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PM pushes for 6.7% growth

Released at: 15:01, 22/04/2016

PM pushes for 6.7% growth

PM directs MPI and related agencies to adjust methods to reach annual GDP target.

by Minh Tuyet

Prime Minister Nguyen Xuan Phuc asked the Ministry of Planning and Investment (MPI) and related agencies on April 21 to prepare plans to achieve 6.7 per cent GDP growth this year.

He was concerned that growth in the first quarter was only 5.46 per cent, a year-on-year decline and showing that growth has stalled.

MPI was asked to improve mechanisms and remove obstacles to development. The PM also asked it to encourage a new growth model in economic zones and industrial zones and to pay greater attention to startups.

He assigned MPI to be the coordinating agency to work with related parties to re-examine all key national projects, especially those with capital of more than VND10 trillion ($448.7 million).

The Ministry of Finance (MoF), meanwhile, was directed on the same day but at another meeting to identify solutions to ensure economic growth.

Such solutions should create sources for investment development, not just borrowing money or issuing bonds.

The PM understands that there are many difficulties and challenges facing MoF, such as public and fiscal debt and waste. He therefore encouraged the ministry to overcome the challenges with strong fiscal policy to contribute to growth.

He also requested MoF create favorable conditions to the people, businesses and manufacturing enterprises, but that public debt must be maintained at a safe level.

MoF must rectify tax calculations in customs, improve capital markets and the stock market, and accelerate the equitization of State-owned enterprises, while ensuring losses in valuations are not permitted.

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