Vietnam Needs $480 Billion for Economic Restructuring: Minister

Tuan Minh

16:27 21/10/2016

BizLIVE - Vietnam needs around $480 billion to reshuffle its economy in the upcoming five years.

Vietnam Needs $480 Billion for Economic Restructuring: Minister

Minister of Planning and Investment Nguyen Chi Dung. Photo: VnExpress

Vietnam will need 10,567 trillion dong (roughly $480 billion), more than twice its annual gross domestic product (GDP), for the overall economic restructuring from now to 2020, Minister of Planning and Investment Nguyen Chi Dung has said.
In a report at the opening of a month-long plenary session of the National Assembly, the country’s parliament, on October 20, Minister Dung did not specify the sources of the needed capital.
A part will come from the state budget in some cases to revamp the economy, especially in handling weak banks and bad debt, he said.
The government will focus on ten major tasks in the coming five years, with the top priority given to improving the business environment and supporting private companies.
The other tasks include the revamp of the state-run sector, the financial market, the modernization of zone planning, and the restructuring of production factors (which embrace the land use right market, the labor market and the science-technology market).
A task force will be set up to implement the economic restructuring in the 2016-2020 period.
The government has aimed at a GDP growth pace of 6.7% in 2017, higher than 6.3%-6.5% predicted for this year. 

TUAN MINH

Từ khóa: GDP, economic growth