Economic restructuring, growth model reforms for sustainable development

Vietnam’s restructuring program in the 2011-2015 period has focused on macro-economic stabilization and restructuring of the national economy in combination with growth model renovation. The monetary market was kept stable and inflation was under control.

These achievements have created the momentum for Vietnam to continue the master-plan on economic restructuring until 2020, focusing on renovation of the growth model to improve quality, economic efficiency and competitiveness, people’s living conditions, and Vietnam’s status in the global arena.

Many deputies at the 14th National Assembly (NA) session which included on November 13, underlined that economic restructuring can hardly succeed without a favorable, open, and transparent business environment.

“While the market is the driving force for commodities production, businesses should be the backbone of that process. The involvement of enterprises will attract investment from society and link scientists, producers, and the application of advanced technologies for effective production”, said Nguyen Thi Thanh, a deputy representing Ninh Binh province.

One of the missions of economic restructuring is to improve the development of economic sectors by using high tech to create high added values.

In the next five years, the government should avoid scattered investment, minimize the waste of resources, and tap the potential of key economic zones.

“We should improve forecasting and rapid response to changes in domestic and global markets. The master-planning on regional connectivity should be strictly implemented with a focus on defining the core industries and principal products that can compete regionally and internationally. Economic development should go hand in hand with the settlement of social and environmental issues”, said deputy Chu Le Chau, who represents Lai Chau province.

Under the restructuring program until 2020, Vietnam attaches special importance to building an independent economy, integrating into the global market, and consolidating its status in the international arena.

Economist Nguyen Tri Hieu suggests some solutions:“Vietnam should improve its reliability and prestige in the world market to consolidate foreign investors’ trust in its economy. More importantly, we need to improve people’s lives, increase competitiveness, and raise our credit rating in the world.”