This morning (21/3), Conference on Policy Dialogue Towards a framework of macroeconomic policies for Vietnam in the medium and long term has attracted large number of leading experts in economic and foreign participate.

 

In his presentation, Dr Nguyen Duc Thanh, Director of the Center for Economic Research and Policy (VEPR) - the organization hosted the seminar was extracted from the research of Dr. Vu Thanh Tu Anh said, shortly both in the context of equitization pressure, the rate of turnover of 10 economic groups in Vietnam are still of the largest GDP in the world.

 

Dr Nguyen Duc Thanh, Director of the Center for Economic Research and Policy (VEPR) - photo: CN

 

particular, Vietnam's rate up to 37.3%, second only to South Korea before the crisis period, the rest are far beyond other countries.

 

Some other examples cited are China (9.4%), Taiwan (19%), Indonesia (25%), Brazil (8%), Argentina (11%) and Mexico (10%).

 

Meanwhile, in terms of the dispersion / concentration of state corporations, Vietnam is also classified as "champions". If in Vietnam, this score is only 6.4, Korea 1.7; of 2.1 Indonesia, the Philippines was 3.1, even China is only 2.3.

 

This, according to former Minister of Trade Truong Dinh Tuyen, a reality show that private sector also pinched and development conditions are still difficult.

 

The state agency group has created a huge shadow economy covered and apparently crept into every corner of life. In other words, the investment spread over many areas of many different industries sector of state enterprises is still a problem to be more interested.

 

With the large size and such but ICOR (coefficient of return from investment flows) of the state enterprise sector more than double the non-state sector, reflecting the low efficiency of investment.

 

These factors reduce the quality of investments, also inhibits economic productivity, a cause of economic instability.

 

And according to analysis by Dr. Thanh, this current creates a vicious circle. The investment will expand the distance stretched investment - savings, pulling credit expansion, inflation and lead to instability. Then, the stabilization policy was introduced, and distorting the issues revealed in the structure of the economy.

 

Restructuring: Still can not rush

 

However, despite recognition that reforming the state enterprise sector and more priority to the private sector is essential tasks but Dr Nguyen Duc Thanh also noted restructuring activities should be each step, can not "always and immediately" be.

 

The reform process will only succeed if the private enterprise sector has actually become more powerful, more mature. But in current conditions, the state still needed.

 

The comment was received sympathy chief economist of the World Bank said that the restructuring must be certain route, can not rush.

 

In the new online version this dialogue, the Minister of Planning and Investment Bui Quang Vinh to acknowledge the problem of "shared work" between private and public sector have also noted that, due to forces from No more human resources, should not what the State wants the private socialization can afford. The participation of private sector gaining an important position, but must also be gradual rather than immediate.

 

Currently, according to the Ministry of Planning and Investment, the proportion of public investment is declining and "room" for private sector is expanding. If during the period 2001 - 2005, the share of public investment accounted for 53.4% ​​of total social investment, the private sector accounted for 32.6% in 2011-2015, the expected proportion of the public would be reduced from 37-39% to the private sector contribution will increase to 45 - 46%.