New momentum for economic growth needed: PM

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The PM made the request at the first meeting of the committee in Hanoi on August 2 that aims to review the implementation of the Government’s action programme on realising resolutions on growth model reform adopted by the Party Central Committee and the National Assembly over the past one and a half years. 

PM Phuc, who heads the committee, highlighted the important role played by institutions, policies and laws; the economic sector; international economic integration, especially free trade agreements; and science-technology, particularly the fourth industrial revolution, in economic restructuring. 

Ministries, agencies and localities should change their viewpoints and actions, thus creating breakthroughs to improve productivity, quality, efficiency and competitiveness, he said, describing this as a decisive factor to make the national economy develop sustainably and avoid lagging behind. 

The PM also emphasised the need to focus on revamping State management comprehensively and continue efforts in building the Government that works effectively. 

Growth quality has been improved over the past time, with contributions of the total factor productivity (TFP) increasing from 33% during 2011-2015 to 40.68% in 2016 and 45.19% last year, he said. 

However, the leader pointed out that shortcomings in mechanisms, policies and laws have hindered the implementation of economic restructuring and growth model reform solutions. 

Stressing the significant role of the State and market in economic restructuring, PM Phuc said it is necessary to complete the socialist-oriented market economy mechanism. 

Speaking at the working session, members of the committee suggested facilitating ongoing key projects in order to soon put them into operation, creating impulses for economic growth. 

Nguyen Dinh Cung, head of the Central Institute for Economic Management, proposed seeking new driving forces right in the domestic economy, explaining that if Hanoi, Ho Chi Minh City and the central city of Da Nang grow 1% each, the national economy would expand by 0.5%.