Investment restructuring - key to successful economic shift

 Vietnam should boost its economic growth through investment restructuring, as well as its business and financial markets, said Deputy Prime Minister Vu Van Ninh.

Mr Ninh made this suggestion on October 18 at a seminar in Hanoi on Vietnam’s response to current global economic issues. 

He said that Vietnam has taken many measures to overcome the negative impacts of the world’s economic downturn since 2008. However, the country still faces numerous difficulties in dealing with inflation and high interest rates.

Delegates at the seminar raised concerns about imbalances in Vietnam’s investment structure, which relies a lot on the private sector and foreign investors..

Many experts agreed that it is necessary to reconsider investment projects to avoid inefficiency and waste.

They stressed the need to issue laws on public investment and give priority to key national projects. Strict monitoring and inspections should be imposed on projects receiving investment from the State budget.

According to the Central Institute for Economic Management (CIEM), in the 1995-2010 period the State economic sector consumed 60 percent of the country’s total investment, which was more than its contribution to the GDP, while the non-State sector only accounted for a fifth to a third of the investment proportion.

(VOV)

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