Two academic institutions from Vietnam and Laos have organized a conference aimed at discussing the socialist-oriented market economy applied by both nations.

The Institute for Cadre Development of Ho Chi Minh City, in cooperation with the Vientiane Politics – Public Administration School, held an international conference on the economic system on Monday morning.

Speaking at the event, Professor Tran Hoang Ngan, director of the Vietnamese institute, said that the socialist-oriented market economy model utilized by both the Vietnamese and Lao Parties has established independent, autonomous economies, and laid the foundation for building socialism in both nations.

The Parties and peoples of Vietnam and Laos have achieved many significant milestones in a wide variety of fields after over 30 years of reform, Prof. Ngan continued.

According to the Vietnamese scholar, organizers of the conference received nearly 100 presentations from scientists and lecturers at various Vietnamese and Lao institutes and universities, emphasizing that the economic system is suitable for both Southeast Asian nations.

The discussions also highlighted several achievements in the reform efforts of Vietnam and Laos, while pointing out existing issues that need to be solved in order for the two nations to prepare for full international integration.

Viengphone Keokhounsy, vice president of the Vientiane Politics – Public Administration School, was quoted by Saigon Giai Phong (Liberated Saigon) newspaper as saying that Laos had accumulated several lessons from its experience of developing the current economic system.

Among them, Keokhounsy stated, the development of a market economy has to be associated with sustainable growth and international integration, and requires the leadership of the Party and state.  

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