Australia supports economic reforms

15:32 | 12/08/2014

VGP – Australia has provided AUD3.1 million to help Viet Nam implement a project on restructuring for a more competitive Viet Nam (RCV).

The project is being implemented between the Ministry of Planning and Investment, the Ministry of Industry and Trade and the Ministry of Agriculture and Rural Development, aims to increase national economic competitiveness, accelerate growth in labour productivity, employment and incomes, improve transparency in business regulations and reduce corruption.

The Australian government recently announced a new aid policy which focuses on the role of aid for trade and private sector development in raising the living standards of the most vulnerable in the region.

The RCV project aligns well with Australian strategic priorities in Viet Nam, including Australia’s advocacy for rule-based global trade, state enterprise reform, competition policy reform and private sector development.

At ceremony, Deputy Minister of Planning and Investment Dang Huy Dong deemed economic restructuring and growth model shifting essential and urgent, requiring a proper roadmap for Vietnam to basically form an economic growth model that ensures the quality of growth, and improves economic efficiency and competitiveness. Viet Nam needs support from the international community.

Mr. Hugh Borrowman, Australian Ambassador to Viet Nam confirmed his nation’s willingness to support Viet Nam’s important reform process.

If reforms are implemented effectively Viet Nam will grow comprehensively, he added.

The initial phase of the project is 2014-2016. Concrete results achieved from this phase and priorities of the new Social Economic Development Plan 2016-2020 will determine the possibility of a new phase beyond 2016.

                                                                                                                        By Vien Nhu