Cabinet members seek ways to attain whole year’s growth target
The Government’s monthly meeting opened on October 29 morning with focus on measures to create a leap in the last quarter’s economic growth rate and curb this year’s inflation within 5 percent.
Prime Minister Nguyen Xuan Phuc chairs the Government's October meeting (Photo: VNA)
Hanoi (VNA) – The Government’s monthly meeting o💟pened on October 29 morning with focus on measures to create a leap in the last quarter’s economic growth rate and curb this year’s inflation within 5 percent.
Prime Minister Nguyen Xuan Phuc said the Government reported to the National Assembly that the growth rate in Q4 must be between 7.1 and 7.3 percent so as to reach an expansion of 6.3 – 6.5 percent for the whole 2016.
A failure to reach the growth target, revised from the original 6.7 percent target, will also affect public debt, he said, asking the Cabinet members to have in-depth discussion to devise appropriate solutions.
He noted that the consumer price index (CPI) in October increased by 0.83 percent from the previous month, meaning the 10-month CPI was already 4 percent compared to December 2015. Meanwhile, the National Assembly set the maximum target index for this year at 5 percent.
Ministries and localities must take actions to control inflation within the set target, ensure macro-economic stability and fuel growth, PM Phuc said.
Vietnam recently climbed to the 82nd position among 190 economies in the World Bank’s Doing Business 2017 report, up nine notches from the 91st place last year. That is an encouraging progress, he said.
Though many sub-indexes increased significantly, some others declined from the previous report, including dealing with construction permits, getting credit, starting a business, and registering property.
The PM requested ministries and sectors to find out the causes of these problems and work out countermeasures.
An overview of the meeting (Photo: VNA)
He highlighted the rising number of new businesses, at 92,000 at present, and it is likely to surpass 100,000 this year. More than 20,000 companies resuming operations since the beginning of 2016 also illustrate their confidence in the market and the steering of the Government.
However, ministries and localities have to make preparations right from this year so that economic growth in Q1 of 2017 won’t slow down as it used to be for many years, PM Phuc added.
He stressed Vietnam aims to have its investment climate comparable to that of the four other ASEAN countries of Singapore, Malaysia, Thailand and the Philippines in 2017. To that end, all relevant shortcomings must be addressed immediately.
In October, the Government successfully organised the biggest diplomatic events of the year: t he 8th Cooperation Summit of Cambodia, Laos, Myanmar and Vietnam (CLMV 8); the 7th Ayeyawady – Chao Phraya – Mekong Economic Cooperation Strategy (ACMECS) Summit; and the World Economic Forum on the Mekong region.
Through these, Vietnam showed its role and standing in the region and the world, leaving good impression on the participants, the Cabinet chief said, considering them as good experience for the country to prepare for the Asia-Pacific Economic Cooperation (APEC) Summit next year.
At the morning session of the Government’s meeting, officials discussed institutional building. They are set to look into the socio-economic situation with reports on economic growth and inflation control later.-VNA
Vietnam’s gross domestic product (GDP) in the first nine months of 2016 expanded by 5.93 percent from a year earlier, according to the General Statistics Office (GSO).
Cabinet members sought ways for achieving an economic growth target of 6.3-6.5 percent in 2016 during the second working day of the Government’s monthly meeting in Hanoi on October 4.
Economic growth this year would climb up to 6 percent on the back of recovery signs shown in the third quarter, falling short of the 6.7 percent target set by the Government.
The economic growth rate in the fourth quarter of 2016 must be much higher than that of the previous months in order to achieve the target of 6.3-6.5 percent growth in GDP at the year’s end.
The country’s macro economy was stabilised and major balances were basically ensured in the first nine months of this year, Prime Minister Nguyen Xuan Phuc said on October 20.
The launch of Thanh Nien (Young People) newspaper in 1925, even before the founding of the Communist Party of Vietnam, is considered a testament to President Ho Chi Minh’s strategic foresight and strong belief in the guiding power of the revolutionary media.
New Zealand is currently one of Vietnam’s most important partners in the region, marked by a high level of political trust, strong and reliable defence and security cooperation, and increasingly open economic, trade, and investment ties.
Party General Secretary To Lam stressed that the Central Public Security Party Committee must be fully aware of the extremely important role of the People's Public Security force in the country's new revolutionary phase, so as to guide each branch and level of the force as the nation undergoes transformation.
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The country is willing to participate in collective efforts to promote cooperation and mobilise resources to advance the current priority issues of developing countries, such as trade, investment, infrastructure connectivity, making the most of scientific and technological advances for development, and people-to-people exchanges, Hang said.
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The Chairman stressed the need for stricter fiscal discipline, faster digital transformation, and more efficient management of State budget revenues and expenditures.
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General Nguyen Tan Cuong, Chief of the VPA’s General Staff and Deputy Minister of National Defence reaffirmed Vietnam’s unwavering gratitude for Cuba’s invaluable support during its struggle for independence and nation-building efforts, and pledged to stand shoulder-to-shoulder with Cuba as it navigates current challenges.
Vietnam is a country with which Russia shares a special relationship. In the 1950s and 60s, particularly during Vietnam’s struggle for independence, the two countries forged a deep bond. While much has changed over time, the friendship and cooperation between our nations have endured, said Russian President Vladimir Putin.
For 50 years, Vietnam and New Zealand have worked together to uphold peace and prosperity for their peoples and the region. The friendship, cooperation, and mutual understanding Vietnam and New Zealand nurtured have grown from a seed into a deeply rooted, strong, and thriving tree, she stressed.
Since the Strategic Partnership was established in 2020, Vietnam and New Zealand have witnessed steady growth in the relations. Beyond the remarkable 40% increase in bilateral trade over five years, political relations and multilateral interactions, particularly within the CPTPP framework, have remained highly positive.
Known as the “four pillars for Vietnam’s ascend”, the Pobiburo's Resolutions 57, 59, 66, and 68 focus on cultivating a robust national entrepreneurial spirit, unlocking resources for innovation across society, and accelerating the development of digital economy, knowledge-based economy, green economy, and circular economy, propelling Vietnam forward rapidly and firmly on the path of modernisation and international integration.
Minister of Finance Nguyen Van Thang cleared up deputies' concern regarding how to spur socio-economic growth, renew traditional growth motives and establish new momentum for development.
Vietnam proposed several priorities: narrowing the digital divide, strengthening women’s leadership in the digital economy and AI governance, and mobilising sustainable financing for gender equality initiatives in line with each country’s national priorities and context. Vietnam also advocated for genuine women’s participation and leadership across all areas of public life.
Prime Minister Nguyen Xuan Phuc chairs the Government's October meeting (Photo: VNA)
An overview of the meeting (Photo: VNA)
