Criteria for socialist-oriented market economy discussed

Hanoi (VNA) – Criteria of the socialist-oriented market economy in Vietnam were discussed from both theoretical and realistic angles at a workshop held in Hanoi on September 19.

The event was held by the Economic Commission of the Communist Party of Vietnam Central Committee (CPV CC), the Central Theoretical Council and the Communist Review.

In opening the function, member of the CPV CC’s Politburo and head of the Economic Commission Nguyen Van Binh stressed that the Party has always defined economic reform and development as a central task with utmost importance. At the core of the task is to shift from the centrally-planned model to the socialist-oriented market economy, and gradually develop the socialist-oriented market economy in conformity with each development stage of the country.  

He said building a set of criteria for the socialist-oriented market economy will assist with the implementation of the Resolution of the 12th National Party Congress and the resolution of the fifth plenary session of the 12th Party Central Committee on perfecting the socialist-oriented market economy.

Participants agreed that such a set of criteria is of utmost importance and necessity to the unity in awareness and ideology within the Party and society about the socialist-oriented market economy.

The set of criteria will help enhance the effectiveness of management and governance work and serve the communication campaigns for the recognition of Vietnam’s market economy, they said, stressing that the criteria must clearly demonstrate that the socialist-oriented market economy fully follows the rules of the market economy while ensuring the socialist orientation.

Papers and opinions at the workshop analysed criteria of the market economy as defined by several countries and international organisations, which can serve as reference when building the criteria for Vietnam’s socialist-oriented market economy.

A number of criteria were proposed for some aspects of the socialist-oriented market economy, such as ownership, economic sectors, the organisation of management and regulation of the economy (the role of the Market and the State), mechanisms for mobilization and allocation of resources and distribution of gains from economic activities, market factors and types of markets; factors that ensure the socialist orientation of the economy, and international economic integration.

The workshop also looked into proposals on criteria on the State’s interference into the economy, trade liberalization and market participation, transparency, healthy competition, monopoly, price manipulation and dumping.-VNA