VIR is a valuable source of information

Eric Sidgwick-Country

For us at the Asian Development Bank (ADB), the Vietnam Investment Review (VIR) is a valuable source of information on the business environment, government policies, and regulatory frameworks relating to economic structural reform and private sector development in the country. We highly appreciate its in-depth analysis and useful insight into the economic reform process.

Within a quarter of a century, political and economic reforms have transformed Vietnam completely and lead the country rapidly toward a market economy. Under the Doi moi, Vietnam has undergone significant economic and institutional reforms to improve lagging productivity, generate economic growth, and raise the living standards of the Vietnamese people. It has been a privilege for ADB to be part of the far-reaching economic reform process.

If we are to look at Vietnam’s economic success since the adoption of Doi moi in 1986, I trust everyone would agree that creating an enabling environment for business, promoting the private sector as an important engine of growth, reforming the state-owned enterprises (SOEs), deepening financial sector reform, and improving competitiveness have been a core of the overall strategy. And indeed, VIR has lived through many eventful changes in the country’s transformation over the last two decades.

ADB has been a trusted partner of the government of Vietnam in promoting small- and medium-sized enterprises’ (SMEs) contribution to the country’s economic growth and employment creation over the decades, with a combination of financial and technical assistance. We continue to support the government’s reform efforts to foster the development and competitiveness of SMEs in Vietnam.

ADB has also supported SOE reform since early on, with the approval of the SOE Reform and Corporate Governance Programme in 1999. Our technical assistance grants were provided to facilitate programme implementation, together with active policy dialogue on SOE reform. Subsequently, ADB’s country strategies and programmes have since underlined the SOE reform as central to its strategy for business development and private sector-led employment growth. It is considered critically important to reduce barriers to private sector development, corruption, and the misuse of public resources, and to enhance transparency and corporate governance.

In this regard, we commend VIR for its efforts not only in reporting reform progress, but also contributing substantial feedback from public debate on the reform agenda. In particular, we commended VIR’s efforts to promote the laws on Investment and Enterprises enacted in 2014, which together present a vision to create a level playing field for both foreign and domestic, and public and private enterprises. To make VIR a must-read with improved services, I would like to suggest that the paper publish more op-ed pieces that offer not only analysis of the critical issues of the day, but also useful ideas, solutions, and practices that could help Vietnam accelerate structural reforms and achieve sustainable and inclusive development.

I know that it has been a great pleasure for my staff to work closely with VIR colleagues in a joint effort to raise public awareness about the reform process and the most up-to-date economic developments in Vietnam, and we look forward to cooperating with VIR more and more in the future.

Let me end my notes with our sincere congratulations to VIR, and we wish VIR and its readers all the best.

By Eric Sidgwick-Country director for Vietnam, Asian Development Bank

Editor’s letter on the occassion of VIR's 24th Anniversary Dear valued readers, This week we commemorate the 24th birthday of VIR with a keen sense of purpose and renewed responsibility.