The decision was made regarding three areas that needed restructuring.
On October 10th, the 3rd plenary session of the 11th Central Committee of the Communist Party of Vietnam concluded after more than four days of work. The Politburo fully considered and addressed the issues on which there were differing opinions.
The Central Executive Committee has adopted the resolution of the conference.
In his closing remarks, General Secretary Nguyen Phu Trong stated that a very important new issue considered and decided upon at this Central Committee meeting was the restructuring of the economy in conjunction with the innovation of the growth model.
This is a very large and complex task, requiring synchronized implementation across all sectors and fields nationwide, and at each locality and grassroots unit, over many years. Over the next five years, focus should be placed on three key areas: restructuring investment with a focus on public investment; restructuring the financial market with a focus on restructuring the commercial banking system and financial institutions; and restructuring state-owned enterprises, with a focus on state-owned economic groups and corporations.
According to the 3rd Conference of the Central Committee of the Communist Party: Focus on developing state-owned enterprises in important sectors and fields that are key to the national economy.
In the photo: Pha Rung Shipbuilding Industry Corporation ( thuộc Vietnam Shipbuilding Industry Group - Vinashin) launches the bulk carrier Inlaco Express on September 6, 2011 - Photo: Tuan Phung
Don't let "special interest groups" dominate.
According to the General Secretary, restructuring investment, with a focus on public investment, can only succeed on the basis of continuing to innovate thinking and methods in building and organizing the implementation of annual and five-year socio-economic development plans to mobilize, allocate, and utilize most effectively, in the most reasonable order of priority, the resources of the State and society, domestic and foreign resources for development investment according to the plan.
Investment strategies, plans, and policies must have a long-term vision, free from short-term thinking, parochialism, achievement-oriented tendencies, subjective idealism, or group interests. Annual and five-year socio-economic development plans for 2011-2015 must concretize the goals, directions, and tasks set forth in the socio-economic development strategy and be closely linked to the strategies, plans, and development plans of sectors, fields, and regions, ensuring they are most appropriate to the national and global situation in each period.
It is urgent to review and adjust laws, policies, and mechanisms for managing investment in general and public investment in particular, especially regarding the decentralization of state management of budget revenue and expenditure and investment. It is also urgent to determine criteria and priorities as a basis for approving, rejecting, or cutting investment projects, especially public investment projects.
Addressing the issues of excessive development of economic zones, industrial parks, and industrial clusters, overexploitation of resources and minerals without adequate consideration of attracting businesses to invest, socio-economic efficiency, and environmental impact, as well as the approval of too many projects exceeding available resources, fragmented investment plans spanning many years leading to scattered investments, prolonged construction time, large construction debts, waste, losses, and low efficiency.
Mergers and consolidations of small commercial banks
To restructure the financial market, with a focus on restructuring the commercial banking system and financial institutions, it is necessary to innovate and improve the effectiveness and efficiency of state management over the securities market, real estate market, money market, especially the gold and foreign exchange markets, and overcome dollarization; strictly control public debt, bad debts of state-owned enterprises, foreign borrowing and repayment, foreign investment capital, especially investment in real estate, the securities market, and other hot capital sources; gradually reduce the proportion of capital provided for development investment from the commercial banking system; and improve the quality of banking services.
Restructuring the commercial banking system and financial institutions involves merging and consolidating small commercial banks and financial institutions to create a suitable number of large-scale, reputable, and soundly operating commercial banks and financial institutions that ensure liquidity and system safety.
State-owned enterprises must compete on a level playing field.
We are determined to put an end to the situation where state-owned economic groups and corporations invest extensively outside their core industries and business sectors before 2015.
Focus on developing state-owned enterprises in key sectors and fields that are crucial to the national economy, primarily in economic and technical fields related to socio-economic infrastructure, public services, and macroeconomic stability. Improve the institutional framework for managing state-owned enterprises, exercise the rights and responsibilities of the state as owner of state capital and assets in enterprises, and ensure transparency and accountability in finance.
Reforming the governance and operational mechanisms of state-owned enterprises by shifting towards organizing and operating under the model of joint-stock companies and limited liability companies in accordance with the provisions of the Enterprise Law, ensuring fair competition in the market.
We are determined to preserve 3.8 million hectares of rice-growing land.
To ensure food security while protecting the ecological environment, it is necessary to continue promoting the implementation of the Resolution of the 7th Central Committee Conference (10th term) on agriculture, farmers, and rural areas; resolutely maintain 3.8 million hectares of rice-growing land; and have a reasonable budget allocation policy for the delta region, especially the Mekong Delta, so that these regions can focus on producing and processing rice and other agricultural products and foodstuffs to meet domestic and export needs...
According to VNA
