Legislature approves resolution on restructuring economy

VGP – The National Assembly on Tuesday approved the Resolution on restructuring the economy with a view to accelerating the development of strong private economic groups and small and medium sized enterprises

November 08, 2016 6:42 PM GMT+7

Under the Resolution, Viet Nam will focus on completing the restructuring of public investment, State-owned enterprises, and credit institutions before 2019.

State budget will also be restructured to ensure safety of public debt and national financial system. The National Assembly sets the target to lower budget overspending to below 3.5% of gross domestic product (GDP).

The Legislature capped the public debt at 65%, Government debt at 54%, and foreign debt at 50% of the GDP.

Foreign-funded projects will be selective to guarantee environmental protection.

The country will foster linkages between domestic and foreign-funded businesses.

By 2020, the real non-performing loans will be brought down to less than 3% and the stock market capitalization is expected to reach 70%./.

By Thuy Dung