Dinh Tran Ngoc Huy – Publish Services

Proposing Twenty four (24) Qualified standards of Macroeconomic policies

1. Twelve (12) Principles of Socialist market economy

Based on the above standards and analysis, we objectively propose twelve (12) principles of developing socialist market economy as below:

Principle 1: Economic development policy can emphasize on exporting strategy of qualified products & services with competitive advantages, going with quality management and risk management involved.

Principle 2:  The roles of state-owned enterprises will continue to be maintained and developed to control natural resources for future generation, but with better corporate governance and risk management structure

Principle 3: The private sectors, with or without foreign capitals support, will continue to be expanded with proper supporting from relating bodies

Principle 4:  The negative or black sides of market economy need to be controlled to reduce risk, while old good traditional values need to be supported by a proper monetary mechanisms

Principle 5: We need to combine both historical values and modern economic governance experience in delivering economic policies for socialist market economy, taking into account of socio-environmental-economic values.

Principle 6: Better corporate governance, quality management, and risk management researches and policies are needed for tourism, commerce, airlines, banking and retail industries.

Principle 7: Tools, forms, and better practices in risk management are needed for banking, commerce, tourism , airlines, hotel, consumer good and retail industries.

Principle 8: Based on economic development strategies suitable with each development stages, government, central bank and banks system might offer financial package with preferential interest rates to stimulate exporting, manufacturing, agriculture and sea products, or medical services.

Principle 9: Policy makers need to accept trade-off in establishing economic goals in each economic stage, for example, well-fare and medical service quality and defense budget, however in long term, we need to combine economic growth with sustainable strategies and with balance among urban and rural areas, among cities and provinces, among population aging and your labor force, etc.

Principle 10:  In specific industry such as Tourism and Commerce, Consumer good and Retail, Hotels, Airlines, Food & Restaurants, and Banking, we might take care of culture factor in delivering products, both for maintaining traditional valuable culture products and strengths of each local areas and for modern market economy.

Principle 11: Managing CPI, GDP growth, stock price, risk free rate and lending rate (not increasing too much), build stable supply chain and ask fro preferential financing, and expand markets to new clients and new geographical areas are basic to manage risks from trade war.

Principle 12:  After trade war, corona, and economic recession, the local economy need fair supporting policies for protecting Vietnamese goods with high quality, and fair competitive policy with other countries including China, US and Europe.

(Source: made by main author)