(VOVWORLD) - Prior to the 13th National Congress of the Communist Party of Vietnam, hostile forces have cooked up stories about Vietnam’s market economy, saying it has gotten off the track and does not support the development of the private sector. In fact, Vietnam’s economic reform and national construction over the past 35 years show a market economy that is on the right track with strong accomplishments.
 Prime Minister Nguyen Xuan Phuc speaks to an online conference on the action plan to implement the FTA between Vietnam and the EU. |
Vietnam’s socialist-oriented market economy has obtained good results. From a poor, backward country 35 years ago, Vietnam has become one of the most dynamic economies in the region with high growth and remarkable openness.
Vietnam has joined 13 free trade agreements, including new generation FTAs with strong economic groups namely CPTPP and EVFTA. The US and the EU consider Vietnam an important partner in Asia-Pacific. With stronger economic resilience, Vietnam has gained good results from the FTAs. By February this year 71 countries recognized Vietnam’s market economy.
Vietnam is building a socialist-oriented market economy in line with international norms. To ensure fair competition between state and private enterprises, the 5th session of the 12th Party Central Committee adopted 3 resolutions: a resolution on fine tuning the socialist-oriented market economy, a resolution on developing the private economic sector, and a resolution on restructuring, reforming, and improving the efficiency of state enterprises. The resolutions clearly show the Party’s intention to build a highly competitive market economy with fair competition between state and private enterprises.
Party General Secretary and President Nguyen Phu Trong urged localities on December 31, 2019, to encourage and offer incentives to the private sector to make it a mảo driver of the economy. Together with the state economy and the collective economy, it will become a core element of Vietnam’s internal strength, resilience, and active global integration.
It’s clear that in Vietnam’s socialist-oriented market economy, there is no discrimination against or obstruction of the private economy. The Vietnamese Party and State have helped the private sector grow and people are encouraged to conduct business for their own and for the nation’s prosperity.
Vietnam has a strong business community with large groups like Vingroup, Sun Group, Vietjet Air, THACO Truong Hai, Hoa Phat, and FPT. Vietnam has 4 people on Forbes magazine's 2020 list of the world's richest people. Pham Nhat Vuong, owner of Vietnam's biggest estate conglomerate Vingroup, ranked as the world's 286th richest person this year, with a net worth of 5.6 billion USD. Three other Vietnamese billionaires on Forbes’ list are Nguyen Thi Phuong Thao, CEO of Vietjet Air and founder of Sovico Holdings, with an estimated net worth of 2.1 billion USD, Tran Ba Duong, Chairman of Truong Hai Auto Corporation (Thaco) with 1.5 billion USD, and Ho Hung Anh, Chairman of Techcombank with 1 billion USD.
Vietnam is developing a socialist-oriented market economy to promote socialism, not a capitalist market economy to promote capitalism. Vietnam is consistent on its socialist-oriented market economy under the leadership of the Party, with people-centered governance, which means the people’s role is promoted and social advancement and equality are ensured in all development periods by all policies.
Under the leadership of the Party, Vietnam’s economy has corrected many shortcomings of a free market economy. Vietnam’s containment of COVID-19 shows the State’s correct management.
Vietnam is building a market economy that combines the world’s best practices and Vietnam’s political and cultural traditions. Although there are issues, what Vietnam has accomplished and the real opportunities that lie ahead prove that Vietnam is on the right track toward a socialist-oriented market economy that upholds socialism.