Resolution creates institution for development of business community hinh anh 1Illustrative image (Photo: VNA)
Hanoi (VNA) – The 15th National Assembly's Resolution 31 on an economic restructuring plan for 2021-2025 will create a favourable institutional framework and business environment for the strong development of enterprises in Vietnam, according to Hoang Quang Phong, Vice Chairman of the Vietnam Chamber of Commerce and Industry (VCCI).

In an interview granted to the Vietnam News Agency, Phong stated that the new resolution continues to pursue the restructuring of the economy in a comprehensive and focused way, on the basis of inheriting and developing the achievements of Resolution 24 adopted by the 14th legislature in 2016 on an economic restructuring plan for 2016-2020.

He highlighted positive results brought about by Resolution 24, saying that it helped boost the development of the domestic private sector, attract foreign direct investment (FDI), increase the productivity, quality and efficiency of industries associated with international economic integration.

However, he pointed to several existing shortcomings, including a slow change in growth model, a slow growth rate of labour productivity, and limited contributions of scientific and technological advances to improving labour productivity.
According to Phong, the private sector's development has not matched the economy's scale and openness, and the economy's dependence on the FDI sector has not reduced. 

He added that a number of legal regulations still hamper the restructuring of the economy, while the reform of economic institutions and economic restructuring are not extensive and strong enough to form a more suitable and dynamic economic structure. 

Under the new resolution, priority will be given to the development of industries and fields with great potential, the formation of reasonable and effective structures for each industry and field as well as among industries and fields and the whole economy.
The Resolution aims to speed up economic restructuring in association with innovating the growth model towards ensuring macroeconomic stability, improving the economy’s productivity, quality, efficiency and competitiveness based on science, technology and innovation and high-quality human resources, thus contributing to promoting socio-economic recovery and development, building an autonomous economy, improving the adaptability and resilience of the economy.

One of the five key tasks of the 2021-2025 economic restructuring plan is to create an institutional framework and business environment conducive to the development of enterprises. 

The VCCI Vice Chairman also stressed the need for enterprises to pay special attention to restructuring themselves and play an active role in this process./.