Prime Minister Nguyen Xuan Phuc affirmed the government’s great determination to reach economic growth above target of 6.7% as set by the National Assembly at a regular cabinet meeting in Hanoi on October 1.
With regard to specific tasks assigned to ministries and sectors, PM Phuc underscored that the agricultural production sector’s greater attention should be paid to processing, exports and the formation of value chains.
He urged the Ministry of Industry and Trade to continue carrying out large-scale projects, the Ministry of Culture, Sports and Tourism to stimulate the development of high-quality tourism services, and the Ministry of Planning and Investment to accelerate the disbursement of investment capital.
The goal of economic restructuring is to reduce dependence on foreign direct investment (FDI), the government leader said, noting that the focus of attention should be on domestic demand. Therefore, it is necessary to adopt a business support policy, especially for private businesses, sharpen the competitiveness of urban areas, and turn science and technology into a new growth engine, Phuc said.
He asked the Ministry of Planning and Investment to enhance the connectivity between FDI and domestic enterprises when reviewing the 30-year strategy for FDI attraction.
PM Phuc underlined the need to refine institutions and improve the business investment environment by urgently removing unnecessary business conditions and revamping draft laws for submission to the National Assembly’s approval at the next meeting.
Ministries and sectors were also requested to ensure timely submission of draft laws, including the revised Law on Public Investment which amends and supplements a number of articles of laws relating to the Planning Law.
At the meeting, the government leader highlighted the encouraging results of the socio-economic development over the past 9 months as well as the success of the World Economic Forum on ASEAN in Hanoi.
Vietnam’s biggest foreign affairs event of 2018 earned the praise of the international community who called it the most successful WEF-ASEAN conference in 27 years.
Mr Phuc also touched upon the official launch of the Committee for Management of State Capital at the end of September, saying the agency will make state-owned enterprises more effective, open, and transparent. He asked ministers and heads of sectors to map out specific solutions to lessen the impact of the US-China trade war.VOV