Report on implementation of mechanism experiment in Vietnam announced

A workshop to announce a research report on international experience in developing and implementing mechanism experiment in some fields and its applicability in Vietnam was held in Hanoi on October 28.
Participants at the workshop (Photo: VNA)
Participants at the workshop (Photo: VNA)

Jointly organised by the Central Institute for Economic Management, the Ministry of Planning and Investment, the event was part of the Macroeconomic Reforms/Green Growth Programmes funded by the International Co-operation Agency of Germany (GIZ).

CIEM Director Tran Thi Hong Minh said Vietnam has frankly acknowledged difficulties, risks and challenges related to the risk of falling into the middle-income trap and aging population.

In the fight against the COVID-19 pandemic and speeding up economic recovery, Vietnam has paid attention to promoting institutional reform and expanding new economic models, besides focusing on fiscal-monetary solutions, she said.

According to statistics of the World Bank, by 2020, there were 57 countries around the world applying mechanism experiment.

Vietnam has embarked on research to build mechanism experiments, however the process of putting these mechanisms into practice still remains slow.

To promote the completion and application of mechanism experiment, head of the CIEM's General Research Department Nguyen Anh Duong said that Vietnam needs to determine the appropriate criteria for enterprises involved in mechanism experiment, and maintain consumer confidence in services and businesses that participate in the experiment.

The development status of Fintech and some outstanding circular economic models in Vietnam were introduced at the event. Participants also gave policy recommendations for developing, issuing and implementing polices on IT application.

VNA