PM calls for efforts to spur economic growth

In the periodical conference of the Government, PM Nguyen Xuan Phuc asked ministries, agencies and localities to have more drastic efforts and solutions to fullfil the economic development targets, especially the economic growth rate of 6.7%.

To achieve the annual growth rate of 6.7%, the economy must be grown by 7.42% in the last six months, said the Government chief, adding that this is an “important political mission” of all levels of the authorities and sectors.

For the agriculture sector that grew 2.65% in the first six months, PM Phuc questioned the Minister of Agriculture and Rural Development to decisively set up solutions to raise the growth rate to 3.3% for this year.

The PM also pointed out that the industry and construction must obtain growth rate of 9.2% in the second half in a bid to contribute to the overall economic growth.

PM tasked the processing and manufacturing to gain growth rate of 14% in the second half compared to 10.52% in the first half.

Meanwhile, the Minister of Planning and Investment has to take measures to spur disbursement of private and foreign direct investment capital in order to increase the total investment volume to 34-35% of the gross domestic product.

For banking system, PM required the SBV to regulate interest rates in line with macro economic, inflation and money market movements in order to accelerate production and business; to closely collaborate with relevant ministries, industries to ease difficulties and obstacles, promote lending to encourage high tech and clean agriculture; boosting the implementation of Non cash payment in the period 2016 – 2020 for better the transparence of enterprises’ operations and settlements. PM also assigned SBV Governor to develop a plan to increase credit growth to around 21 – 22%.

MH