The Vietnamese government recently crafted an action program for the Southeast Asian nation’s socioeconomic development for the period 2016-2020.
The action plan, contained in Resolution 63/NQ-CP, sets out to realize Resolution 19-2016/NQ-CP, dated April 28, 2016, calling for concrete measures to improve macroeconomic stability by restructuring the economic growth model, promote a more conducive business climate, encourage a highly competitive industrial sector, and heighten financial security by overhauling the financial market.
It also spells out specific steps to accomplish the mandate of Resolution 35/NQ-CP, dated May 16, 2016, to support the development by 2020 of local enterprises, said a report from VGP News.
Among the particular moves outlined include reviewing and updating state mechanisms and policies toward a better business environment and greater business freedom; and initiating a slew of processing and administrative reforms for transactions involving land, investments, construction, and the environment.
The new development plan also targets inflation control as a means to stabilize the economy and support financial security. Moreover, it will adopt active and flexible monetary policies, regulate exchange rates according to market mechanisms, prevent “dollarization” and “goldenization,” as well as act on non-performing loans. Public debts will be restructured and the sale of shares of state-owned enterprises fast-tracked to bolster growth.
The action plan will likewise look at ways to raise economic productivity and efficiency. It also intends to draft a resolution to remove taxation difficulties for the business sector in 2016, resolve the issue of overdue tax debts, cut corporate income tax for small and medium enterprises, and reduce personal income tax for workers in the IT and agricultural sectors.
Creating the best conditions for private investors is also a key priority under the new action program. The government will supervise the granting of investment licenses to foreign investors to ensure that everything is above reproach, strengthen dialogues with business circles on dismantling obstacles to the entry of foreign players, and make more attractive the country’s investment policies.
Photo: Dinkum
