At the conference in Hanoi. Photo: MPI

On November 15 in Hanoi, the Ministry of Planning and Investment (MPI) in collaboration with the Australia-Vietnam Economic Reform programme (Aus4reform) and the Australian Embassy in Vietnam organised a conference on the results, lessons learned, and future directions of Aus4reform.

The Aus4reform programme, which is funded by the Australian government, aims to support Vietnamese agencies in implementing their plans to restructure the economy, renew growth models, improve the business investment environment, and enhance labour productivity and the competitiveness of the economy, thereby promoting fast and sustainable development.

The programme has been implemented since 2017 and has received investment of AU$6.5 million ($4.18 million).

Aus4Reform is the third programme from the Australian government over the past decade to support Vietnam's economic reform. Others include the post-WTO accession technical assistance programme (2008-2014) and the project supporting economic restructuring to enhance Vietnam's competitiveness (2014-2017).

Aus4Reform has supported the government of Vietnam by strengthening the research and analysis of issues related to economic reform, enhancing dialogue among policymakers, the public, academia, and politicians, and strengthening cooperation relations and information exchange between Vietnam's agencies and other countries like Australia.

At the conference, Deputy Minister of Planning and Investment Tran Quoc Phuong highlighted his appreciation for the support from Aus4reform and the Australian government.

"The economic reform over the past 35 years has led to important achievements in socioeconomic development," said Phuong. "During the process, technical assistance from Australia has provided new wind to bring the best reform experiences to Vietnam."

As a result, resolutions No.19/NQ-CP and No.02/NQ-CP have been in effect for many years to improve the business environment and enhance Vietnam's national competitiveness, said the MPI deputy minister, and most notably, the momentum of economic reform has been maintained seamlessly, even amidst the pandemic.

Aus4reform has also supported the development and appraisal of eight laws and a number of implementing regulations.

Agreeing with the results of the programme, Andrew Goledzinowski, Australian Ambassador to Vietnam reaffirmed that the outcomes are a foundation for improving the investment environment and market economy institutions, developing the private sector, strengthening competition and consumer protection, and accelerating the restructuring of the rural economy. All of which contribute to improving labour productivity and the competitiveness of the economy.

"Along with the process of the country's economic reform and transformation of its growth model, the need for technical assistance in this field will be huge over the coming years. The results of Aus4reform will be the basis for building the next phase of Australia's support programmes for economic reform in Vietnam," said the ambassador.