Drastic measures needed for national economic growth

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Working with the group on August 23, PM Phuc lauded the group for its consultations over the past years, including reports about pressing economic issues and solutions. According to the group’s report, the country’s growth model has ensured positive development. Labour productivity last year reached approximately 6 percent, compared to an average level of 4.6 percent during the 2012-2015 period.

PM Phuc urged the experts to provide advice on development strategies. (Photo: VNA)

The private sector which developed at a faster pace has made greater contributions to the Gross Domestic Product (GDP). The export turnover of domestic sector has grown faster than that of the foreign direct investment (FDI) sector. In the first half of the year, the domestic sector earnings from exports rose 19.9 percent as compared to the 14.5 percent of the FDI sector.

However, the economic experts said that the achievements are still a far cry from the set targets, in which the GDP is expected to grow 7-7.5 percent per year by 2020, especially in the context of complicated and unexpected developments of the global economy that may have a negative impact on Vietnam’s economy.

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

The group proposed the PM order relevant ministries and branches to review 37 common obstacles persisting in nine laws and by-law documents that hinder businesses 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-term policies; and other breakthrough solutions to helping the country increase labour productivity, enhance economic resilience.

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

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

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

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