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7 urgent missions of Vietnam’s economy in 2017

7 urgent missions of Vietnam’s economy in 2017

Monday 23, 12 2019
That was the highlight of “the Government’s conference with localities to deploy socio-economic and national budget plans in 2017” occurring in 2 days, 28th and 29th December.

Remaining issues and restrictions

Besides the remarkable results that we achieved in 2016, Prime Minister Nguyen Xuan Phuc outspokenly pointed out the remaining issues and restrictions in 2016. This article will mention the issues that still remain in investment-finance sector.

Firstly, mining industry suffered from a sharp decline. The producing index of mining industry decreased, and the export turnover of crude oil export fell by 36.7% due to the price decline.

Secondly, natural disasters including droughts, saline intrusion, and severe floods occurred.

Thirdly, environmental problems left disastrous consequences, especially in 4 provinces in the Middle area.

Fourthly, trillion-worth projects suffered losses.

Fifth, commercial banks are weakly-led and suffered from capital losses. Some were sold with 0 VND

Sixth, Vietnam’s international ranking in competitive and innovative competence decreased. Specifically, global competitive competence fell by 4 levels, ranking the 60th, we rank the 6th place in ASEAN. International innovation index of 2016 decreased by 7 level, ranking the 59th in 128 countries, regions and ranking the fourth in Southeast Asia.

7 urgent missions

After the Prime Minister’s speech, Minister Nguyễn Chí Dũng – Minister of Ministry of Planning and Investment presented the report on implementing a number of guidelines, important policies to continue the growth model innovation, the growth quality improvement, labor productivity, the competitiveness of the economy and economic restructuring plan for period 2016-2020

7 urgent and important missions are:

The first, boosting public investment restructuring, overcoming the spreading investment, corruption, waste, arrear to have breakthrough changes in public investment 

The second, restructuring the state budget and managing public debt towards ensuring safety and sustainability; practicing to save and spend reasonably based on the ability of the economy, only loan when we have ability to repay; tightening disciplines, financial rules and state budget

The third, handling weak credit institutions effectively, continuing credit institutions restructuring associated with bad debts of the economy in a fundamental and effective way; handling and eliminating the cross investment and cross ownership status; promoting divestments from none-core commercial bank operations. Restructuring the budget, managing public debt and handling bad debt are urgent missions at the moment

The fourth, promoting equitization, state capital divestments transparently and essentially, following the market mechanism carefully; resolute to tackle state-owned enterprises which record losses and have no ability to recover

The fifth, promoting the restructure and reorganization and delegating enough autonomy for organizations, pubic business units 

The sixth, promoting entrepreneurship, innovating the creativity; assisting and developing enterprises in both quality and quantity

The seventh, focusing on land accumulation, restructuring agricultural associated with building new rural areas effectively, consistent with the fact of climate change.

(Source: The Government’s website)

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