Hanoi (VNA) – The Government’s Economic Advisory Group should workto analyse internal and external difficulties to propose rational mechanismsfor the nation’s sustainable economic growth, said Prime Minister Nguyen XuanPhuc.

Working with the group on August 23, PM Phuc lauded the group for itsconsultations over the past years, including reports about pressing economicissues and solutions.

According to the group’s report, the country’s growth model has ensuredpositive development. Labour productivity last year reached approximately 6percent, compared to an average level of 4.6 percent during the 2012-2015period.

The private sector which developed at a faster pace has made greatercontributions to the Gross Domestic Product (GDP).

The export turnover of domestic sector has grown faster than that of theforeign direct investment (FDI) sector. In the first half of the year, thedomestic sector earnings from exports rose 19.9 percent as compared to the 14.5percent of the FDI sector.

However, the economic experts said that the achievements are still a far cryfrom the set targets, in which the GDP is expected to grow 7-7.5 percent peryear by 2020, especially in the context of complicated and unexpecteddevelopments of the global economy that may have a negative impact on Vietnam’seconomy.

National labour productivity in the coming years must be improved to layfoundations for higher economic growth in the 2021-2015 period. To reach thetargets of 6.85 percent in economic growth in 2018-2020 and 7 to 7.5 percent in2021-2025, labour productivity by 2020 must hit 6.3-6.8 percent.

The group proposed the PM order relevant ministries and branches to review 37common obstacles persisting in nine laws and by-law documents that hinderbusinesses while preparing process for investment projects.

PM Phuc urged the experts to provide advice on development strategies,especially new momentums for development; short-term, mid-term, and long-termpolicies; and other breakthrough solutions to helping the country increaselabour productivity, enhance economic resilience.

The group was asked to study mechanisms to mobilise resources from thecommunity and private sector to remove obstacles facing public-privatepartnership implementation.

Over the past two years of implementation, the programme on economicrestructuring and building a new growth model has demonstrated positive results.However, numerous sectors have suffered slow growth and have not achieved theirtarget, he underlined.

The Government will take drastic measures on restructuring and reforming thegrowth model, and stabilising the macro-economy, he said, adding that more timelysolutions will be sought to boost the economy’s capacity to resist any changes.-VNA