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Vietnamese party chief mentions new growth model

Xinhua, October 10, 2016 Adjust font size:

Communist Party of Vietnam Central Committee (CPVCC)'s General Secretary Nguyen Phu Trong on Sunday said here that the party should define new growth model Vietnam will build in the coming years.

At the 4th plenary meeting of the 12th CPVCC, which opened on Sunday, Trong stressed that the plenum should define clearly which growth model Vietnam should strive to build and how it is different from the current model, Vietnam News Agency reported.

A roadmap for the next 5-10 years should be drafted, along with a vision to 2030, he said, particularly pointing to policies and measures to promote science and technology, improve workforce quality, effectively mobilize social resources, especially from the private economic sector, the concentration of land, and measures to solve bad debt and weak commercial banks.

Trong said more focus should be given to the control of public and bad debts; the restructuring of state budget, public investment, state-owned enterprises, and commercial banks; as well as improvement of business and investment environment.

According to the Party leader, a report and a plan submitted to this plenum have presented an overview of the reform of the growth model in combination with economic restructuring in the country over the past years, which comprises seven outcomes, six shortcomings, three major causes and five lessons. The documents also outline the viewpoints and orientations for major policies on this issue in the time ahead.

Regarding international economic integration, Trong acknowledged new steps forwards such as the signing of many new-generation free trade agreements (FTAs), adding that the establishment of the ASEAN Economic Community, the enforcement of FTAs with South Korea and the Eurasia Economic Union, and the signing and upcoming ratification of the Trans-Pacific Partnership (TPP) and the FTA with the European Union will bring many opportunities and advantages along with new challenges in terms of not only economics but also national defense, security, external relations, culture and social affairs. Endit