Delegates at the seminar (Source: VNA)
Hanoi  (VNA) – The Ministry of Planning and Investment and the World Bank Group co-organized an international workshop on “Economic Governance for a Facilitating State” in Hanoi on June 13.

The event aims to share international experience on re-defining the role of the State in economic management and improving institutions for a State facilitating sustainable development and more prosperity.

Deputy Minister of Planning and Investment Nguyen The Phuong said the Vietnamese Government always seeks to reform and concretize its policies to develop the country.

Building a capable and accountable State is both a task and a target in order to help the country overcome challenges, but it is not a simple task, he said.

Sharing the report on Vietnam’s roadmap to 2035, former Minister of Planning and Investment Bui Quang Vinh said Vietnam is lagging behind in terms of income and economic scale.

The country is listed among top 10 countries having the lowest State accountability. Its ranking in term of state governance is also low compared to the level of income.

Economically, after 15 years, the total gross domestic product (GDP) of Vietnam increased by 160 billion USD while that of Thailand and Indonesia were 270 billion USD and 700 billion USD, respectively.

Vinh suggested enhancing the State capacity and ensuring the market principle in decisions issued by the State, at the same time improving assurance of property rights, encouraging competition, limiting the State’s direct interference and improving the effectiveness of State management of economic activities.

He recommended expanding the participation of all economic sectors in the provision of public services. The State should play the role of a supporter and provider in this field.

During the conference, participants also discussed how to improve the governance efficiency of the government, reform State-owned businesses, facilitate the development of the private sector, among other issues.-VNA