Nguyen Cao Duc, deputy director of the Institute of American Studies at the discussion.

On May 21, in Hanoi, the Institute of American Studies and the Vietnam Academy of Social Sciences organized a scientific discussion with the topic "40 years of innovation in Vietnam's economy and lessons learned for Cuba."

Speaking at the event, Nguyen Cao Duc, deputy director of the Institute of American Studies, said that looking back on 40 years of innovation, especially in the last 10 years, Vietnam has gained many important achievements in socio-economic development.

From a backward economy, facing many challenges and difficulties, Vietnam has developed into a low-middle-income country, with economic growth maintained at a decent level, and social security improved. Vietnam has maintained macroeconomic stability, ensuring major balances.

Dr. Nguyen Cao Duc emphasized that Vietnam participated in the process of international economic integration more deeply and substantially.

Institutions and policies have made fundamental changes, creating a more open investment environment and promoting innovation. Vietnam establishes favorable conditions for industrialization, modernization, and development of a socialist-oriented market economy.

Vietnam is still facing many difficulties and challenges, in some areas, the results were not as expected.

However, with Vietnam's achievements in the 40-year journey of innovation, Vietnam gained great achievements of historical significance. From a centrally planned economy to a market mechanism, Vietnam has comprehensively integrated internationally.

Dr. Nguyen Cao Duc hopes that experts and scientists at the event will discuss, evaluate and summarize the 40-year innovation process to provide an objective perspective.

They will draw lessons from experience to inherit the achievements and gain success in the next stage.

Exchanges on achievements, experiences and economic lessons drawn from the 40-year reform process can be shared with Cuba - the country having a history of special, traditional relations, friendship and multi-faceted cooperation with our country.

At the event, experts and scientists discussed contents related to the 40-year process of innovation in Vietnam's economy, and the reasons why Vietnam need to innovate in economic thinking.

They mentioned the results and lessons learned from Vietnam's 40 years of innovation, from the process of eliminating subsidies and transitioning to a market economy. They also commented and evaluated the results of Vietnam's 40 years of innovation.

Discussion with the topic "40 years of innovation in Vietnam's economy and lessons learned for Cuba."

Cu Chi Loi, former director of the Institute of American Studies under the Vietnam Academy of Social Sciences said that Cuba began to reform the country, which focuses on politics and economics.

Cuba carried out three important reforms to develop and integrate more deeply like Vietnam. They include economic marketization, microeconomic stabilization, and foreign policy changes to mobilize domestic and foreign resources.

These are three important areas, which are lessons if Cuba can refer to the current reform process. Agriculture is important because in the past, successful reforms in Vietnam also started with agriculture. Cuba is currently lacking a lot of food. Therefore, reform in agriculture is an important starting point in Cuba's overall reform process.

At the discussion, participants shared experiences in improving the efficiency of resource allocation, and innovating economic thinking associated with resource mobilization for development.

They emphasized the need to change thinking to meet the criteria of a market economy and institutional reform, innovating the political system to control power, and avoid negativity and corruption.

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