Monday, August 21, 2017 - 19:21:17

Economic restructuring to be accelerated this year

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The Government has committed to undertaking economic restructuring in 2014, focusing on investment, credit organisations, the financial market, State-owned enterprises (SOEs), agriculture and rural areas, and industry and service.

The Government Portal said on January 15 that under Government’s Resolution 01 on major solutions guiding and directing the realisation of the plan on socio-economic development and State budget estimate in 2014, ministries, agencies, localities, and SOEs were asked to implement the Master Scheme on Economic Restructuring and Prime Minister’s Directive 11 on a number of tasks to be performed during 2013-2015 to realise the master scheme.

The Ministry of Planning and Investment (MPI) is in charge of finalising the draft law on public investment and tightening the management of State budget-sourced projects, Government bonds, ODA capital, SOEs as well as Government-guaranteed loans.

State budget and Government bonds would be prioritised for important and urgent projects, used as corresponding capital to ODA projects, cover site clearance and the building of new rural areas, and support programmes to respond to climate change (SP-RCC), and PPP projects.

The State Bank of Vietnam (SBV) takes the prime responsibilities for restructuring credit organisations, especially weak commercial banks, and submitting a mechanism to enable credit organisations' mergers.
The SBV will strengthen supervision and investigation into the safety of the system while handling overlapping ownership in the areas of banking, security, insurance and gold business.

Meanwhile, the Ministry of Finance (MoF) will work with the SBV and other ministries, agencies and localities to develop the capital market and security market.

The MoF is in charge of categorising, investigating and restructuring security business organisations and imposing tough punishments on infringements.

The MoF, the MPI, and the Steering Committee for Enterprise Reform and Development will assume the prime responsibilities for realising the approved project on enterprise restructuring.

Some economic groups and State general corporations will be re-organised.

The processes of equitisation, divesting, and selling and reduction of capital in those SOEs which the State does not need to own controlling interests should be sped up.

In addition, SOEs shall be put under stricter supervision and management.

The Ministry of Agriculture and Rural Development is in charge of fulfilling the project on agricultural restructuring towards higher value-added production and sustainable growth.

In addition, the whole society would be mobilised to fruitfully realise the programme on building of new-style rural areas.

Accordingly, a string of preferential policies on agriculture and rural area development would be conducted.

The Government also encourages investment in labour-intensive sectors, agro-processing and preservation industries, handicrafts and service.

The Ministry of Industry and Trade will cooperate with the Ministry of Science and Technology to accelerate the restructuring of processing and manufacturing industries and the deeper participation into the global value chains.

Meanwhile, economic components are encouraged to develop high-tech, value-added, and export-oriented industries, auxiliary industries, and processing industries of agro-forestry and fishery products.

The overall strategy on service development shall develop potential, advantageous and value-added service sectors like tourism, telecom, transport, logistics, finance and banking.-VNA
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