About $US 480 billionis saving for investment resources

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To unleash the social resources for development investment, the need to create a favorable business environment, transparent, liberal is required. Photo: Hoai Anh.

More than $US 480 billion: general mobilization of resources

According to the economic restructuring plan in 2016-2020, the Government has identified the overall objective of the plan to implement the restructuring of the economy associated with the growth model transformation, focusing on improving the efficient allocation and the use of development resources, thereby changing the structure and qualification of the economy, forming a more rationaland dynamic economic structure, with higher productivity, greater competitiveness also bigger potential for growth and ensure green, clean and sustainable growth.

Another issue attracting the attention of public opinion and experts in recent days is a matter of mobilizing resources to implement restructuring in order to achieve the above objective. The fact that we need more than $US 480 billionto restructure the economy has caused public concern and worry, this is due to the difficult situation of the State budget in the current period. However, in fact, the mentioned resource will not invest for only the restructuring scheme.The leaders of the Ministry of Planning and Investment and the representative ofCentral Institute for Economic Management (CIEM), the agency which drafted the restructuring scheme, explained that more $US 480 billion to implement economic restructuring is essentially within the framework of the general resource mobilization of the economy for 2016 to 2020.

Dr. Nguyen Dinh Cung, president of CIEM said, according to the Resolution on social and economic development plans in 2016 - 2020, the total amount of social mobilization accountsfor 32-34% of GDP for this period. Meanwhile, with the GDP growth target of 6.5%/yearon average, the scale of calculated GDP in this period will be around 30 million billion VND in 5 years. Thus, the total investmentof the whole society is 33-35%, and the amount of mobilizedresourcesto invest forsocial and economic development is more than 10 million billion VND.

Assessing more than $US 480 billion which is mobilized for development and economic restructuring, Mr. Le Dang Doanh, an economic expert said, this is the synthesis number of a processes rather than the source within a certain time. He emphasized that this is the problem of restructuring, it means changing, reallocation of funds, which the Government expects to collect from divestment of State-owned enterprises, as with Sabeco, Habeco and some other enterprises.

Government will invest 1/3

According to the Minister of Planning and Investment Nguyen Chi Dung, the resources of the country must be balanced in order to mobilize more than $US 480 billion, therefore, it must mobilize the resources of the society and not insist on budget issues, because it will be impossible to do if counting on the State budget. The head of the Ministry of Planning and Investment said that, of more than $US 480 billion mobilization investment,the Government is expected to take on a third, and the rest will have to be mobilized from other social resources, such as foreign investment and investment from the private business sector. Minister Nguyen Chi Dung also added, all resources will be incorporated in the plan from now to 2020, in there, medium-term public investment plans in the next 5 years has integrated and calculated 2 million billion VND. This is part of the more than 10 million billion VND for restructuring and this is also the resources of the State involved.

Thus, besides one third of the resources which will be invested by the Government, approximately 7 million billion VND remaining will rely on the mobilization of social resources.

Given that we have currently removed many procedures, but the procedures are not yet effective, so in order to prove the resources of the private business sector to invest in economic development, economic expert Luu Bich Ho stressed that, the changes of the business environment and institutions must diffuse to subordinates, enterprises, people, to have more priority and incentives for the private business sector in order to attract new resources in this area.

On this issue, representatives of the Ministry of Planning and Investment said, to clear off these vital resources, first of all need to create a favorable business environment, transparent and clear to people who are willing to spend money to invest safely, effectively, this is the most important thing. Also we need to create the confidence for the people in the development of the country, so that people feel secure to invest and do business. "

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Resources are important, but the reality of the development of Vietnam's economy in recent years shows that resource mobilization is not the most important thing and not too difficult to restructure on the next phase,what is important is that the resources can be allocated and used effectively. In this sense, Dr. Nguyen Dinh Cung said that the urgent problem currently is not where the resources are, but how are we goingto restructure the economy. Stressed the need to restructure the asset portfolio of the Government, such as the Government should sell the capital of Vinamilk, take that money to invest in the Long Thanh airport, he believe that if doing so we will not only have more resources for investment but also clear off the flow of capital in the economy. "The essence of economic restructuring is to make the resources more efficiently, rather than give more money to impulse the growth. That is the main approach of the project of economic restructuring ", Dr. Nguyen Dinh Cung affirmed.