tailieunhanh - Economic institutional renovation in Vietnam

Institutional renovation and completion have been slow, often inclined to incomprehensive renovation in the economic institutional area. Even within the scope, the effective and consistent establishment and enforcement of asset ownership rights have not received much attention. These are the reasons why the process of restructuring and renovating the model of economic growth in Vietnam has been taking place not as expected. | Economic Institutional Renovation in Vietnam Phi Manh Hong1 1 University of Economics and Business, Vietnam National University, Hanoi. Email: phimanhhong@ Received: 15 July 2017. Accepted: 30 August 2017. Abstract: The declining economic growth rate and increasing difficulties and uncertainties in the economy have forced Vietnam to accelerate the process of restructuring and renovating the economic growth model. At the same time, human resources and infrastructure development, and institutional renovation are also considered strategic breakthroughs to be implemented. However, institutional renovation has, in reality, not been seen as a core area, which should be prioritised. Institutional renovation and completion have been slow, often inclined to incomprehensive renovation in the economic institutional area. Even within the scope, the effective and consistent establishment and enforcement of asset ownership rights have not received much attention. These are the reasons why the process of restructuring and renovating the model of economic growth in Vietnam has been taking place not as expected. Keywords: Renovation, economic institutional framework, Vietnam. Subject classification: Economics 1. Introduction The renovation process starting in 1986 has helped Vietnam gain impressive economic growth. However, since 2008, the trend of declining growth rates has revealed many uncertainties and limitations in the quality, efficiency and sustainability of the process. The growth model, which was mainly based on increasing inputs and activated by institutional changes brought about by the process of renovation so far, was no longer working. Hence, the issues of restructuring the whole economy and renovating the growth 64 model have been naturally put forward throughout the last five years. Along with that, the 11th National Congress of the Communist Party of Vietnam in 2011 pointed out the three “bottlenecks” which needed to be untangled with a .