However, policy makers will find it difficult to gain a high growth for the country’s weak economy following global integration, where governance is still immature, living standards are low, talent is not fully mobilised, and business capacity is not enhanced.
“Improving governance and consecutive efforts to control corruption are crucial to sustainable development of Vietnam in terms of economic development, social equality, and environmental management,” said Ayumi Konishi, Asian Development Bank country director.

“Without good governance, resources will be wasted and investment efficiency will remain low. Without good governance, domestic and foreign investors will be discouraged from investing, and again, without good governance, progress in developing institutions and the real estate market will be slow due to the lack of business confidence,” Konishi said.

Institution strengthening, effective budget spending and corruption control are the hottest issues to be debated among National Assembly members, who expressed great concern over the fate of the whole country and the people whom they represent during the global integration process.

National Assembly members, who are rallying for the 10th congressional working session, argued that corruption and weak management of the state budget and overseas loans would diminish the confidence of the people and business community in the ruling authorities. Mismanagement would also debilitate the state financial capacity, one of the most crucial factors that helps ensure sustainable growth of the country, they said.
Vice chairman of the National Assembly External Affairs Department Nguyen Ngoc Tran said that total state investment in socio-economic development increased from 31 per cent of the GDP to 41 per cent over the last six years, but the quality of growth remained low and people’s living standard were still at a very low level when compared to many neighbouring countries.

According to the World Bank, desired investment in socio-economic development should be between 29-31 per cent of a country’s GDP.

“Investment levels in Vietnam are already very high compared to regional and global standards. The challenge now is how to improve investment efficiency, which requires better management of public expenditure of resources, including sustained efforts to control corruption,” said Konishi.

People across the country are not satisfied with the government’s fight against corruption and they are calling for greater efforts from central and local authorities to control corruption, which is becoming more sophisticated and involves a number of state officials.

“Authorities have launched efforts to fight corruption over the past decade but they have not been strict enough to diminish corruption cases. The government needs to be more confident and sterner to drive away corruption, work that is similar to cutting [out] a malignant tumor,” said Le Thanh Long, party committee secretary of southern Long An province.

The people do not want to wait for individual decisions to punish corrupted State cadres, they want the ruling authorities to issue policies and specific measures to deal with corruption in the most thorough and effective manner.

Ruling authorities might not only give an accurate assessment on the country’s changes over the past two decades, but also dare to look at the truth of corruption and moral degradation among many Party members.

“The nation will be in danger if the ruling authorities fail to deal with corruption,” said Mai Chi Tho, a former member of the Politburo of the Party Central Committee.
Gaining a high growth, which relies on exports of natural resources such as crude oil, coal and raw agricultural products will not result in long-term and sustainable growth for the country.

Exports of crude oil currently bring in approximately $4.2 billion, accounting for 26.2 per cent of the total revenue, however stocks are expected to run out in the next century due to excessive exploitation.

The export of raw, or less processed agricultural products will also not be a good choice for Vietnam in the long term as it does not bring about added value for local production or a high income for farmers due to unstable prices on the world market and protection policies of other nations.