CIEM: Further reforms needed in transition to market economy

According to the “Improving the market economy in Vietnam” report released by the Central Institute for Economic Management (CIEM) on March 28, with support from the German Organization for International Cooperation (GIZ), Vietnam is still in the process of transitioning to a market economy. The fundamental elements have been gradually formed, and private ownership is recognized and has increasingly affirmed its role in the economy. However, strong reforms are needed to further substantively transform Vietnam’s economy into a market economy.