The plan, presented to the National Assembly’s Standing Committee on Thursday, focuses on 13 groups of measures, including restructuring state-owned enterprises, credit institutions and the stock market.
Truong Thi Mai, chairwoman of the legislative body’s Social Affairs Committee, said the plan does not spell out how the government will to fund the restructuring.
It is very important to know about the costs and what resources will be needed, she said.
During Thursday's meeting Mai said some countries have spent an amount equivalent to 10 percent of their gross domestic product on such efforts and called for the government to come up with a cost estimate and a plan to fund the reforms.
Nguyen Van Giau, head of the Economic Committee, said that because the country has limited financial and human resources, it is necessary to calculate costs for restructuring first and foremost.
Vietnam, which is striving towards an economic growth target of 6-6.5 percent in 2012, began to implement a series of measures early last year to restore economic stability. The economy expanded 4 percent in the first three months of this year – the slowest first quarter growth since 2009.
Phung Quoc Hien, chairman of the Finance and Budget Committee, said the new restructuring plan should be more focused. Instead of pursuing so many goals, the government needs to concentrate on economic stability and balanced structures for agriculture, industry and services, he said.
“Capital flows must be directed away from inefficient sectors via tax and monetary policies,” he added. Like us on Facebook and scroll down to share your comment