Thursday, 23 Nov 2017

PM: Vietnam aims to achieve GDP growth of 6.7% in 2016

Updated at Saturday, 23 Apr 2016, 11:23
The Hanoitimes - On April 21, PM Nguyen Xuan Phuc held a working session with the Ministry of Finance (MOF), following his meeting with the Ministry of Planning and Investment. At the meeting, he focused on measures to tackle state revenue loss and target the nation`s GDP growth.
In the first quarter, GDP grew 5.46%, a slight decrease compared to the same period last year, which requires a number of prompt and drastic measures to accelerate production for the set GDP growth target of 6.7% for the whole year, he said.
PM Nguyen Xuan Phuc held a working session with the Ministry of Finance
PM Nguyen Xuan Phuc held a working session with the Ministry of Finance

The PM hailed efforts of the MOF in ensuring the national finance security, asking it to monitor the fiscal policy effectively to boost growth, facilitate production and business activities and maintain public and Government debts at safe level.

PM Phuc requested the MOF to realize measures to prevent losses, reform customs procedures, promote the development of the capital and stock markets as well as speed up the equitization of the State-owned enterprises.

Regarding the State budget revenue, he highlighted the need for practicing thrifts, strengthening the management of prices and synchronously monitor the fiscal and monetary policies. He ordered the MoF to build specific and effective solutions to revenue loss, which were mostly caused by commercial fraud and tax-related violations. 

Regulations asking all commercial shops, especially in big cities like Hanoi and Ho Chi Minh City, to have invoices, and making clear the customs duty charges were measures suggested by the Government leader to solve the problem which has been exacerbated by the recent cheap price of export oil. 

The MoF was also requested to speed up the equitisation of State-owned enterprises, yet had to be careful to avoid asset losses and the appearance of interest groups. The ministry – in charge of managing the State assets worth about VND3.9 quadrillion (US$174.9 billion) and other financial funds – has to tighten its grip and report frequently to the Government over the use of State assets and its operations of those funds, he said. 

According to economists, Vietnam’s gross domestic product (GDP) growth reached only 5.46 percent in the first quarter of 2016, down from that of the same period last year. If no drastic measures are taken, the country will be difficult to reach the set yearly target of 6.7 percent. The PM affirmed that the Government will not adjust the GDP growth rate for 2016. 

The ministry was also urged to work with the State Bank of Vietnam and the Ministry of Planning and Investment on measures to curb inflation, stabilise the macro economy, and perfect the institution to achieve sustainable growth.

The ministry must take the lead in the fight against corruption, the leader stressed, asking it to partner with relevant ministries and agencies, particularly the Ministry of Finance to propose growth models and build special economic zones. The immediate job is to coordinate with the Vietnam Chamber of Commerce and Industry to organise a conference between the PM and businesses scheduled for the end of this month in Ho Chi Minh City, he noted.

Delegates at the working session suggested that prompt actions should be given to removing difficulties facing businesses, especially the private sector and reducing the interest rate cap. Many proposed the Government increase its direct dialogues with the business community to help them overcome such challenges. Others called on ministries and agencies to continue implementing the Government’s sweeping measures and the PM’s guidelines while practising thrift and fighting wastefulness.

By Tuan Minh
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