Phuc said at a conference on Wednesday that renovation, although difficult, is vital, especially for the MPI, which is in charge of compiling the economic restructuring project.

“More than anyone, the MPI must pioneer the process of restructuring,” Phuc said, stressing the role of the ministry as a chief economic architect.

As the economy had made a drastic transition to a market-based model, planning must be based on the spirit of creating a dynamic Government, not for convenience in management.

“The planning must be in the national interest and eliminate special interest groups. Short-term benefits could not conflict with long-term strategies,” Phuc said. Accordingly, in planning, the ministry must listen to contributions and comments from experts, citizens, businesses, and private and foreign investors.

Phuc cited statistics that State investment accounted for more than one third of total investment in the economy – an unreasonable proportion, which might lead to wastage of resources.

The MPI should be the chief architect of the economy, who can develop the best design with limited resources, Phuc said, adding that the policies should aim at better raising social resources, which remain largely untapped.

Phuc stressed that investment and planning must promote inclusive growth.

MPI Minister Nguyen Chi Dung said that the Vietnamese economy was forecast to face a number of difficulties in 2017, with unpredictable impacts from the global economy.

The ministry said that it would improve the quality of macro-economic analysis and forecast which would serve as a base for policy making.

In addition, focus would be given to completing laws, especially the Law on Planning, and the Law on Supporting Small- and Medium-sized Enterprises.

Director of the Central Institute for Economic Management Nguyen Dinh Cung said that the new planning and investment policies were expected to be wind of change and remove existing barriers to economic development.

The Government should have policies to encourage the application of science and technology in production, said Bui Tat Thang, Director of the Development Strategy Institute.

The stability of the macro-economy was maintained last year, with 12 out of 14 indicators meeting or exceeding targets, together with an improved business environment, the ministry said.

On the same day, the Party Central Committee’s Economic Commission also organised a conference to review results from 2016 and implement tasks for 2017.

The commission said it would keep a close watch on developments of the global economy, which is anticipated to continue its slow recovery, while the country integrates more deeply through a number of new-generation free trade agreements. — VNS