PM concludes Gov’t regular meeting

VGP – PM Nguyen Xuan Phuc tasked ministers and chairmen of provincial and municipal People’s Committees to directly resolve business and production obstacles and create the best conditions for development.

April 04, 2017 9:10 AM GMT+7

PM Nguyen Xuan Phuc (center) at at the Government regular meeting in March, Ha Noi, April 3, 2017 - Photo: VGP/Quang Hieu

Mr. Phuc made the point yesterday in Ha Noi while concluding the Government regular meeting in March.

Besides the Top 10 socio-economic indicators, the economy is coping with pressure on growth and exchange rate, and complicated international situations, especially the policies on trade protectionism and border tax under the US's Trump administration.

In Q1, the GDP growth rate was slowdown, especially the industrial sector which represents a key driving force for development. Accordingly, the Government leader underlined the importance of developing growth scenarios for every sector, product, and potential field, especially industry, mining, building, and manufacturing. In addition, other sectors like agriculture and tourism should look to more impressive figures.

PM Phuc stressed that without extreme endeavors of all levels, sectors, especially ministers and chairmen of provincial and municipal People’s Committees, the preset goal of 6.7% GDP growth rate in 2017 would be out of reach as GDP in Q1 only fetched over 5%.

The U.S. Federal Reserve raised interest rates for only the second time in a decade, making Viet Nam find it difficult to keep an inflation rate at 4%. “It is useless in case of slow economic growth pace and high inflation rate” said Mr. Phuc. He was worried that if growth and inflation rates were out of control, other indicators such as employment and average income would be affected.

Hence the Government chief noticed the necessity to mobilize untapped resources in society; exercise thrift practice in investment and business in order to cut costs and expenditures; raise added values and boost GDP growth rate, stressing that these are not only short term but also long term solutions.

He advocated further improvements of the business environment and institutional reform.

On this occasion, PM Phuc hailed the Office of the Government for launching a website which specializes in collecting comments from enterprises on production performance and reporting to the Cabinet for timely solutions.

The PM revealed that he would hold the second conference with the business community following a successful one-year implementation of Resolution 35 on business development.

Besides short-term solutions, PM Phuc proposed more effort to handle long-term ones including perfecting market economic mechanisms; restructuring the economy; transforming the growth model; developing the real estate market./.

By Kim Anh