The Government has issued Resolution 01/NQ-CP detailing key tasks and measures to realize the socio-economic development plan and State budget estimate in 2017.

The Government tasked ministries, agencies, sectors, and enterprises to uphold the theme “Strengthening disciplines, raising responsibilities, nurturing creativity, robust and sustainable growth.”

Stabilizing macro-economy and controlling inflation

The Resolution looked to stabilize the macro-economy and control inflation. The Government tasked the Ministries of Planning and Investment, Finance, Industry and Trade, Foreign Affairs, and the State Bank of Viet Nam to keep a close watch on domestic and foreign economic, trade, and financial situations for active and timely measures; control inflation; stabilize macro-economy; and boost growth.

The SBV was entrusted to work with other ministries, agencies, and localities to regulate the monetary policies in a flexible and active manner; combine with fiscal and other policies to rein in inflation; stabilize macro-economy, and promote growth; timely propose measures to the Government and PM in response to new developments in the domestic and world markets. The SBV is also in charge of managing the foreign currency and gold markets; submitting a project on prevention of dollarization and goldenization (or reversion-to-gold).

The Ministry of Finance was asked to conduct close and active fiscal policies in accordance with the monetary policies to stabilize the macro-economy and control inflation; work with other ministries, agencies, and localities to exercise thrift practice; and monitor State budget spending.

Raising productivity and competitiveness

The Government tasked the Ministry of Planning and Investment to work with the Ministries of Industry and Trade, Science and Technology, relevant ministries, agencies, and localities to compose and perfect supportive policies on SMEs, especially those which encourage business start-up, innovations, and competitive advantages.

The Ministry of Science and Technology was asked to work with related ministries, agencies, and localities to research on the fourth industrial revolution and propose mechanisms and policies to optimize the revolution and report to the PM in Q1, 2017.

The Ministries of Finance, Natural Resources and Environment, and the SBV were asked to work with other ministries, agencies, and localities to conduct incentive policies on tax, credit, land, and human resources with a view to spurring high-tech applications; developing auxiliary industry; encouraging agriculture and production, hi-tech farming; and supporting SMEs.

Ministries, agencies, and localities were asked to implement the Government’s Resolution on the action program to implement the 12th Party Central Committee’s Resolution on several major policies and guidelines to continue renewing growth model; improving growth quality, labor productivity and economic competitiveness; the National Assembly’s Resolution on economic restructuring plan in the 2016-2020 period; and strive to improve the business environment at the average level of the ASEAN-4.

Restructuring economy and renovating growth modal

The resolution targets to restructure the economy and renovate the growth modal by reshuffling public investment, SOEs, and credit institutions; State budget, public debt, and public units; sectors and fields in line with the new growth modal, higher labor productivity, competitiveness; boost trade promotion; open export markets; and develop the domestic market.

Three strategic breakthroughs  

The document also stipulates three strategic breakthroughs on socio-economic development in the 2011-2020 period: (1) reforming and perfecting the socialist oriented market economy; (2) building a synchronous infrastructure system; (3) raising manpower quality.

Building modern and professional administration

The Ministry of Home Affairs was assigned to cooperate with other ministries, agencies, and localities to speed up the implementation of the Plan on State administration reform in the 2016-2020 period; research, amend, and supplement administrative reform indexes for ministries, ministerial-level agencies, and the municipal and provincial People’s Committees.

VGP