Three strategic breakthroughs for socioeconomic development in 2018

The government's new resolution sets out the major tasks for the year ahead

On January 1, 2018, the government issued Resolution No.01/NQ-CP on major tasks and solutions guiding the implementation of the 2018 socioeconomic development plan and the state budget estimate.

To implement these measures successfully, the government set out the slogan “Discipline, integrity, action, creativity, efficiency.”

The directions will focus on strengthening macroeconomic stability, implementing strategic breakthroughs effectively and practically, and restructuring the economy in line with innovating the country’s growth model. Additionally, they will target improving productivity, quality, efficiency, and competitiveness. Moreover, innovation, startups, enterprise development, and economic growth will also be promoted.

Three strategic breakthroughs

The government determined to focus on three strategic breakthroughs. Particularly, it is necessary to fine-tune the legal system in combination with law enforcement. Documents guiding and detailing laws and resolutions need to be completed and promulgated in time, reducing the arrearage of legal documents.

Specific legislative drafts need to be prepared carefully before submitting to the National Assemby’s 2018 sessions. They include the Law on Special Administrative-Economic Zones, the law amending and supplementing a number of articles of the Public Investment Law, as well as laws revising regulations related to land, construction, houses, investment, business, and specialised inspections, among others.

Besides, laws on investment in general and public investment as well as public-private partnerships (PPP) in particular will continue to be revised and introduced in order to mobilise and effectively use resources for development.

Human resources need to be improved, focusing on high-quality human resources by promoting the private sector to take part in training. Network re-planning, university autonomy, and improving the quality of human resources will be carried out synchronously.

The government aims to construct a synchronous and effective infrastructure system and will focus on reviewing, building, revising, and introducing the infrastructure master plan by 2020 with vision to 2030. It is necessary to develop a reasonable mechanism and policy to encourage economic sectors to take part in developing infrastructure, the power network, irrigation, and climate change mitigation.

Laws and policies on PPP need to be completed. The shortcomings of the PPP format need to be fixed. BOT contracts and BOT toll stations will be reviewed and inspected in order to ensure transparency, harmonise the benefits among the state, enterprises, and the people, and to select investors with financial and technical capabilities.

Major projects and essential large-scale works need to be accelerated, such as the North-South Highway, Long Thanh International Airport, seaports, and power and energy projects. Additionally, Cat Linh-Hadong Urban Railway, Ben Thanh-Suoi Tien Metro, the northern and southern coastal corridors. Additionally, the government called to speed up projects connecting certain roads under the East-West and Trans-Asia corridors.

Approaching Industry 4.0

The institutional system on the development and application of science and technology, information technology and communications, as well as education and training need to be completed to approach Industry 4.0 in order to raise the productivity, quality, and competitiveness of the economy.

It is necessary to strengthen research and forecasts on labour demand in line with Industry 4.0 by increasing the scale of high-quality training programmes in technology and some labour-intensive sectors.

Vocational education institutions need to be reviewed and their management renovated. Additionally, the effectiveness of vocational education needs to be improved, strengthening vocational consultancy, employment, and offering startup training.

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