Reforms needed to keep economy alive and thriving hinh anh 1Illustrative (Source: VNA)

More institutional reforms are needed to help the Vietnamese economy maintain its development momentum, heard a conference in Hanoi on August 28.

Addressing the event, Minister of Planning and Investment Bui Quang Vinh said that after nearly 30 years of reform, Vietnam has made great achievements in socio-economic development.

However, the state of the economy in recent years shows that there is little room for development left from the renewal process, which began in 1986, and that many big institutional obstacles have surfaced in its wake, he noted.

Existing economic institutions vary from those of market economies in Europe, the United States and countries in the region, he added.

According to Vinh , Vietnam must step up the reform of the State’s role and the market, upgrade the market economy institution and create new incentives in line with common and modern market economy standards, thus promoting the more effective use of national resources.

Nguyen Dinh Cung, Head of the Central Institute for Economic Management ( CIEM ), said Vietnam cannot afford delays in reforming economic institutions for its development.

He mentioned restructuring the budget and increasing investment as solutions to economic institutional reform in the coming time.

The Government needs to take measures to improve the business environment and national competitiveness, added Cung.

According to Associate Professor Dr. Bui Tat Thang, Head of the Development Strategy Institution, Vietnam should encourage enterprises from all economic sectors to provide public services in various forms.

Meanwhile, Mai Thi Thu, Director of the Information Centre and Social-Economic Forecast, emphasised the need to ensure equality in supply and access while clearly defining the State’s role in each stage of supplying.

To develop local human resources, a representative of the General Statistics Office (GSO), said it is necessary to establish the National Productivity Committee as well as build and implement a national strategy on improving labour productivity.

GSO statistics show that Vietnam ’s per capita GDP reached 2,052 USD in 2014, a 21-fold increase against 1990, but was only equivalent to the level of Malaysia in 1988, of Thailand in 1993, of Indonesia in 2008 and of the Philippines in 2010.-VNA