Vietnam - PM resolves to speed up public investment reform

(VOV) - The government is making every effort to restructure public investment to stop scattered investment and waste, Prime Minister Nguyen Tan Dung assured the National Assembly on November 25.

Every project getting off the ground will be strictly monitored to ensure it is worth every penny, said Mr Dung.

All ministries, agencies, cities and provinces must keep a close watch on project implementation and appropriately handle any violations, he said.

He reiterated the government’s determination to restructure State-owned enterprises (SOEs) with the aim of improving their operational efficiency.

SOE restructuring plays a very important role in the overall economic restructuring master plan, the government leader told the legislature.

The PM said the government will accelerate the SOE equitisation process to make State businesses healthier and more efficient. It will only keep the status quo for several SOE businesses.

He went on to say that the Government will maintain the State ownership in equitised businesses, set up criteria for personnel appointment, keep their operations transparent and treat all businesses on an equal footing basis.

Mr Dung also vowed to take measures to bring the current inflation rate down to a single digit number in 2012 to stabilise the macro economy.

To iron out snags in business production, he said the government will introduce preferential credit policies for small- and medium-sized enterprises, extend the deadline for corporate income tax, and expand domestic and overseas markets.

He said the government will also increase investment in agricultural and rural development programmes. About VND181 trillion was allocated for these programmes in the 2004-2008 period and the figure amounted to VND380 trillion from 2008-2012.

However, such capital allocation does not match the position and role of agriculture, stressed the PM.

Mr Dung also spoke of the government’s determination to reduce traffic accidents and generate new jobs. Accordingly, he proposed that the National Assembly approve a resolution on reducing traffic accidents and congestion to create high consensus in the entire political system and among people of all social strata.    

He said the government strives to create 1.6 million new jobs and accelerate poverty reduction projects in 2012.

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