Hanoi (VNA)💫 – Arecent study found that Vietnam has obtained many significant outcomes in developing a market-oriented economy over the past 35 years.

Findings of the study,conducted by the Central Institute for Economic Management (CIEM), werereleased at a workshop held on March 28 as part of the Macro-economic Reforms/GreenGrowth Programme in Vietnam implemented by the German Agency for InternationalCooperation (GIZ). In her opening remarks, CIEMDirector Tran Thi Hong Minh said from a centralised, bureaucratic, and subsidisedeconomy, a market economy has gradually come into being and been developing inVietnam. Reforming the mindset and awareness of the market economy is animportant milestone creating the foundation for building and completing the market economy in the country. The role, functions, andtasks of the State, along with relations among the State, the market, andsociety, have been better aligned with the market mechanism. Besides, fundamentalfactors for the market mechanism’s operations have taken shape and becomeclearer, she said, noting that market opening and international integrationare critical catalysts for the country to press on with developing andperfecting its market economy in the recent past. The 13th NationalParty Congress set a target that Vietnam will establish itself as a developingcountry with modern industry and upper-middle income by 2030, and a developedand high-income country by 2045. To that end, it needs to make strong,intensive, and extensive reforms to substantively transform into a fuller marketeconomy with social and environmental responsibility, according to Minh. The study found that workingtowards a market-oriented economy for over the past 35 years, Vietnam has seen a leaner, and more efficient and effective State apparatus, an improved business climate,and an economy with increased size and quality. From a poor and underdeveloped country,it  has become a developing country with lower-middle income since 2008. However, the study alsopointed out many shortcomings and challenges during that process. Nguyen Thi Luyen, deputy headof the board for enterprise reform and development studies at CIEM, cited thestudy as saying that it is necessary to continue reforming the mindset, define thecountry’s market economy model more clearly, clarify the relationship between themarket economy development and the socialist orientation, ensure equal andorderly competition, and guarantee social, environmental, and ecologicalissues. At the workshop, participantsdiscussed the basic reforms during the transition to a market economy,shortcomings and lessons, the main challenges to the market economy completion,and orientations for continued reforms./.