The Ministry of Planning and Investment has proposed criteria for monitoring and evaluating the efficiency of economic restructuring and growth model renewal in the 2016 to 2020 period.

Seventy-six criteria were proposed to evaluate macro- and socio-economic stability and the results of five key tasks in Viet Nam’s 2016-20 economic restructuring plan.

Nine of the criteria measure the economic situation. Twelve are to be used to evaluate the restructuring of public investment, State-owned enterprises and credit institutions. Six are for the restructuring of the State budget and the public sector. Nine are for the development of the private economic sector and foreign direct investment. 25 are for modernising structures of industries to enhance productivity, quality and efficiency in line with promoting international integration, and 15 are for the development of financial, land, labour and science and technology markets.

The ministry said it was pressing to raise the criteria for evaluating the efficiency of economic restructuring to figure out measures to enhance the competitiveness of the economy in the new period.

The ministry pointed out that the current growth model, which was based on investment and the mining industry, presented some limitations. Several industries contributed to economic growth but generated low added value, while competitiveness remained weak and labour productivity low.

Dinh Trong Thang from the Central Institute for Economic Management said experiences from other countries like Canada, Portugal and Singapore showed that the use of criteria to evaluate economic restructuring helped tackle difficulties and create favourable conditions for businesses.

At an August meeting of the National Steering Committee on Restructuring the Economy and Renewing the Growth Model, Prime Minister Nguyen Xuan Phuc asked the Ministry of Planning and Investment to raise detailed measures to improve efficiency and find new drivers for growth in the next period.

The evaluation would make the economic restructuring and the renewal of the growth model more efficient to create breakthroughs in enhancing productivity and competitiveness. Phuc said at the meeting that this was decisive in developing the economy towards sustainable development, adding that the country needed high growth to boost the scale of the economy, generate jobs and accumulate resources for future growth. — VNS