PM: Ministry of Planning and Investment must lead in making breakthroughs

PM Nguyen Xuan Phuc works with the Ministry of Planning and Investment (MPI), Ha Noi, February 19, 2019 - Photo: VGP/Quang Hieu

Speaking at the meeting, the PM spoke highly of the MPI’s role in improving the business and investment environment, submitting to the Government for the issuance of a resolution on the action plan on reduction of costs for enterprises and establishing a statistics scheme on unobserved economic sectors. 

The MPI has made crucial contribution to attracting foreign investment in Viet Nam, he said, adding that the U.S. magazine Forbes has recently considered Viet Nam as the hottest investment destination in Asia.

He asked the MPI to consult intensive and prompt strategies to uphold and take advantages of the nation’s potentials as well as propose measures to cope with risks of being left behind and jumping into the middle income trap. 

He referred to arising issues which limit the development, including the gap between the rich and the poor, population aging, challenges on climate change and the environment.

The Government leader proposed the ministry consult to make breakthroughs in achieving socio-economic development goals in 2019 and the upcoming years. 

He requested the MPI to issue mechanisms and policies aiming that the institution must be a spearhead breakthrough for other breakthroughs to be made by the nation in the next decades, consisting of establishing an innovation economy, encouraging start-up and creating trusts for people and enterprises. 

Mr. Phuc stressed the need for Viet Nam to avoid the middle-income traps, cheap labor traps, low value processing traps and technology waste dumps as well as to be listed among top four ASEAN nations and approach the Organization for Economic Co-operation and Development (OECD) standards on the business environment. 

He required the MPI to propose specific policies and measures to make the private sector become a key force for the development, especially small and medium-sized enterprises, household economy and co-operative economy. 

The ministry should join hand with other relevant ministries and agencies to uphold and mobilize all resources to assess and comprehend strategic goals and orientations and focus on reforms and innovation with the view of establishing a more effective institution. 

At the event, the PM referred to the preparations of establishing a socio-economic development strategy in the 2021-2030 phase and the 2015-2021 five-year plan in which the MPI plays a crucial role in edition. 

By Thuy Dung