(VOVworld)- A seminar on socialist-oriented market economy took place in Hanoi on Saturday. It is part of activities to complete the Report on theoretical and practical issues over 30 years of renovation and the draft political report that the 11^th Party Central Committee will present at the 12^th National Party Congress.

A corner of Ho Chi Minh City- Photo: Quang Nhut- TTXVN

The participants agreed that the Party has become better aware of the socialist-oriented market economy during the renovation process. Reality of 30 years of renovation proves how the market economy has been practiced to build socialism in Vietnam. The Vietnamese economy has been growing stably, the poverty rate has reduced dramatically and people’s lives have been improved considerably. Professor Doctor Cao Xuan Thang is Deputy Head of the Central Theoretical Council and President of the Vietnam Academy of Science: “The socialist-oriented market economy has been practiced in distribution and the organization of production. The way we used to mobilize the participation of all economic sectors has encouraged the public to participate in socio-economic development and enabled them to benefit from the development process”.

The participants agreed that the state sector continued to play a leading role and the private sector served as an important motivation of the economy. They stressed the need to fine-tune the ownership mechanism, promote the development of all economic sectors and strengthen international economic integration.