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Friday, July 19, 2019

The state and the market - Two sides of the same coin

Updated: 12:01’ - 09/02/2015

In an interview granted to the Thời Báo Kinh Tế Sài Gòn (Saigon Times) early this year, Vuong Dinh Hue, head of the Central Party Committee’s Economic Commission, shared his views on the roles of the state and the market. 

As you have been in charge of preparing the review report on 30 years of “doi moi” (renewal), has it finally defined the concept of socialist oriented market economy?

The socialist oriented market economy we are forming must first fully comply with the rules of a market economy. But the global economic crisis has also prompted countries to restructure their economies and even the roles of the state and the market without absolutizing the role of the market.

So the socialist orientation is that the State under the leadership of the Party plays the role of redressing failures and limitations of the market in order to achieve the goal of a rich people and a strong, democratic, equitable and civilized country. But this still needs further discussions.

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