Vietnam can no longer rely on the increasing investment by the public sector and exploitation of natural resources to drive its economic growth in the future, the Prime Minister’s newly established economic council warned in its very first meeting. (Photo: VNA) Hanoi (VNS/VNA) -Vietnam can no longer rely on the increasing investment by the public sectorand exploitation of natural resources to drive its economic growth in thefuture, the Prime Minister’s newly established economic council warned in itsvery first meeting.
The team leader, Dr Vu Viet Ngoan, told PM Nguyen Xuan Phuc during the July 29 meetingthat the country should focus on strengthening investment efficiency and labourproductivity in order to bring Vietnam back to the path of economic growth ofover seven percent.
“The restructuring process of the economy is in a race with time,” Ngoan said.“Unless we have practical measures to realise the Government’s orders and setthe whole administrative system in motion, we won’t be able to achieve keyeconomic goals set by the 12th Party Congress.”
Dr Vu Thanh Tu Anh, director of research at the Fulbright Economics TeachingProgramme in Vietnam, agreed that economic restructuring is a must fordevelopment, especially when the balance of payments, the State budget and thecurrency are stretched thin.
According to the council members, short-term and medium-term policies shouldtake into account two fundamental issues: eliminating difficulties and reducingbusiness costs while improving the performance of the State-owned businesssector.
Prof Dr Tran Ngoc Anh of Indiana University in the US suggested the PM developa table tool tracking the work of the ministries and local authorities tomonitor how the PM’s and Government’s policy orders are carried out.
Also attending the meeting, Deputy Prime Minister Vuong Dinh Hue said severalmeasures suggested by the consultants were similar to those the Government wasimplementing, proving that the Government was on the right track so far.
Hue, however, asked the team to work on particular issues, such as thereasonable growth level that can be expected, or the roles of the State and theprivate sector in a socialist-oriented free market economy like Vietnam’s.
PM Phuc welcomed all the suggestions, agreeing with the experts on the need foradministrative reform to create a better investment environment.
He said that he believed the team would become a key channel in developing neweconomic policies and measures.-VNA
The team leader, Dr Vu Viet Ngoan, told PM Nguyen Xuan Phuc during the July 29 meetingthat the country should focus on strengthening investment efficiency and labourproductivity in order to bring Vietnam back to the path of economic growth ofover seven percent.
“The restructuring process of the economy is in a race with time,” Ngoan said.“Unless we have practical measures to realise the Government’s orders and setthe whole administrative system in motion, we won’t be able to achieve keyeconomic goals set by the 12th Party Congress.”
Dr Vu Thanh Tu Anh, director of research at the Fulbright Economics TeachingProgramme in Vietnam, agreed that economic restructuring is a must fordevelopment, especially when the balance of payments, the State budget and thecurrency are stretched thin.
According to the council members, short-term and medium-term policies shouldtake into account two fundamental issues: eliminating difficulties and reducingbusiness costs while improving the performance of the State-owned businesssector.
Prof Dr Tran Ngoc Anh of Indiana University in the US suggested the PM developa table tool tracking the work of the ministries and local authorities tomonitor how the PM’s and Government’s policy orders are carried out.
Also attending the meeting, Deputy Prime Minister Vuong Dinh Hue said severalmeasures suggested by the consultants were similar to those the Government wasimplementing, proving that the Government was on the right track so far.
Hue, however, asked the team to work on particular issues, such as thereasonable growth level that can be expected, or the roles of the State and theprivate sector in a socialist-oriented free market economy like Vietnam’s.
PM Phuc welcomed all the suggestions, agreeing with the experts on the need foradministrative reform to create a better investment environment.
He said that he believed the team would become a key channel in developing neweconomic policies and measures.-VNA
VNA
