A national steering committee for economic restructuring should be founded to accelerate the efficiency of the economic overhaul process, the Central Institute for Economic Management (CIEM) proposed at a workshop held on Friday in Ha Noi.

The steering committee would focus on speeding up restructuring and improving economic productivity, CIEM said.

Dinh Trong Thang, Head of CIEM’s Investment Policy Department, said that the State now manages assets worth about US$600 billion, half of which are controlled by State-owned enterprises (SOEs) while the rest is land, transport infrastructure and minerals, each estimated at $100 billion.

Thang said that during 2016-20, economic management policies should focus on increasing productivity towards prosperity and improving social welfares.

The Government needs more measures to improve competitiveness, capacity, transport infrastructure and human resources while cutting costs through simplifying administrative procedures and land fees as well as gradually cutting interest rates, said Thang.

Thang stressed that a steering committee to guide comprehensive restructuring was necessary.

All ministries and State management agencies must be accountable for their restructuring efforts and results to the steering committee.

Economic expert Bui Trinh said that the economic structure of Viet Nam had issues in all sectors, which required a comprehensive and synchronous overhaul.

Trinh added that economic restructuring must prioritise protecting the environment for sustainable development.

The Government’s restructuring plan for 2016-20 set goals to renovate the growth model, improving growth quality, productivity and competitiveness.

Restructuring priorities were given to developing the private economy, restructuring SOEs, public investment, State budget and public services, restructuring the financial market, restructuring major markets (land, labour and science and technology) and modernising economic zones. — VNS