Lawmakers at the meeting (Photo: VNA) Hanoi (VNA) – Lawmakers adopted Resolution oneconomic restructuring plan for the 2021-2025 period with 460 out of 465approval votes during the ongoing second session of the 15th legislature in Hanoi on November 12.
The Resolution comprises five articles, including seven key targetgroups till 2025.
In the first group, the average labour output will increase by6.5 percent annually while the total factor productivity will reach about 45percent of the gross domestic product (GDP). The national competitiveness gapamong ASEAN-4 countries will be narrowed, especially in terms of institutions,infrastructure and human resources.
In the second group, the State budget deficit will make up about3.7 percent of the GDP on average. At least 10 percent of public non-buisness units will be reduced compared to 2021 while at least 20 percent of units willbecome financially autonomous.
In the third group, the total social investment capital willreach about 32-34 percent of the GDP. On-balance sheet bad debts of the whole system of credit institutions willbe kept below 3 percent, towards gradually developing a professional debtmarket. All banks must meet Basel II standards.
In the fourth group, the total capitalisation of stock marketwill reach at least 85 percent of the GDP. The total outstanding debts of bondand corporate bond markets will account for at least 47 percent and nearly 20percent of the GDP, respectively. The expenditure on science and technologywill be no more than 1 percent of the GDP. The number of enterprises withtechnological innovation will rise by 15 percent annually on average.
There will be about 1.5 million enterprises, 60,000 – 70,000 ofwhich will be on medium and large-scale in the fifth target group. The private sector’scontribution to the GDP will be around 55 percent while at least 5-10 nationalproducts will build their own international trademarks.
In the sixth group, the digital economy will account for 20percent of the GDP. The ratio of digital economy in each sector will reach atleast 10 percent.
By 2025, over 3,000 out of roughly 35,000 cooperatives willadopt technological advances in farm produce production and consumption. Some35 percent of farming cooperatives will partner with firms in value chains.
At the meeting (Photo: VNA)
The Resolution also outlines five key tasks for economicrestructuring, including restructuring public investment, State budget, the system of credit organisationsand public non-business units; developing various kinds of markets andimproving the efficiency of resource allocation and use; developing enteprises,collective economy and cooperatives; developing urban economy and strengtheningregional connectivity as well as upholding the role of key economic zones and major urban areas; restructuring sectors to achieve a green and sustainable economy.
The Government was also assigned to build an action programmebefore April 2022 to realise the Resolution, as well as submit annual, mid-termand end-term reports on the implementation of the Resolution to thelegislature./.
