At the second meeting of the Central Steering Committee on Institutional and Legal Reform held on December 17, General Secretary To Lam issued several important directives to promote institutional reform, improve the legal system, and especially emphasized the need to promptly implement specific policies related to international financial centers, free trade zones, and crypto assets – areas XEM new drivers of economic growth in the coming period.
Concluding the meeting, the General Secretary highly appreciated the achievements in institutional reform over the past period, and at the same time requested Party, National Assembly, Government agencies and ministries, sectors, and localities to continue to fully implement the goals and tasks identified in the resolution, with the spirit of "if it's already good, it must be even better." According to the General Secretary, in addition to regular tasks, in the coming time, it is necessary to focus intensely on reviewing and promptly institutionalizing the major viewpoints and policies identified in the documents of the 14th Party Congress, considering this as the political and legal foundation for the long-term development of the country.
Another important requirement emphasized was the urgent completion of laws and normative resolutions passed by the National Assembly at its 10th session, ensuring that there are no delays in the issuance of implementing guidelines and the necessary conditions for putting laws into practice. The General Secretary particularly stressed the need to focus on quickly removing institutional and legal "bottlenecks" that hinder production, business activities, and socio-economic development, avoiding situations where correct policies are implemented slowly, reducing their effectiveness.
Regarding the project to improve the structure of Vietnam's legal system to meet the requirements of national development in the new era, the General Secretary stated that the Steering Committee basically agreed with the proposals of the drafting agency, including the orientation to reduce the number of legal normative documents according to the principle that each agency only issues one type of document. The goal is to build a streamlined, transparent, accessible legal system, reducing overlaps and increasing predictability for citizens and businesses. This is also a reform trend that many countries are pursuing to enhance national competitiveness.
Against the backdrop of Vietnam's goal of high and sustainable growth, General Secretary To Lam devoted considerable time to analyzing major policy groups aimed at mobilizing and unlocking financial resources for development. He requested the Party Committee of the Government to direct the Ministry of Finance and relevant agencies to effectively implement the set directions, with the top priority being maintaining macroeconomic stability and controlling inflation, considering this a key prerequisite for attracting maximum domestic and international resources. Close coordination between fiscal and monetary policies, along with the synchronized development of the government bond market, Capital market, and money market, was identified as a central solution.
Notably, the General Secretary emphasized the need for substantial reductions in administrative procedures and business conditions, lowering legal compliance costs for businesses, thereby creating a transparent, equitable, and open investment and business environment for all economic sectors. In this reform process, the early implementation of specific mechanisms and policies for international financial centers and crypto assets is XEM a strategic step.
In the context of the global financial landscape shifting strongly towards digital models, many countries have proactively developed legal frameworks for cryptocurrencies to both manage risks and capitalize on opportunities to attract new Capital and technology. Vietnam is also facing a similar opportunity. This is XEM an important experience for Vietnam to learn from in the process of formulating policies, ensuring both the encouragement of innovation and the maintenance of the financial system's security.
In addition, the General Secretary requested the Central Policy and Strategy Committee to continue researching and supplementing relevant content to finalize the draft resolution of the Central Committee on strategic solutions to promote double-digit economic growth, linked to establishing a new growth model. This resolution is expected to create a breakthrough policy framework, helping the Vietnamese economy better utilize new drivers in the context of a volatile global economy.
