Hanoi (VNA)𒊎 – The economic restructuring plan in the 2021-2025 period aims to create changes in the growth model towards higher productivity, quality, competitiveness and the adaption capacity of the economy, according to Deputy Minister of Planning and Investment Tran Quoc Phuong.

Presenting the plan at a meeting of the National Assembly’s Economic Committee, Phuong said that in the next five years, the ministry will focus on short-term, urgent and effective measures to minimise negative impacts on and quickly recover the economy.

Great challenges

Phuong said that the economic restructuring plan in the 2021-2025 period has been built in the context of complicated COVID-19 pandemic developments that have caused severe impacts on the economy and resulted in various difficulties and challenges. However, the official held that Vietnam is eyeing opportunities and challenges, requiring the country to apply drastic measures to restructure the economy in the 2021-2025 period to overcome all challenges, make full use of opportunities, promote faster and more sustainable recovery to reach development targets. The plan focuses on major tasks including fixing shortcomings, completing the restructuring of the major economic sectors and giving new solutions to optimise opportunities and settling strategic issues for fast and sustainable development in the new situation. “Restructuring the economy should be considered the key and thorough task that must be implemented comprehensively among sectors and areas as well as central agencies and localities. This is a necessary step towards the reform of the growth model in deeper direction,” said Phuong.

Maintaining, strengthening macro-economy

On this foundation, the Deputy Minister said that the economic restructuring should be conducted in an effective and practical manner basing on the reinforcing and maintaining of marco-economic stability, flexible governance and efficient coordination of fiscal and monetary as well as other macro-economic policies. It should also match the conditions and development level of each locality, he said. Alongside, the work should be associated with the implementation of strategic breakthroughs and major tasks set in the 13th National Party Congress’ Resolution, thus promoting the reform of the growth model, said the official. He stressed the need for the completion of the institution, digital transformation, innovation, fostering the connectivity among regions as well as between urban and rural areas, and promoting the driving role of key economic regions.

Better international integration needed

In order to strengthen the resilience of the economy, Deputy Minister Phuong stressed the need to mobilise, allocate and use resources for development in an effective manner, with the combination of internal and external resources. Vietnam should make better use of benefits from international integration, while enhancing its role in the global economic chain, strengthen internal strengths and developing domestic businesses, heading to the mastering of science and technologies. Particularly, economic development should be associated with the growth of socio-culture, environment protection, climate change response and the ensuring of defence and security, he said. He underlined that the major target of the plan is to create obvious changes in the growth model on the foundation of higher productivity, quality, competitiveness, efficiency of the use of resources, self-control and adaption capacity of the economy, heading to a science-technology and innovation-based economy and ensuring fast, sustainable and harmonious development. At the same time, the economic restructuring plan also targets macro-economic stability, creating policy space and mechanisms for the flexible adjustments to effectively respond to fluctuations outside and inside the country, he said. Furthermore, the formation of a proper economic space and the upgrade of the value chains of sectors and improvement of the internal strength of the national economy as well as domestic enterprises, along with the speeding of digital transformation and he building of digital economy, digital government and digital society are also among targets of the plan, he underlined./.