Prime Minister Nguyen Tan Dung has approved a set of 10 measures aimed at improving the economy's competitiveness as the country plans to focus on moving further into high-tech manufacturing.
The measures include stabilizing the economy, improving labor quality, developing infrastructure, increasing the quality of foreign investment and using natural resources more efficiently, according to a statement posted on the government's website on Thursday.
PM Dung also ordered the Ministry of Planning and Investment to submit a full report on the country's competitiveness this December.
The ministry will also work with the Industry and Trade Ministry to select around 10 key industrial sectors that need to be restructured by the end of 2011.
The government said the goal for the next ten years is to increase the number of businesses that use environmentally-friendly technologies to make high value-added products for the global market.
In 2011, the country will continue to restructure the economy to ensure a higher growth rate, PM Dung said at a National Assembly meeting on Wednesday.
The government will also abolish subsidies and any forms of privileges given to state-owned enterprises to create a fair business environment, he said.
The government forecast that the economy would expand next year by between 7 percent and 7.5 percent, following a projected 6.7 percent growth for this year. The nation's per capita GDP is expected to rise to US$1,300 in 2011 from $1,160 this year.