Australia supports economic restructuring in Vietnam
(VOV) -Australia has provided AUD3.1 million to help Vietnam implement a project to restructure its economy in a bid to raise its competitiveness.
At an August 11 ceremony in Hanoi to launch the project, Deputy Minister of Planning and Investment Dang Huy Dong deemed economic restructuring and growth model shifting essential and urgent, requiring a proper roadmap for Vietnam to basically form an economic growth model that ensures the quality of growth, and improves economic efficiency and competitiveness, Dong said.
However, during the reform, Vietnam needs support from the international community, Dong added.
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Australian Ambassador to Vietnam Hugh Borrowman confirmed his nation’s willingness to support Vietnam’s important reform process, adding that if reforms are implemented effectively Vietnam will grow comprehensively.
Nguyen Dinh Cung, Director of the Central Institute for Economic Management (CIEM) emphasised the project will support policy orientation or institutional reform activities in order to minimise risks, reduce costs and enhance business self-control and freedom, especially for private businesses to help the market operate more effectively and competitively.
The project’s first phase from 2014 to 2016 aims to raise national competitiveness, enhance labour productivity, generate more jobs and improve transparency in business and government.
Subsequent phases in 2016-2020 will aim to implement priorities of socio-economic development.