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PM calls for efforts to meet growth target

Update: April, 22/2016 - 09:00
Prime Minister Nguyễn Xuân Phúc has a working session with the MPI yesterday to seek specific solutions to stabilise the macro-economy, maintain economic growth, curb inflation and fulfill socio-economic tasks set in the year. — VNA/VNS Photo Thong Nhat

HÀ NỘI Viet Nam News -— Prime Minister Nguyễn Xuân Phúc has urged the Ministry of Planning and Investment (MPI) and other ministries and agencies to promptly reach consensus on solutions to the lingering problems facing the country in order to fulfill the growth target of 6.7 per cent for 2016 as approved by the National Assembly, with special attention paid to inflation and the interest rate.

The leader made the request at a working session with the MPI yesterday to seek specific solutions to stabilise the macro-economy, maintain economic growth, curb inflation and fulfill socio-economic tasks set in the year.

He commented on economic difficulties, severe drought and saltwater intrusion in the Central Highlands and Mekong Delta regions and hailstones in northern mountainous provinces that cost 0.3 per cent of the national GDP.

The situation has been worsened due to a sharp fall in oil prices and other obstacles hindering the operation of businesses as well as budget collection and spending, the Prime Minister added.

Given this, he underlined the need for the ministry to roll out solutions to spur national economic growth in the second quarter, and for the whole of 2016, to strengthen its forecast capacity and perform its role as an advisor to the Government better – in both the short and long term.

The MPI should keep a close watch on the rules of a market economy to advise the Government on issuing socio-economic development policies, he said, suggesting the establishment of a hotline on economic matters.

The ministry must take the lead in the fight against corruption, the leader stressed, asking it to partner with relevant ministries and agencies, particularly the Ministry of Finance to propose growth models and build special economic zones.

The immediate job is to co-ordinate with the Việt Nam Chamber of Commerce and Industry to organise a conference between the Prime Minister and businesses scheduled for the end of this month in HCM City, he noted.

Delegates at the working session suggested that prompt action should be given to removing difficulties facing businesses, especially the private sector and reducing the interest rate cap.

Many proposed the Government increase its direct dialogues with the business community to help them overcome such challenges.

Others called on ministries and agencies to continue implementing the Government’s sweeping measures and the Prime Minister’s guidelines while practising thrift and fighting waste.

The working session heard that official development assistance (ODA) will be re-lent instead of being allocated.

The MPI also suggested establishing a regional development agency in charge of co-ordinating the development between regions in service of the national economy.

Revenue loss

The newly-elected Prime Minister also had a working session with the Ministry of Finance (MoF) on the same day, focusing on measures to tackle state revenue loss and state budget woes.

Phúc ordered the MoF to build specific and effective solutions to revenue loss, which were mostly caused by commercial fraud and tax-related violations.

Regulations asking all commercial shops - especially in big cities of Hà Nội and HCM City - to have invoices, and making clear the customs duty charges were measures suggested by the Prime Minister to solve the problem which has been exacerbated by the recent cheap price of export oil.

The MoF was also asked to speed up the equitisation of State-owned enterprises (SOEs), yet had to be careful to avoid asset losses and the appearance of interest groups.

The ministry – in charge of managing a state assets worth about VNĐ 3.9 quadrillion (US$174.9 billion) and other financial funds – had to tighten its grip and report frequently to the Government over the use of State assets and its operations of those funds, said Phúc. – VNS

 

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