Recent efforts show commitment, but achieving this goal will require even bolder reforms - an ‘institutional big push’ - to unlock the private sector’s potential to drive growth and create quality jobs for its people.
Vietnam's signing of the World Trade Organisation (WTO) accession protocol in Geneva on November 7, 2006, and its subsequent entry as the organisation's 150th member on January 11, 2007, marked a pivotal turning point in the nation's development. Over the past 18 years, this membership has strengthened Vietnam’s position in global value chains while demonstrating its strong commitment to international economic integration.
Drastic institutional reforms are needed to create firm ground for economic growth in the context that persistent challenges, both external and internal, still cloud the growth prospect, experts have said.
If leaders of State agencies take drastic action and thoroughly understand the requirements and methodology for change, they will be able to create momentum for reforms, a senior lawmaker has said.
If breakthroughs in institutional reforms are achieved to improve growth quality, coupling with timely and sound fiscal and monetary policies, the Vietnamese economy could expand 6.76 percent a year during 2021-2023, according to Director of the Central Institute for Economic Management (CIEM) Tran Thi Hong Minh.
With quality breakthroughs in institutional reforms leading to improved growth quality and faster recovery, the average GDP growth rate would reach 6.76 percent per year in the 2021 – 2023 period, Director of the Central Institute for Economic Management (CIEM) Tran Thi Hong Minh told a workshop in Hanoi on April 22.
As the COVID-19 pandemic may continue to develop in an unpredictable fashion despite vaccination campaigns being carried out in many countries around the world, experts have said that Vietnam needs to identify and adopt a long-term plan for post-pandemic economic recovery.
There is still significant room for stronger reforms to create a more favourable business environment and make Vietnam among countries with the best business environment in ASEAN, according to the Vietnam Chamber of Commerce and Industry (VCCI).
Digital transformation is not only a trend but also essential for businesses to thrive as the fourth industrial revolution (4IR) has boomed globally, heard at a conference held in Ho Chi Minh City on October 20.
The rate of the investment from the non-state sector is on a constant rising trend, from 38.5% in 2001 to over 43% in 2018, marking a nearly 5 percentage point in the total social investment.
A 125 million USD credit has been approved by the World Bank (WB) Board of Executive Directors to assist Ho Chi Minh City in strengthening the institutional foundations for sustainable urban development.
Vietnam will push ahead with institutional and legal reforms and increase its transparency in line with international practices to attract Japanese investment in the coming time, said Deputy Minister of Planning and Investment Nguyen The Phuong in a recent interview granted to the Vietnam News Agency.
A workshop on institutional reforms, economic integration and how to improve business competitiveness took place in Nghe An for enterprises and business associations in the north central region.
The recently approved plan on State administrative reform from 2016-2020 aims to improve institutions, and better personnel and administrative service quality.
