(VOVworld) - The Party Politburo on Friday reviewed its 5 years of implementation of the Party resolution on socialist oriented market economy. Speaking at the closing session, Party leader Nguyen Phu Trong hailed the review’s necessity and upheld the value of the resolution, saying that it must be further promoted.

Party leader Nguyen Phu Trong speaks at the meeting on Friday, September 12th, 2014

The Politburo delegates said new emerging issues must be clarified and addressed. Party leader Nguyen Phu Trong said Vietnam has successfully transited from a centrally planned economy to a socialist market economy: “The Party’s renewal pathway has been institutionalized in the Constitution and legal system. Ownership has been renovated from collective to multi sectoral forms operating on various market types. State managed market economy has been operating with businesses making their own decision on the basis of fair competition for development. State management has been switched from administrative order to legal basis and master planning, while paying due attention to social issues and poverty reduction.”