Vietnam needs around US$ 50 billion of capital to conduct the economic restructuring over the next five years, said Minister of Planning and Investment Nguyen Chi Dung.

Minister Dung made the announcement yesterday in Ha Noi while delivering a Government report on the economic restructuring plan during the 2016-2020 period.

The plan has an overall target of restructuring the economy linked to the shifting of growth model, focusing on improving the effectiveness of the distribution capacity and use of development resources, through which a more reasonable and dynamic economic structure with higher productivity, stronger competitiveness, bigger growth potential and ensuring sustainable, clean and green growth will be achieved.

The restructure will focus on developing the domestic private sector and foreign direct investment attraction; restructuring the State sector; restructuring the finance market; modernizing the planning of economic sectors and economic regions towards increasing productivity, quality, efficiency in connection with promoting international integration; and restructuring the markets of important products, including the land use rights market, labor force market and science and technology market.

To achieve the targets, the plan put forth key tasks, including improving the business environment and supporting the development of the private sector; resolutely equalizing and withdrawing State capital from non-core business linez following approved plans; completing public investment mechanism; restructuring agencies providing public services; speeding up the handling of bad debts; expanding the scale, number and quality of investors and products and improving the efficient operation of  the securities market; modernizing planning tasks; encouraging the expansion of safety standard production models to ensure quality of farm products; and developing and restructuring prioritized economic sectors.

VGP