For no one left behind

TIN LIÊN QUAN
	Deputy PM Vuong Dinh Hue attends 48th WEF meeting
	APPF-26 debates economics-trade issues

Deputy PM Vuong Dinh Hue made the above statement at an interview with press ahead of the the Lunar New Year Festival.

Deputy PM Hue stressed that the fulfillment of the all 13 goals set for 2017 was of great significance as it guarantees the country’s macro balances and boost job generation.

Deputy Prime Minister Vuong Dinh Hue. (Photo: VNA)

High growth pace also gave room for the Government to ensure social welfare and helped Viet Nam narrow development gaps with other countries in the region and the world.

Growing stock market facilitates capital divestment

The benchmark VN-Index closed on December 29, 2017 at its fresh 10-year high of 984.24 points.

By January 12, the index outstripped 1,050 points, making Vietnam and Mongolia the top two with the best growth rates in Asia. 

Besides positive signals of the world’s economy, the domestic marcoeconomic performance is a solid foundation to increase business confidence for investors to join the stock market, thus supporting and promoting the market growth.

Deputy PM Hue said that the settlement of non-performing loans (NPLs) was extremely positive. Last year, the credit system handled VND 70 trillion of NPLs, up by 40% against 2016. 

The FDI inflows grew steadily. Especially, foreign investors have engaged in equitization in such enterprises like Vinamilk, Sabeco, and Idico.

However, the Deputy PM also pointed out possible risks from the sharp development of the stock market and suggested investors and enterprises work with the Government and managers to keep a close watch on the situation for proper decisions.

Labor productivity remains challenge

According to Deputy PM Hue, Vietnam may lag behind as there remains a big gap in labor productivity between Vietnam and other countries.

The key reason is that the proportion of labor in agriculture and aquaculture is still high, accounting for 40.3% of the total workforce but its contribution to the GDP in 2017 was just 0.44 percentage point.

The training rate in labor extensive sectors like agriculture, aquaculture, processing and manufacturing is quite low, ranging from 4.1% to 18.5%.

Deputy PM Hue underlined the necessity to take fundamental reforms, including reforming vocational training policies and boosting innovations in the face of the 4^th industrial revolution.

Role of private enterprises

Deputy PM Hue said private enterprises have played an increasingly important role in the economy.

According to a report by Samsung Vietnam, by the end of July 2017, there were 215 local enterprises joined its supply chain, he said.

As the number of private businesses is rising, the Government encourages them to join the process of restructuring the economy.

Deputy PM Hue affirmed the Government pledges to continue efforts to build an fair, transparent, safe and friendly business environment in order to foster the development of private economy.

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