP.
In particular, experts at the symposium said that certain indicators for socio-economic development plans can’t be properly measured because of a lack of financial resources.
Mr. Ramesh B. Adhikari, Principal Economist at the Asian Development Bank (ADB), told VET that the most difficult thing in building criteria for socio-economic development plans in Vietnam is that the country needs to clearly define what aims it should approach and needs to be able to predict changes and adjust the criteria accordingly.
Experts also emphasized that improvements in socio-economic indicators need to be tied to innovations in the State apparatus, the legal environment, and human resources, to provide the most accurate figures. “Planners also need to consider updating indices that are consistent with a change in practice,” said Mr. Nguyen Tien Phong from the United Nations Development Program in Vietnam.