Sound, transparent, stable adaptable legal system to help Vietnam mobilise resources, foster trust: Canadian expert
To achieve its goal of becoming a developed, high-income country by 2045, Vietnam needs to generate new growth drivers, unlock productive forces and develop new industries. In this process, building a legal framework that frees up productive capacity, removes bottlenecks and effectively mobilises all available resources is of crucial importance.
Ottawa (VNA) – A sound, transparent, stable and adaptable legal system will enable Vietnam to mobilise resources more effectively, strengthen the confidence of citizens, businesses and investors, and enhance the country’s ability to respond to external shocks, said Julie Nguyen, Chair of Canada-ASEAN Initiatives at the York Centre for Asian Research, York University.
Speaking to Vietnam News Agency correspondents in Canada, Nguyen said institutions and laws must truly become a competitive advantage, providing a foundation and driving force for the country’s development.
To achieve its goal of becoming a developed, high-income country by 2045, Vietnam needs to generate new growth drivers, unlock productive forces and develop new industries. In this process, building a legal framework that frees up productive capacity, removes bottlenecks and effectively mobilises all available resources is of crucial importance.
She stressed that laws should pave the way for development, enabling citizens and businesses to play their role as key actors and proactively participate in socio-economic development, innovation, and the application of science and technology. When regulations are clear, accessible and predictable, businesses can feel more confident about making long-term investments, expanding production and testing new models.
Vietnam also needs to closely combine domestic and external resources, making effective use of investment capital, technology, knowledge and international management expertise. The process of improving the legal framework should be grounded in Vietnam’s actual conditions and strengths, while selectively adopting progressive values and achievements from legal scholarship around the world.
Assessing the impact of policy decisions adopted by the 16th National Assembly at its first extraordinary session, the expert expressed confidence that they would bring about positive changes, helping enhance Vietnam’s image and standing in the world. Continued institutional reform and improvement demonstrate that Vietnam is pursuing a clear, concrete and long-term development vision.
According to Nguyen, the achievements made after nearly 40 years of Doi moi (Renewal) have helped strengthen confidence among researchers, the Vietnamese community abroad and international partners. Such confidence will also encourage overseas Vietnamese to contribute more knowledge, expertise, technology, investment and international connections to the development of their homeland./.
