High growth needed to manage public debt, PM tells voters

Update: November, 26/2016 - 07:00
Prime Minister Nguyễn Xuân Phúc (C) attends the ground breaking ceremony of a five-star hotel and residence project in Hải Phòng City yesterday. — VNA/VNS Phôt Thống Nhất
Viet Nam News

HẢI PHÒNG – The nation must target higher growth rates in order to create more jobs and prevent public debt from hitting the 65 per cent (of the GDP) ceiling, Prime Minister Nguyễn Xuân Phúc said yesterday.

The PM’s remarks came as he and National Assembly (NA) deputies from Hải Phòng met with voters of the city’s Hải An district to brief them about the outcomes of the 14th NA’s second session which concluded in Hà Nội on Wednesday. 

The meeting focused on several issues of voters’ concern, including socio-economic management, food safety, environmental protection, the future of the Trans-Pacific Partnership (TPP) and human resources development. 

Voter Hoàng Hải Bằng said he was impressed with the leadership of the Government and the PM on socio-economic issues, particularly their resolve to build a constructive Government of integrity that works for the people and businesses.

He said recent socio-economic developments show that the Cabinet has taken the right decisions and issued policies in a timely manner. 

He asked the Government and local administration to take flexible measures to stabilise the VNĐ/USD exchange rate, as also prices of essential goods to keep inflation under control by the end of the year. 

Other residents wanted the building of a coastal expressway linking Hải Phòng and Thanh Hóa City to be speeded up. The expressway is expected open up new economic opportunities. 

Many voters expressed concern about the environmental pollution caused by waste release by fertilizer factory DAP Đình Vũ-Vinachem.

They were also worried about scandals involving officials, especially mentioning former Minister of Industry and Trade Vũ Huy Hoàng. 

PM Phúc told voters that most of the Government’s proposals, including those on State budget spending and major economic policies, were approved by the NA at the second session.

The success of this session illustrates the deputies and voters’ trust in the Government’s leadership and socio-economic management, he said. 

On an opinion that the nation’s growth target should be set at around a more feasible 6 per cent, he said public debt was already close to the ceiling rate of 65 per cent of GDP. The target growth rate must be high to prevent public debt from hitting the cap, he said, adding that the higher the GDPs, the more jobs will be created. 

The PM assured the voters that Việt Nam has sufficient reserves, including foreign currencies, to stabilise the monetary market under any circumstances. 

He asked the city’s NA delegation and municipal authorities to investigate the pollution allegedly caused by fertiliser factory DAP Đình Vũ and listen to public opinion in devising appropriate solutions. 

On the future of the TPP agreement after the US President-elect saying he will take the US out of the deal, PM Phúc noted that even without the US, the total GDP of the remaining 11 member countries countries was very big at nearly US$20 trillion. Apart from TPP, Việt Nam is party to 12 other new-generation free trade agreements with many major markets, he added. 

With or without TPP, Việt Nam will continue its intensive and proactive integration into the global economy, the PM said. However, it will also continue working with other TPP countries. 

On corrupt officials, PM Phúc said mechanisms for rewards and punishments will clarified so that violators are properly dealt with.

Also yesterday, the Prime Minister visited the Việt Nam National Institute of Maritime Medicine in Hải Phòng City, a leading research and training institute that also provides healthcare for people on the seas and islands.

He praised the institute’s care for those engaged in offshore fhishing, and urged it work towards becoming a regional research institute specializing in maritime medicine.

The institute provides medical treatment to 100,000 people each year.

The Prime Minister also attended a ground-breaking ceremony for a hotel and apartment project in the Lạch Tray River Urban Area.  VNS