Govt insists on macroeconomic stability, inflation control
The resolution sets out the major tasks and solutions to direct and administer the implementation of the socio-economic development plan and the State budget estimates for 2017.
Macro-economic stability, inflation control
The first tasks and solutions focus on macroeconomic stability, inflation control and growth, with the State Bank of Vietnam (SBV) playing an important role.
The SBV is required to regulate credit growth in line with the macro-economic situation, associated with improving credit quality and focusing credit on manufacturing and other priority areas. Interest rates should be kept stable and gradually brought down.
Besides, the central bank is asked to send the Prime Minister a scheme to lessen the holding of U.S. dollars and gold, and work out solutions to mobilize such resources into production and business.
The Ministry of Finance should adopt a tight fiscal policy and accomplish the government bond issuance plan without affecting deposit and credit growth.
The State budget spending should be minimized. Central and local authorities should cut down on regular expenses.
Productivity, competitiveness
The Ministry of Planning and Investment is requested to develop policies in favor of small and medium-sized enterprises, especially innovative startups with growth potential.
The Ministry of Science and Technology is tasked with studying the impact of the 4th Industrial Revolution on the economy of Vietnam and proposing measures to take advantage of opportunities from this process.
The Ministry of Finance, the Ministry of Natural Resources and Environment and the SBV should effectively carry out the preferential policies on taxation, credit, land and manpower.
Localities should set out objectives and specific measures to improve their Provincial Competitiveness Index (PCI) and Public Administration Performance Index (PAPI).
Further restructuring with growth model innovation
The resolution states that economic restructuring will continue in line with growth model change, focusing on three pillars – public investment, State-owned enterprises and credit institutions.
To restructure the sectors associated with growth model change, improvement of the economy’s productivity, efficiency and competitiveness, the Ministry of Agriculture and Rural Development should link rural economic development with new countryside construction, and make reasonable crop adjustments. The Ministry of Industry and Trade is required to develop a plan for in-depth development of industrial production.
Socio-economic breakthroughs
The next task is to promote the three breakthroughs in the strategy for socioeconomic development in 2011-2020: (i) focus on reforming and perfecting the socialist-oriented market economy; (ii) build a synchronous infrastructure system; and (iii) improve the quality of human resources.
The Ministry of Labor, Invalids and Social Affairs is assigned to reform the vocational education system by increasing autonomy and applying a mechanism for quality competition among training institutions.
Modern, professional public administration
The Government requests the Ministry of Home Affairs to further urge the implementation of the administrative reform plan for 2016-2020 and strengthen the inspection of administrative reforms in coordination with the Government Office and the Ministry of Information and Communications.
The information ministry should boost the application of information technology to administrative reforms.
Directive 26/CT-TTg dated September 5, 2016 that requires a strengthening of discipline at state administrative bodies at all levels should be properly enforced. Besides, the one-stop-shop systems at local administrative agencies should be effectively deployed under Decision 09/2015/QD-TTg.
