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Vietnam Today

PM: Vietnam committed to reform

Released at: 15:49, 05/12/2015

PM: Vietnam committed to reform

Prime Minister tells Vietnam Development Partnership Forum that reform will continue to be the country's primary focus in the years to come.

by Quynh Nguyen

“After the first five years of implementing the socioeconomic development strategy for the 2011-2020 period, in addition to the achievements made we must seriously acknowledge that many limitations and weaknesses remain,” Prime Minister Nguyen Tan Dung told the Vietnam Development Partnership Forum (VDPF) 2015, adding that Vietnam pledges to continually reform and perfect its market economy in accordance with international practice.

The VDPF 2015 on December 5, with the theme “Towards Competitive, Inclusive, and Sustainable Growth”, was held in the context of 2015 being an important year for Vietnam with many major political-economic events. It is the last year of executing the social-economic development for 2011-2015 and also a year to focus on the 12th National Party Congress, where important orientations for socioeconomic development will be passed.

We seriously recognize the limitations in economic structure and governance, institutions, laws and policy, which are yet to meet the requirements of development and international integration. But we are determined to rise and reform openly, transparently and efficiently, especially institutional reform, administrative reform, and reform of land issues and investment licensing procedures.

The PM said that in the 2011-2015 period, despite the uncertainty of the global political and economic situation, thanks to the efforts of the country as a whole and the support from its international friends Vietnam’s macro-economy remained stable, inflation was under control, the foreign exchange market was basically stable, export turnover rose by 18 per cent, the quality of people’s lives was improved, and economic restructuring associated with renewing the growth model was promoted.

Economic recovery, however, remains slow, he admitted frankly. “The development gap compared with other countries in the region is large, and the institutional market economy has not really had motivation to create a breakthrough in the economy, with the development and application of human resources and science and technology being slow.”

“Vietnam is at the half-way mark of its socioeconomic development strategy for the 2011-2020 period and we understand that the way ahead will have many advantages and disadvantages,” the PM said. “But Vietnam commits that the objectives in the time to come are to develop faster, be more sustainable based of the economy gradually improving, with social welfare guaranteed and people’s living standards improving.”

Four development objectives for the 2016-2020 period

  • Institutional improvements to the socialist-oriented market economy, building a modern economy, international integration, and diversification of the forms of ownership of economic sectors.
  • Ensure rapid and sustainable development based on macro-economic stability and constantly improve the quality, efficiency and international competitiveness of the economy.
  • Focus on building a favorable institutional and legal environment for people and enterprises to conduct business and investment.
  • Promote domestic resources and proactive international integration, and the mobilization and effective use of external resources for rapid and sustainable development to create favorable conditions for the development of private enterprise.

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