The market economy mechanism has brought fruits to Vietnam which now boasts a stable macro-economy and a range of social welfare services in full place, Prime Minister Nguyen Tan Dung has said.

He made the comment at a Hanoi meeting on July 14 to review the five-year realisation of a resolution on perfecting socialist-oriented market economy adopted at the sixth meeting of the 10th Party Central Committee, seen as a landmark for Vietnam’s shift from a centrally-planned, subsidised economy to a market one.

The economy is now growing in tandem with social progress and equality, Dung acknowledged.

Members of the Party Central Committee’s Commission for Economic Affairs, however, also pointed out drawbacks down the road, including the ineffective use of social resources and insufficient conditions for healthy competition.

They suggested continuing to perfect laws so as to create a level playing field for businesses while offering assistance to the underprivileged.

Concluding the event, the PM hailed their feedback as an important reference for the Party and State in the process of policymaking.

“What should be changed must be identified soon to forge a transparent, equal, and competitive market,” he noted.

He asked units concerned to better specify the role of the State and the market, and the issues relevant to democracy, global integration, self-reliance and independence.-VNA