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Economic restructuring promoted

VGP – The Government has committed to undertaking economic restructuring in 2014, focusing on investment, credit organizations, the financial market, SOEs, agriculture and rural areas, industry and service.

January 15, 2014 9:18 AM GMT+7

Illustration photo

Under the Government’s Resolution 01 on major solutions guiding and directing the realization 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 the PM’s Directive 11 on a number of tasks to be performed during 2013-2015 to realize the master scheme.  

Public investment – the heart of investment restructuring

The Ministry of Planning and Investment (MoPI) is in charge of finalizing 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 prioritized for important and urgent projects, used as corresponding capital to ODA projects, cover site clearance and the building of new rural areas, and support programs to respond to climate change (SP-RCC), and PPP projects.

Credit organizations & financial market restructured

The State Bank of Viet Nam (SBV) takes the prime responsibilities for restructuring credit organizations especially weak commercial banks and submitting a mechanism to enable credit organizations' merge.

The SBV shall 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) shall work with the SBV and other ministries, agencies and localities to develop the capital market and security market.

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

Speeding up SOEs restructuring

The MoF, the MoPI, and the Steering Committee for Enterprise Reform and Development shall assume the prime responsibilities for realizing the approved project on enterprise restructuring.

Some economic groups and state general corporations will be re-organized.

The processes of equitization, 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 mobilized to fruitfully realize the program on building of new rural areas. 

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

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

The Ministry of Industry and Trade shall 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./.

By Huong Giang

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