Comprehensive strategy for national competitiveness policy
The strategy stipulates government’s intervention to support enterprises to compete fair and square on a same playground.
The Ministry of Planning & Investment has submitted the comprehensive strategy for national competitiveness policy, including policies and regulations to prevent monopoly, anti-competitive practice and market development policies. As such, 30 years of reform is the process of decentralization and expanding the domestic market, combining with the effort of global integration.
With this being said, many types of markets in the economy have been developed and refined. Many important reforms have been implemented to improve competitiveness of the market, such as removing barries to prevent anti-competitive practices; fields where the government has direct management have been narrowed, price of goods and services are influenced by the market to better reflect the supply – demand relation of the market.
However, Vietnam’s economy has the tendency of slowing down, in which the growth quality is slowly improved, productivity and the growth rate of productivity have not up to standard; inefficiency in social resources utilitzation. The average growth rate at 7.6% in period 1990 – 2000 had not been maintained, which reduced to 6.8% in period 2001 – 2010, 5.91% for period 2011 – 2015 and in 2016, the growth rate was 6.21%, as such, the target growth rate for period 2016 – 2020 at 6.5 – 7% is difficult to achieve. Main reason for this is partly due to institutional aspect, with shortcoming and barriers restricting competitiveness; at the same time, unfair competition has been quite common; the right for business has not been fully implemented, the investment and business environment have not been transparent, clear and fair.
To deal with shortcomings mentioned above, the goverment has implemented policies and measures to continue transforming the growth model, improving growth quality, productivity and economic competitiveness. As such, the Comprehensive strategy for national competitiveness policy of the Ministry of Planning & Investment is part of the government’s effort.
According to the Ministry of Planning & Investment, the aim of the strategy is to review the overall policy system in relation to competitiveness, with an aim to accurately identify current status, shortcomings. Therefore, relevant administrative agencies can propose solutions to reform and develop competitive market, facilitate and improve productivity, with a view to support economic restructuring, transforming the growth model in the direction of quality, efficiency and competitiveness.
This strategy will cover competitiveness policies comprehensively, including policies and regulation to prevent monopoly, unfair competition and policies to develop market, in which stipulates regulations to access market and government’ intervention to support enterprises competing fairly in a same playground. As such, competitiveness policies are not only Competitive law and law enforcement on competitiveness, but also law and policies to expand, develop and decentralize market, so that all types of markets will be more dynamices, efficient with fair competition.
The strategy consists of 4 parts: Firstly, the strategy displays the legal framework of national competitiveness in the context of market economy. Secondly, reviewing current status of competitiveness and competitiveness policies in Vietnam, in which overviewing results obtained and defining shortcomings, challneges and reasons in compared with international experiences and best practices. The third parts is to propose objectives, stand points, directions and solutions to reform the comprehensive national competitiveness policeis of Vietnam. And the last one is the implementation plan.
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Vietnam news in brief - August 24
Read The Hanoi Times to stay up to date on developments in Vietnam.
- Growing number of FDI firms moving to Vietnam
- Vietnam Gov’t committed to facilitating Adani Group’s US$2-billion port project
- Vietnam Railway proposes US$87 million for Hanoi–Dong Dang railway upgrade
- Vietnam’s North-South high-speed railway to be designed for 350km/h
- Vietnamese gov’t urged to address impact of global minimum tax
- Samsung plans drastic investment increase in Vietnam over next three years