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Challenges and missions of the Planning and Investment sector

Challenges and missions of the Planning and Investment sector

Saturday 16, 01 2021
The challenges and missions of the sector were set out at the nationwide online conference held by the Ministry of Planning and Investment.

The Ministry of Planning and Investment recently held a nationwide online conference to evaluate the implementation of the 5-year missions in 2016-2020 and implement key missions in 2021.

Speaking at the conference, Mr. Nguyen Chi Dung, the Minister of Planning and Investment, analyzed the national and worldwide context and identified the key missions that the Planning and Investment sector needs to perform in the coming period.

Challenges for the Planning and Investment sector 

1. The global economy has been heavily impacted by the Covid-19 pandemic. Geopolitical tensions and strategic competition among countries are expected to become increasingly fierce. Many countries are facing high budget deficits and public debt, potentially leading to financial crises in the future.

2. The position and power of our country have been larger than before. However, we are struggling to avoid the risk of falling into the middle-income trap. Several issues arising from economic development have not been resolved. The competitiveness of our economy remains at an average level in the world, especially important criteria for sustainable development.
3. The competitiveness among cities is growing. Cities are in the race of becoming financial centers, start-up centers, and innovation.

4. The social issues, including population aging, the gap between the rich and poor and the level of development, urbanization problems, exploitation and use of resources, put great pressure on development.

5. The challenges on climate change, environment, and natural resources are increasing, especially when Vietnam is forecasted to be one of the countries most affected by climate change and sea-level rise.

Key missions of the Planning and Investment sector 

1. It is necessary to have a new, fast, positive way of thinking and approach to keep up with the trends.

Accordingly, the industry in particular, and the government in general should change the management mindset from the pre-control to post-control stages. There should be a mechanism to protect those who are enterprising and have a sense of responsibility.
2. It is necessary to continue promoting economic restructuring associated with growth model innovation, based on science and technology, innovation for improving productivity, quality, efficiency, and self-reliance, and competitiveness of the economy.

With this mission, Mr. Dung requested the Planning and Investment sector to quickly complete the legal framework for new forms of business, digital economy, and public service provision; issue policies on testing products, solutions, services, new business models and technologies, such as sharing economy and night economy to promptly meet the needs of the economy. Besides, the industry should have policies to encourage innovation, accelerate the construction of innovation centers and digital transformation programs for Vietnamese enterprises.

3. The Planning and Investment sector should improve the business investment environment to support businesses.
For small and medium enterprises, it is essential to implement programs to encourage and support enterprises to master, research, and develop technology, improve competitiveness; promote connection among businesses.

4. The Planning and Investment sector needs to speed up the planning and approval process; increase the mobilization and effective use of resources; develop marine economy and big cities; strengthening regional links and new countryside construction.

5. It is important to improve the quality and effective use of human resources associated with innovation promotion and development of science - technology. Vietnam currently stands the golden chance of developing the economy. If Vietnam misses this opportunity, it will face the trend of population aging and the situation of being "old before getting rich".
6. Besides professional work, the Planning and Investment sector should continue to pay more attention to social issues and actively implement community support activities.

2021 will still be a year of difficulties and challenges. The Planning and Investment sector needs to continue to innovate the development mindset, make use of the achievements of the 4.0 Revolution, digital transformation, investment - trade trend in the region and the world, and turn challenges into opportunities for development. 

Besides, due to the COVID-19 pandemic changing the global economic structure, the sector needs to create new business models in the future. The missions of the whole sector are enormous. However, based on the contributions of officials and employees of the sector, the Planning and Development sector is expected to perform assigned missions well. 

Compiled by VietnamCredit

Vietnam Economy

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