Deputy Prime Minister Nguyen Xuan Phuc presided over a conference in Hanoi on July 3 to review the development of a socialist-oriented market economy.

Phuc, a member of the Steering Committee for reviewing theoretical and practical issues during 30 years of the Doi Moi (renewal) process (1986-2016) and head of its Economic Group, spoke highly of the summarisation process with the serious involvement of agencies, units and localities.

He underlined the need to clarify the definition of the socialist-oriented market economy model as well as the key role of the State-run economy.

Private businesses serve as an important driving force for the economic development, he affirmed.

At a similar event recently held in Ho Chi Minh City , Deputy Prime Minister Phuc said after 30 years of Doi moi, the major aspects of a socialist-oriented market economy have been put in place and gradually perfected.

Economic and political reforms have helped the nation get out of the economic crisis and turn into a middle-income country.

Vietnam is striving to fully integrate into the global market economy by 2018.-VNA