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Five-year restructuring plan aims to improve national economic competitiveness
Five-year restructuring plan aims to improve national economic competitiveness
5/9/21
The Ministry of Planning and Investment has said that it is coordinating with relevant ministries, agencies and localities to build a national economic restructuring plan for the 2021-2025 period, with an aim to creating a breakthrough change in the growth model towards higher productivity, quality and competitiveness.
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| Vietnam aims to aim to create a breakthrough change in the growth model towards higher productivity, quality and competitiveness |
The objectives of the draft plan include improving the efficiency of resources, the self-reliance and adapting capacity of the economy, heading to the formation of a science-technology and innovation-based economy, ensuring fast and sustainable growth.
It also aims to enhance the internal strength of the economy and domestic businesses, forming suitable economic structure and upgrading the value chains of sectors, while drastically implement digital transformation and the building of digital economy, digital government and digital society.
Specific goals set by the plan for the 2021-2025 period include 6.5 percent rise in labour productivity each year; 3.7 percent of State budget over-expenditure each year averagely; less than 60 percent of annual public and Government debts hitting ceiling rate; keeping the safe public debt level at about 55 percent of the GDP and Government debt ceiling at less than 50 percent of the GDP.
The ratio of social investment is expected to reach 32-34 percent of the GDP, while public investment management institution is raised to international standards. Meanwhile, bed debts are subjected to be kept at under 3 percent.
In 2025, the scale of stock market capitalisation is expected to reach about 120 percent of the GDP, while the outstanding balance of the bond market is hoped to stand at 55 percent of the GDP.
Vietnam targets the acceleration of 10-15 positions in the quality of land administration index in the Global Competitiveness Index by the World Economic Forum in 2025 compared to that in 2019.
The country hopes to have about 1.5 million businesses in 2025, including 60,000-70,000 medium and large-scaled firms.
In 2025, at least 10-25 national products are expected to have trademark in the international market, contributing to improving the position of the country in the global value chain.
Meanwhile, digital economy is hoped to account for 20 percent of the GDP.
In 2025, the State-owned enterprises are expected to be restructured, basically settling ineffective firms and improve State-owned businesses’ efficiency.
In the draft plan, the ministry also gave five major solution groups to complete the goals.
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All comments [ 20 ]
This is an indication the country has done quite well in its efforts to become a futuristic and productive economy.
Gaining high ranking in global competitiveness is an indication that economic reform has had big success.
In the last few years, the task of improving the business environment has become a pivotal task of the Vietnamese Government.
Việt Nam has scored some major breakthroughs in the reform of business conditions.
I couldn't agree more! The low ranking does help Việt Nam recognise its strong and weak points and what it should do to overcome them.
If Việt Nam doesn’t create a favourable business environment, no doubt enterprises and investment activities will be affected. As a consequence, the growth of the national economy will be harmed.
Market and infrastructure development have both directly affected national production and business operation.
To help Việt Nam gain a high economic growth rate, it also depends very much on the competitiveness of the enterprises – from both Vietnamese and foreign enterprises.
The Government has adopted many measures to facilitate business development and to help enterprises improve their competitiveness. The first thing the Government should do is improve the business environment in the course of national reform.
One of the very important conditions for business development is the application of IT in all transactions between State management agencies and enterprises.
Last but not least is the improvement of the skills for working people - a very important element in the tough competitive environment in Việt Nam and internationally.
Competition is characteristic of the market economy when the supply and demand of goods and commodity prices are the decisive factors.
Competition of enterprises has a direct effect on the national competition. When enterprises develop sustainably, they will promote the development of social production, increase in social labor productivity and improve people’s lives.
Over the past 30 years of renovation, the competitiveness capacity of Vietnam has changed and improved gradually, but compared to the world and the ASEAN region, it remains low.
Good national competition will ensure to improve the business environment, increase competitiveness, to adapt to the new production in the 4.0 industrial revolution, helping the Vietnamese economy to develop stably firmly in a competitive environment.
In life, economic and health gains are not always equal. This is true for individuals but also for countries. While Vietnam has managed to contain the COVID-19 outbreak so far, its economy has been hurt in recent months.
The magnitude of the economic slowdown, a drop of almost seven percentage points, was equivalent to the one observed in most affected countries – except that Vietnam’s economy, like a healthier body, was in a better initial position to resist the pandemic.
Looking ahead, Vietnam’s economy remains vulnerable to new waves of coronavirus outbreak and, even in their absence, it could be stuck in what we can label as the “COVID-19 economic trap.”
In the immediate future, we believe that the Vietnamese economy will not be able to fully rely on its two traditional drivers of growth – foreign demand and private consumption.
Not only can this opportunity help Vietnam adapt its own economy to the new realities, but also inspire other governments in their efforts to define what will be the new normal in the post-pandemic world.
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