Economic Advisory Group asked to provide timely suggestions

Sunday, 2017-12-24 07:14:43
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PM Nguyen Xuan Phuc speaks at the working session (credit: VGP)
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NDO – Prime Minister Nguyen Xuan Phuc held a working session with his Economic Advisory Group at the Government Headquarters on December 23 to review the group’s performance in 2017 and its orientation in 2018.

Dr. Vu Viet Ngoan, former Chairman of the National Financial Supervisory Commission and head of the Economic Advisory Group, said that since the establishment of the group five months ago, the group has made reports with the focus on institutional reform, creating favourable business conditions for enterprises, and measures to eliminate bottlenecks affecting economic growth.

In addition, the group also offered opinions on operating macroeconomic policy; specific solutions to apply technology in the digital economy; some strategic solutions for industrial development and economic restructuring; among others.

According to the group members, 13 economic targets set for 2017 have been fulfilled and surpassed. Dr. Vu Thanh Tu Anh said that the achievement was attributed to the significant contributions of the private sector which also demonstrated the crucial role the private sector plays.

Meanwhile, Dr. Vu Bang, former chairman of the State Securities Commission, stated that foreign investors have firm belief on the Vietnamese market which has helped to boost the strong increase of the capital market over the past years. However, economic growth must be sustainable to avoid overheating and risks, Bang noted.

Associate Prof. Dr. Tran Ngoc Anh from the US-based Indiana University said that it is necessary to promote the application of information technology in public administration.

PM Phuc appreciated good economic results in 2017 while pointing out the difficulties and challenges ahead including the resilience of the national economy to unpredictable changes of the world.
“Without drastic measures and solutions, we may fall into the middle income trap that is warned by researchers”, the PM noted.

He also suggested that the advisory group closely and actively monitor socio-economic developments to promptly detect new arising problems and give advice to the PM.

PM Phuc also expected the group to fulfill their role of reviewing and evaluating policies and contributing their opinions on PM’s draft policies to help put forth sound policies.