Deputy PM: Restructuring Necessary For Economic Growth
Vietnam will continue to accelerate its economic restructuring and growth model shifting to increase its competitiveness and stimulate growth in 2015, stated Deputy Prime Minister Hoang Trung Hai.
In an interview granted to the Vietnam News Agency on the country’s economic prospects and 2015 agenda, the Deputy PM said that 2014 achievements, including stable macro-economy, low inflation, consistent exchange rates, and decreased interest rates, will be the driving force of economic development this year.
Consumer confidence remains high, and the expected signing of several free trade agreements will present additional export and investment opportunities, he confirmed.
However, further efforts are needed to remove obstacles for enterprises and facilitate the establishment of new companies, he added.
To achieve a gross domestic product (GDP) growth rate of 6.2 percent, the official highlighted the recently issued Resolution 01 of the Government requiring all ministries, sectors and localities to continue stabilising the macro-economy, implement currency policies in an active and flexible manner, and take drastic measures to mitigate debt.
He noted the necessity of improving the business climate, competitiveness and labour productivity.
The Government asked ministries and sectors to expeditiously submit documents guiding the enforcement of new laws to facilitate production and business activities, and intensify coordination to help resolve arising issues.
The ministries and localities were also requested to carry out the 11th Politburo’s Resolution 22 on international integration and the Government’s Action Plan while deepening relations with ASEAN and strategic and comprehensive partnership countries.
The Deputy PM affirmed that the Government will intensify dialogues to receive feedback on mechanisms and policies.
In addition, measures will be implemented to promote effective and synchronous coordination in controlling the macro-economy, he said.
The official went on to say that during 2015, the Government will continue enacting measures to improve the socialist-oriented market economy through administrative reform and creating an equal competitive environment.
It will also focus on designing and submitting major laws to the National Assembly (NA) including the revised Penal Code, the revised Civil Code, and laws on the promulgation of legal documents and administrative decisions – especially the Laws on the Organisation of the Government and Local Authorities – as a part of efforts to ensure effective enforcement of the 2013 Constitution.
He said these initiatives aim to build a dynamic and effective administrative apparatus and promote the country’s development.
The Government prioritised the implementation of the Master Plan on economic restructuring in association with growth model renovation during 2014-2015, he noted, adding the work will be intensified through performance measures determined by the NA and the Government.
Emphasis will be placed on accelerating the approval of restructuring plans for sectors and industries while continuing with public investment and credit institution reshuffling, ensuring public debt does not exceed set limits, and effectively enforcing the Law on Public Investment adopted by the NA.
Utmost efforts will be taken to meet the target on reforming State-owned enterprises for 2014-2015 and bringing bad debt to under 3 percent by the end of 2015.
Additionally, the Government will also focus on designing economic restructuring plans for 2016-2020 to submit to the NA for approval.
For sustainable development beyond 2015, Deputy PM Hai highlighted the necessity of designing legal policies, fostering international and regional integration, improving investment and business climates, ensuring security and social order, and safeguarding national sovereignty.
According to the Deputy PM, the strategic focus will be shifted from law building to law enforcement while completing and enforcing institutions to protect human rights and citizens’ rights.
For international and regional economic integration, joining new-generation free trade agreements (FTA) is an important part in Vietnam’s policy, including those between Vietnam and the Russia-Belarus-Kazakhstan Customs Union, the Republic of Korea, and the European Union, as well as the Trans-Pacific Partnership agreement, the Deputy PM said, adding that at the same time, the country will proactively make full use of advantages offered by the formation of the ASEAN Economic Community.
Deputy PM Hai also stressed the importance of national defence and political security as well as protecting national sovereignty, security, and social order.-VNA