PM Phúc asks for 6.5% annual economic growth

2024-03-30

PM Phúc asks for 6.5% annual economic growth

 Prime Minister Nguyễn Xuân Phúc urged ministries, industries and localities to make all efforts to achieve annual economic growth of  六. 三 to  六. 五 per cent. — VNA/VNS Photo 

HÀ NỘI — Prime Minister Nguyễn Xuân Phúc urged ministries, industries and localities to make all efforts to achieve annual economic growth of  六. 三 to  六. 五 per cent.

He was speaking at the Cabinet’s regular monthly meeting which convened yesterday, with an agenda focusing on socio-economic development and institutional building.

The PM said the gross domestic product (GDP) growth rate in the first nine months of the year was only  五. 九 二 per cent, lower than the same period last year. To achieve the government’s annual GDP growth target, the economy needed to expand  七. 一 to  七. 三 per cent in the  四th quarter.

Although this target was high, it was achievable because the economy often had better performance in the last quarter, he said.

Despite the lower-than-expected growth rate, the economy enjoyed some upbeat news in the first nine months which include increases in both foreign direct investments and trade surplus, according to PM Phúc.

Overseas remittance was high, with much of it being spent on production activities. The number of businesses increased with more than  九 一,000 new businesses, he said.

PM Phúc asks for 6.5% annual economic growth

The PM also acknowledged the rapid changes in agriculture over recent months.

While the sector experienced a contraction of 0. 一 八 per cent in the first half of the year, it ended up expanding 0. 六 五 per cent by the end of the  三rd quarter.

Many localities had good results in budget collection and spending of investment capitals, the PM said.

To attain the annual GDP target of  六. 三 to  六. 五 per cent, the PM urged the government system to create favourable conditions and remove all obstacles for businesses and people.

“Determination is not enough. We need to have concrete solutions,” the PM said.

“The Asia Development Bank has forecasted Việt Nam’s economy will achieve a  六 per cent growth this year due to objective reasons, namely fish deaths in the central region, droughts, floods, storms and a reduction in mine ore exploitation. We must take drastic measures to reach beyond the ADB’s forecast,” he said.

He noted the risk of insufficient power supply for production, businesses and daily life and urged solutions in order realise both short-term and long-term development goals.

The PM also asked ministries and sectors to review their policies and repair their shortcomings to create a good environment for businesses.

“We should not only care about the goals for  二0 一 六, but also for those of  二0 一 七 and a medium-term plan for  二0 一 六- 二0 二 一,” he said.

Selling stakes in SOEs

Prime Minister Nguyễn Xuân Phúc has emphasised the need to publicly choose qualified consultant firms to prevent state capital losses caused by wrong stake valuations while selling State Capital Investment Corporation (SCIC) business shares. 

He gave the instruction after hearing Minister of Finance Đinh Tiến Dũng’s report on the SCIC’s selling of its shares in enterprises listed on the stock market or those in the unlisted public company market (Upcom) during the regular Cabinet meeting yesterday. 

The SCIC reported that it successfully sold stakes in  一 二 enterprises in  二0 一 四 and  二0 一 五.

According to the finance ministry, the corporation’s divestment over the years is in line with the law and helps hasten the selling of State capital in the State-owned enterprises. 

Established in  二00 六, the SCIC is currently managing State capital in over  五00 enterprises operating in different sectors, ranging from financial services to energy, manufacturing, IT, teleco妹妹unications, transportation, consumer products and health care. – VNS 

PM Phúc asks for 6.5% annual economic growth