Great political determination needed to meet growth target: PM

Saturday, 2017-08-12 10:38:05
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PM Nguyen Xuan Phuc speaks at the meeting.
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NDO/VNA – The fulfillment of the gross domestic product (GDP) growth rate of 6.7% in 2017 requires great political determination from ministries and departments, as well as corporations, businesses and people, Prime Minister Nguyen Xuan Phuc stressed at a meeting in Hanoi on August 12.

Addressing the conference between the Government’s Standing Board and ministries, sectors, economic groups and corporations, the PM noted that in order to realise the aforementioned target, the growth rate in the six remaining months of this year must be at a level of 7.42%.

He stressed that this is an important political task for all sectors, especially the agriculture, industry, construction, processing and manufacturing sectors.

According to the Ministry of Planning and Investment, the surging GDP in the second quarter raised the January-June growth rate to 5.73%. The service sector made the most significant contribution to the overall growth rate (2.59 percentage points), particularly in wholesale, retail, accommodation, catering, finance, banking, insurance, and real estate.

The total volume of international tourists traveling to Vietnam in the period was 7.42 million, an annual rise of 28.8%. While the mining industry suffered from a sharp decline, the agriculture, forestry and fishery sectors have recovered with a growth rate of 2.65 %. The average consumer price index (CPI) rose by 3.91 % in the first seven months, slightly below the National Assembly’s set target of 4 %.

To reach the goal of 6.7 %, the GDP growth must be at a minimum level of 7.23 % in the third quarter and 7.57 % in the fourth quarter, the ministry estimated.

PM Phuc recognised this as a substantial task given the unpredictable regional and global developments, plus the peak of the flood and storm season in the country.

He gave his approval for the measures proposed at the meeting to extricate difficulties for businesses and improve the investment climate.

The PM asked all sectors to act more firmly to reduce business expenses and support production in term of tax and fees, as well as to promote trade and innovation, and remove any institutions that hinder the country’s development.

He stressed that ensuring macro-economic stability remains the top priority of the Government and asked the Ministry of Planning and Investment to coordinate with the relevant ministries and economic sectors to improve fiscal, trade and investment management tools, curb inflation, promote growth, and to keep a close watch on domestic and international affairs in order to respond to any arising problems in a timely manner.

Phuc also requested increasing individual responsibilities in management.

The Government will hold meetings to address any outstanding difficulties for businesses and promote the role of key economic regions, he said.

He suggested stimulating domestic consumption, creating confidence in the market, and increasing investment in business production, while striving to reach a credit growth of 21% in addition to stepping up the reshuffle of State-owned enterprises, especially the equitisation and divestment process, in the remaining months of 2017.

The PM ordered a rapid allocation and disbursement of funding for climate change programmes and improvement of State budget collection and thrift practices in all sectors and enterprises.

To obtain the export target of over US$205 billion in 2017 and curb the trade deficit, the PM advised to increase service exports, especially in tourism, and take measures to reduce imports, whilst improving the quality of domestically-made products and preventing smuggling and trade frauds.