A different perspective on Vietnam’s economy and doing business in Vietnam. Make sure to  subscribe.

Vietnam needs change in ‘thinking and vision’ for economic development: Economist

Vietnamese economist Tran Dinh Thien, has told local news outlet Vietnamnet that Vietnam’s ‘socialist-oriented market economy’ model needs a revamp, with its progress hindered by an over emphasis on the ‘socialist-oriented’ part rather than the ‘market economy’ part.

“…Development inclines to ‘socialist orientation’, while the ‘market’ factor has been somewhat restrained which makes it unable to develop in [sic] the right track,” he told the publication.

His key argument is that a market economy is key to advancing socialism in that it provides jobs and subsequently income for workers. However, he says that old-school ways of thinking still often prevail.

“Agencies try to maintain the discriminatory treatment, protect the ‘ask-and-grant’ scheme and set complicated administrative procedures. The trend of criminalising economic and civil relations distorts the competitive environment, causing many bottlenecks.”

He goes on to suggest that the time is ripe for reform.

“It is now time for Vietnam to renovate, the time to switch to a new way of development. The thinking and vision need changes.”

See also: Vietnam’s Economy: Overview

If you would like to see more posts like this, please let me know by making a contribution.

Latest news...

Get Vietnam news sent straight to your inbox

advertising enquiry