Illustrative image (Source: VNA)
Hanoi (VNA) – Scientists and experts discussed advantages and difficulties facing Vietnam during the reform of economic institution in the context of international integration in accordance with agreements that the country has signed during a conference in Hanoi on July 28.

According to Pham Van Tan, Vice President of the Vietnam Union of Science and Technology Associations (VUSTA), Vietnam has joined and concluded negotiations for 12 bilateral and multilateral free trade agreements.

In that context, Vietnam faces more competitions, especially with ASEAN countries with similar economy, he held, noting that Vietnamese labourers find it hard to compete with those from other regional countries who have better professional qualifications and skills.

Prof. Le Xuan Ba from the Vietnam Economic Science Association, asserted that the legal system, mechanisms and policies of Vietnam have been incomplete and incomprehensive, failing to match the requirements of the country’s socialist-oriented market economy.

He noted that the country’s business environment has yet to be equal and healthy, while State-owned enterprises have not well performed their roles as the key factor of the economy and the State management’s efficiency has been limited.

Prof. Ba said that along with policies to support private firms, it is crucial to strengthen the financial market structure and boost the comprehensive growth of all kinds of markets.

It is necessary to improve transparency by increasing inspection and control of negative signs and speeding up judicial and administrative reform to create a healthier environment for businesses, he said.

Meanwhile, Hoang Xuan Hoa from the Central Party Committee’s Economic Commission, emphasised the need to continue completing regulations and social standards orienting economic transactions and behaviors, while strengthening monitoring mechanisms.

Vietnam should continue to complete institutions related to ownership and development economic sectors as well as business types, he said, adding that policies to boost the growth of enterprises and the synchronous development of all kinds of market are also vital.-VNA