Resolution No. 86/2014/QH13 dated November 28, 2014 of the National Assembly on further increasing the effectiveness of the economic restructuring in public investment, state enterprises and banking system
THE NATIONAL ASSEMBLY
THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
On further increasing the effectiveness of the economic restructuring in public investment, state enterprises and banking system
THE NATIONAL ASSEMBLY OF
THE SOCIALIST REPUBLIC OF VIETNAM
Pursuant to the Constitution of the Socialist Republic of Vietnam;
Pursuant to Law No. 05/2003/QH11 on Supervisory Activities of the National Assembly;
Pursuant to the National Assembly’s Resolution No. 47/2013/QH13 of June 20, 2013, on the National Assembly’s 2014 supervision program;
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Considering the National Assembly Standing Committee’s Report No. 760/BC-UBTVQH13 of October 27, 2014, on results of supervision of the economic restructuring in public investment, state enterprises and banking system under the National Assembly’s Resolution No. 10/2011/QH13 of November 8, 2011, on the five-year 2011-2015 socio-economic development plan; the Government’s Report No. 428/BC-CP of October 17, 2014; and opinions of National Assembly deputies;
Over the past three plus years, the economic restructuring has recorded initial outcomes, affirming the sound and timely policy of the Party and the State on economic restructuring. The formulation of restructuring plans and the legal system has raised the awareness and the sense of responsibility, laying important grounds for directing the restructuring. The allocation of state budget and government bond capital sources has focused on important and urgent projects and effective ongoing projects. Mobilized private and foreign investments in public investment projects have increased in the construction of transport infrastructure. State enterprises continue to be arranged, strengthened and renovated to focus on their core business lines. Their equitization and divestment of capital invested in non-core business lines have recorded positive results in 2014. Credit institutions have improved their solvency; the system safety has been ensured; and the handling of non-performing loans of commercial banks has achieved initial outcomes. The results of restructuring the three key fields have comprehensively impacted the socio-economic situation and growth, created jobs, reduced poor households, and increased income. The scientific and technological potential has been further promoted in terms of both physical facilities and human resources.
However, the restructuring process has revealed a clearer picture of the actual economic situation. The new growth model has not yet been shaped. The relationship between the restructuring of the three key fields and that of the whole economy has not yet been exhaustively defined. The supporting industry has not yet met requirements, while the manufacturing industry develops slowly and the assembly industry still makes up a large proportion. No breakthrough and comprehensive solutions have been identified yet to make full use of the advantages of agricultural production. The competitiveness of the economy has improved slowly. The rate of trained laborers remains low compared with the demand of the economic restructuring. Policies are not strong enough to attract resources from the private sector and foreign investors to invest in the public sector. Investment in high technology and other industries that are able to lead the economic restructuring toward modernity has not yet met requirements. The restructuring of state enterprises remains slow and sees no breakthroughs. The assignment, decentralization and delegation in the exercise of the rights and performance of the tasks of owners and representatives of state owners remain overlapping, and business administration is slow to renovate. Some measures supporting the restructuring of credit institutions and the handling of non-performing loans prove to be ineffective and some have not been closely combined with measures to restructure state enterprises and public investment. The handling of cross ownership and cross investment in the credit institution system remains slow.