There are scientists and experts from the Central Committee’s Theory Council, research institutes, other agencies and ministries in Hanoi to participate in the Seminar. Prof. Dr. Phung Huu Phu, Permanent Deputy Chairman of the Central Committee’s Theory Council; Prof. Dr. Nguyen Xuan Thang, Member of the Central Committee of Communist Party, Deputy Chairman of the Central Committee’s Theory Council, and President of Vietnam Academy of Social Sciences; Prof. Dr. Nguyen Viet Thong, General Secretary of the Central Committee’s Theory Council co-chaired the Seminar. In the opening speech of the Seminar, Prof. Dr. Nguyen Xuan Thang identified the increasing awareness of the Party during the renewal period on general concept of socialist – oriented market economy. The practice of 30 years’ renewal in our country is a powerful evidence for using market economy as a tool in building socialism.

Vietnam’s economy has continuously achieved significant growth and stable development; the percentage of poverty has reduced sharply, sustainably and impressively that is recognized all around the world; the physical and spiritual life of people are improved remarkably. The country has passed socio – economic crisis and poor development and became average income country. Socio – politic is stable, national defense and security are strengthened. The diplomatic relations are open widely and deeply, the country’s position and power are increasing in international level.

The institutions of socialist – oriented market economy, especially the system of law, mechanism and policy are being complemented. The role, efficiency and competitive power of economic entities and other types of business in the economy are significantly enhanced. Investment and business environment are improved, more equal and free. 

Other factors and types of market are formed, functioned smoothly and integrated with regional and international market. Prices of products are set by market principle. 

The Country’s role is adjusted more suitably with market mechanism and becomes more democratic in terms of socio - economic life. The mobilization and allocation of resources with strategies, schemes and socio - economic developing plans are step – by – step matched with market mechanism; to reduce and control the monopoly in business. Economic integration is deeper in multilevel and different forms that gradually adapted with principles and standards of global market.   

However, during the period of building, developing and completing this model, we had a lot of weaknesses, limits, obstacles and difficulties.

After 30 years of renewal and the progress of summarizing theoretical and practical issues with many surveys, seminars and conferences, the draft of General Report pointed out a number of issues which are required more research, for example, the matter of Awareness on socialist – oriented market economy. During the progress of researching and summarizing practice as well as inheriting and studying from theoretical outcomes of six National Congresses, Draft of General Report identified the new concept of socialist – oriented market economy.  

“Vietnam’s socialist – oriented market economy is a complete and comprehensive economy which is followed principles of market economy and at the same time, it ensures socialist orientation appropriately with certain developing stages of the country. It is a modern and international integrated economy which is managed by Communist Party of Vietnam in order to fulfill the goal of rich people, powerful country, democratic, justice and civilized.

Vietnam’s socialist – oriented market economy has innovative manufacturing relation compatible with the level of productive forces’ development, many forms of ownership, many economic sectors and among them state – owned business plays a primary role, private business is an important drive of the economy; entities of economic sectors cooperate and compete based on government’s law and they are equal; market plays essential role in mobilizing and allocating developing resources effectively and it is primary drive of liberating production capacity; resources of the State are allocated based on strategies, schemes and plans consistent with market mechanism. The State are responsible for orienting, building and completing economic institution; creating equal, transparency and healthy competitive environment; making use of State’s resources, tools and policies to direct and control the economy, to promote business production and environmental protection; implementing social development and justice in each step and stage of developing policy. To promote the ownership of People in developing socio – economy.”

The representatives discussed about the mission of completing ownership institutions, developing economic sectors and forms of business; developing completely and comprehensive market factors and market types; promoting and enhancing the efficiency of international integration; improving the leadership ability of the Party, power and efficiency of State’s management on socio – economy and promoting the ownership of People in developing socio – economy.

The Seminar received many exchanging ideas from experts, managers and scientists on real and practical awareness on socialist – oriented market economy; new perception of socialist – oriented market economy. To comment on awareness of general concept for socialist – oriented market economy after 30 years of renewal that is valuable for long – term during transitional period; to identify issues which are required to concretize more the general concept of socialist – oriented market economy to match with circumstances of Vietnam and changes in international and regional situation towards 2020 and further.  

To summarize the seminar, Prof. Dr. Phung Huu Phu emphasized: all opinions are agree with the requirement of having a common understanding of socialist – oriented market economy, market economy is managed by government and Communist Party of Vietnam. It is an economy towards the powerful, rich, democrative, justice and civilized Vietnam; a market economy runs for implementing the social development in each step and stage of developing policies.

In next 5 to 10 years, to keep improving economic sectors, land ownership and developing private business sector. To concretize and define the matter on restructuring the overall economy, sectors, industries to match with the growing model, to focus on promoting three break – through strategies: banking, capital, importing and exporting. 

To innovate and improve the management efficiency and developing creation of State based on innovation of organizational structure and building a quality staff, especially those are leaders of political system.

These opinions of experts, scientists and managers will be collected and studied to make recommendation for complementing and competing the Draft of General politic report of the Party Central Committee (11th Tenure) in the 12th National Congress of Delegates.

Nguyen Thu Ha