A considerable majority of respondents, 75 per cent, desired State intervention to stabilise prices of essential goods, up 7 per cent from 2011. — Photo phunuonline

HA NOI (Biz Hub) — Vietnamese citizens were pegging hopes on a faster transition into a full-fledged market economy, a majority saying that they vigorously supported the country's market economy model in a survey published yesterday.

The Viet Nam Chamber of Commerce and Industry and the World Bank Group's report, Changing Attitudes toward Market and State 2014, found that 89 per cent of 1,600 participants said they strongly support the market economy model in Viet Nam, 71 per cent support private ownership and 94 per cent want transparency in policymaking and enforcement.

The strong support for the economic transition left 36 per cent of respondents feeling that the economic transition over the past five years wasn't fast enough, 29 per cent, however, felt that it was rapid.

The survey revealed that a modest 19 per cent said they were satisfied with the country's current economic situation, indicating that greater efforts are required to hasten economic reforms. Though, low approval rates are to be expected in times of major transitions.

A considerable majority of respondents, 75 per cent, desired State intervention to stabilise prices of essential goods, up 7 per cent from 2011.

In regards to several public services, however, 99 per cent agreed that the State should allow the private sector to provide public services such as health, education, notary and public transport.

According to Nguyen Dinh Cung, director of the Central Institution for Economic Management (CIEM), Viet Nam should hasten institutional reforms in order to push forward the transition into a full-fledged market economy.

VCCI Director Vu Tien Loc expects the survey's results will serve as a base for policymakers to drive the national economy in the right direction and improve Vietnamese citizens' living conditions.

He added that the survey was merely a reflection of a diverse array of groups, including the business community's feelings and perceptions of the country's transition towards a market economy. — VNS