Vietnam's National Assembly Prioritizes Legislation for Economic Growth

Vietnam's National Assembly is prioritizing the enhancement of legislation to remove obstacles and drive economic growth. National Assembly leaders stated that success should not be measured simply by the number of laws passed, but by improving the quality of every law and resolution so that each legal instrument effectively addresses institutional obstacles and generates momentum for growth. This aligns with expert views that institutional reforms and sustainable development are crucial for Vietnam's "2045 Vision" and the Prime Minister's remarks on the necessity of institutional reform to drive innovation. Under its one-party system, Vietnam has maintained a strong centralized political structure while pursuing market-oriented economic reforms (Doi Moi), achieving remarkable economic growth. One of the drivers of this growth has been the development of legal frameworks to attract foreign investment and expand exports. However, with rapid economic development, inadequacies and operational challenges in the legal system are also pointed out as potential bottlenecks for further growth. The National Assembly leader's recent statement reiterates the importance of perfecting and improving the effectiveness of the legal system as a crucial step for Vietnam to sustain economic growth and transition from a middle-income to a high-income country. This holds significant implications not only for improving the domestic business environment but also for strengthening economic ties with the international community. Source: VietnamPlus English