Economic law perfection helps promote Vietnam’s economic growth and international integration
The market economy operates largely on its own but that does not mean it does not need state management, administration and intervention at a certain degree.

Ass. Prof., Duong Dang Hue, LL.D

Head of the Civil and Economic Law Department

Ministry of Justice

Producing rubber tape and sewing yarn for garment industry at Trung Dung Company Limited in Thanh Tri district, Hanoi __Photo: Thanh Ha/VNA

The role of economic laws in the economy

All economies, irrespective of the free market economy, the social market economy, the centrally planned economy or the socialist-oriented market economy, cannot exist and develop without law. However, a market economy is in essence the one that drives most of its activities based on the principles of freedom of enterprise, contract and competition, self-determination and self-responsibility so it needs law than any other economies that humanity has experienced. Recognizing the crucial role of law in social and economic management, as soon as the policy to build a socialist-oriented market economy in the country is adopted, the 1992 Constitution states: “The State shall perform the administration of society by means of the law and unceasingly strengthen socialist legality” (Article 12); and “The State shall uniformly manage the national economy by means of laws, plans and policies” (Article 26). This view is further enshrined in Article 8 of the 2013 Constitution, which stipulates: “The State shall be organized and operate in accordance with the Constitution and law, manage society by the Constitution and law…”

The role of law in a market economy is demonstrated with the following fundamental points:...

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