Promoting economic restructuring associated with growth model innovation

Reviewing and assessing the implementation results of Resolution No. 31/2021/QH15 dated November 12, 2021 of the National Assembly on the Economic Restructuring Plan for the 2021 - 2025 period, Chairman of the Economic and Financial Committee Phan Van Mai suggested that the Government should continue to promote economic restructuring associated with innovation of the growth model towards green, digital and sustainable growth.

Clearly assess the impact of failing to meet certain targets

Presenting the report on the review and assessment of the implementation results of the National Assembly's Resolution on the Economic Restructuring Plan for the 2021 - 2025 period, Chairman of the Economic and Financial Committee Phan Van Mai said that the Government has demonstrated determination and unity of action throughout the political system, closely following the orientation of Resolution No. 31/2021/QH15, concretized by Resolution No. 54/NQ-CP of the Government with 15 major policy groups, 102 specific tasks and projects, clearly assigning responsibilities to ministries, branches and localities.

Chairman of the Economic and Financial Committee Phan Van Mai presents the audit report. Photo: Quang Khanh

The Chairman of the Economic and Financial Committee emphasized that the implementation of the five key tasks of economic restructuring in the 2021-2025 period has achieved more positive and comprehensive results than in the previous period. The results achieved show that the economic restructuring process in the 2021-2025 period is changing substantially, comprehensively and more synchronously between regions, fields and areas; the efficiency of resource allocation and use is improved; new growth drivers are gradually formed, contributing to consolidating a stable macroeconomic foundation, enhancing the autonomy, resilience and competitiveness of the economy.

In addition to the achieved results, the implementation of economic restructuring in recent times has also faced a number of difficulties and challenges. Specifically, of the 27 targets under Resolution No. 31/2021/QH15, only 10 targets are expected to be achieved, 13 targets are difficult to complete (of which 9 targets are difficult to achieve, 4 targets are not achieved), focusing on target groups on growth quality, labor productivity, market development, enterprises and innovation. The Economic and Financial Committee recommends that the Government clearly assess the impact of not completing these targets on the overall results and effectiveness of the Economic Restructuring Plan for the 2021 - 2025 period, and at the same time draw lessons to identify strategic solutions for the 2026 - 2030 period, ensuring the inheritance of results and thoroughly overcoming current shortcomings.

Innovating the growth model towards green, digital and sustainable direction

The Chairman of the Economic and Financial Committee observed that the growth model is slow to transform, still mainly relying on capital and labor, while sustainable driving forces such as innovation, science, technology and knowledge economy have limited contributions, making it difficult for the growth model to shift in depth, facing the risk of being stuck in the middle-income trap. Labor productivity improves slowly, with an average of only 5.24% per year in the 2021-2025 period, much lower than the target of 6.5% and significantly lower than other countries in the region.

Delegates attending the meeting. Photo: Quang Khanh

The economic structure has shifted slowly, and added value is still low. The proportion of agriculture in GDP has decreased but is still high, while the processing, manufacturing, and high value-added services industries have not developed proportionately, mainly relying on processing and assembly. The supporting industry has developed slowly, with a localization rate of only about 36.6%, showing that domestic enterprises have not participated deeply in the global value chain. Agriculture has been slow to shift from "production" to "agricultural economy", added value is still low, and the development of post-harvest processing and preservation industries has not met requirements.

The development of various markets is still not synchronous and lacks depth. The financial and banking markets face a number of potential risks, with bad debts concentrated in the real estate and construction sectors, which are industries that use large amounts of capital, have long cycles, and are slow to recover. The development of the science and technology market is not commensurate, the allocation and use of resources is still limited, and the proportion of state budget expenditure for science and technology in the 2021-2025 period has not met requirements.

In addition, the internal capacity of the private and collective economic sectors is still limited, small in scale, lacking value chain linkages, while the attraction and diffusion from the FDI sector has not met expectations. The progress of equitization and divestment of state-owned enterprises is still slow. The space for regional economic development is still scattered, lacking centers, growth poles and value chains with international competitiveness.

Delegates attending the meeting. Photo: Quang Khanh

The Economic and Financial Committee recommends that the Government assess and clearly identify the causes and level of impact of these restrictions on the overall effectiveness of the Economic Restructuring Plan for the 2021-2025 period, as a basis, drawing lessons and orienting the next phase.

Regarding the implementation orientation for the last months of 2025, the Economic and Financial Committee basically agreed with the 5 groups of solutions stated in the Government's Report and emphasized that, in the context of the world economy still having many fluctuations, it is necessary to continue to prioritize strengthening macroeconomic stability, ensuring major balances, maintaining policy space, while promoting economic restructuring associated with innovation of the growth model towards green, digital and sustainable, creating a solid foundation to complete the goals of the 2021 - 2025 period and shaping new growth drivers for the 2026 - 2030 period.

Source: https://daibieunhandan.vn/day-manh-co-cau-lai-nen-kinh-te-gan-voi-doi-moi-mo-hinh-tang-truong-10391111.html