PM Phuc urges ministers to take action to achieve growth targets

PM Phuc urges ministers to take action to achieve growth targets

Tu Hoang

Prime Minister Nguyen Xuan Phuc speaks at the Government’s regular meeting on August 3 – PHOTO: VGP

HANOI – Prime Minister Nguyen Xuan Phuc urged ministers to take specific and drastic measures in the last five months of 2017 to achieve the nation’s socio-economic growth targets, heard the Government’s regular meeting on August 3.

The Government leader and Cabinet members discussed ways to solve shortcomings in administrative procedures, equitization and divestment of State-owned enterprises, slow disbursement of official development assistance (ODA) and high production costs and administrative fees.

The Prime Minister stressed that capital disbursement for public projects must be accelerated and total investment capital in the economy should account for 34-35% of gross domestic product (GDP).

Heads of ministries, departments and localities were asked to complete their assigned tasks to obtain the country’s growth target

The Government leader underlined responsibilities of ministers and leaders of cities and provinces for identifying weaknesses and shortcomings in their management and adopting appropriate solutions to improve management capacity.

Phuc pointed out some programs moving at a slow pace, including the program to turn household businesses into companies and equitization of State-owned enterprises.

There were still numerous difficulties and shortcomings in economic development, including the attenuation of the mining industry, high logistics and transport costs, and slow capital disbursement.

According to the Prime Minister, dengue, which has made 50,000 people hospitalized and killed 17 people since the beginning of this year, was not effectively controlled. Fires, explosions and traffic accidents have caused great damages. Notably, a recent fire killed eight people in Hanoi’s Hoai Duc District.

At the meeting, Phuc asked the Minister of Health to better control and prevent dengue and asked the Minister of Natural Resources and Environment to more strictly deal with deforestation and illegal exploitation of natural resources, especially sand and pebbles from rivers.

However, according to the Prime Minister, social and economic development in July and in the first seven months of 2017 has seen some positive changes. Notably, interest rates at banks were cut by 0.5% and the stock market soared to its highest level in nine years. Foreign trade in January-July increased by 19% year-on-year to over US$115 billion.

Fresh foreign investment approvals in the first seven months reached US$12.92 billion, up 48.7% compared to the same period last year. There were 73,000 newly-established enterprises and 17,000 others resuming their operations.

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