Vietnam should not delay its economic restructuring process, in combination with the renewed growth model, and should focus on three key tasks including reinvestment, restructuring businesses and the financial market, Deputy Prime Minister Vu Van Ninh said at a conference on World Economic Outlook and Vietnam’s Response Policy on October 18 in Hanoi.
Vietnam should not delay its economic restructuring process, in combination with the renewed growth model, and should focus on three key tasks including reinvestment, restructuring businesses and the financial market, Deputy Prime Minister Vu Van Ninh said at a conference on World Economic Outlook and Vietnam’s Response Policy on October 18 in Hanoi.
Ninh said the nation should prioritize to curb inflation, stabilize the macro-economy and retain a suitable growth rate. The restructuring should be focused on state-owned enterprises and financial markets by reducing their quantity and increasing scale and quality.
World Bank country director in Vietnam Victoria Kwakwa said Resolution No. 11 on curbing inflation and stabilizing the economy had helped Vietnam improve its macro-economy. However, restructuring would negatively affect the economy and limit competitiveness for a long time.
Deepak Mishra, World Bank chief economist in Vietnam, said Vietnam should have a strong push to make its budget more transparent, as well as adopt modern public investment management practices to identify, execute and monitor Government projects.
Head of the Ministry of Planning and Investment’s Central Institute for Economic Management Le Xuan Ba said investment should be restructured to increase the quality of economic growth, macro-economic stability and inflation control.
“The core element of restructuring investment under current conditions was the restructuring of public investments and, more especially, the tightening of the authorization of investment administration,” Ba said.-