Business
Key measures required to achieve 2016 socio-economic targets
Deputy Prime Minister Vuong Dinh Hue stressed at a conference in the central province of Khanh Hoa on July 16 the needs to boost attracting foreign direct investment (FDI), one of the key solutions to realise this year’s socio-economic development targets.
The Ministry of Planning and Investment held a review meeting for the first half of this year in the central province of Khanh Hoa on July 16.
Deputy Prime Minister (PM) Vuong Dinh Hue and Minister of Planning and Investment Nguyen Chi Dung attended the conference.
Speaking at the event, Deputy PM Hue emphasised that the ministry should strengthen to draw selectively FDI projects with high technology and good governance that are suitable with the national economic restructure orientations to create the connection to local businesses.
The Deputy PM requested the ministry to strengthen coordination with other ministries and localities, and integrate economic restructuring solutions with fiscal and monetary policies to achieve the targets set at the 12th National Party Congress in January.
He told the ministry to carefully prepare a master plan on economic restructuring for 2016 - 2020 to submit to the National Assembly for approval, while promptly designing a medium-term investment plan.
The Deputy PM noted the need to shore up agricultural activities following damages caused by the acute drought earlier this year.
In terms of industrial production, Deputy PM Hue asked the ministry to adjust domestic oil exploitation in line with fluctuations in the global markets, accelerate garment and footwear industries’ growth, and foster exports to the EU, ASEAN and new markets.
The Ministry of Planning and Investment has been required to take integrated measures to realise this year’s socio-economic development targets, following a growth slowdown in the first six months.
At the conference, Minister Nguyen Chi Dung said the six-month gross domestic product (GDP) growth rate was posted at 5.52%, lower than both this year’s target of 6.7% and the 6.32% rate a year earlier.
The slowdown was mainly attributable to the shrunken agriculture and mining as a result of drought, saltwater intrusion and marine pollution. The lingering oil price plunge also led to a decrease of oil exploitation volume.
In January-June, total export revenue climbed by 5.9%, the slowest pace for the same period since 2011 and well below this year’s target of 10 %, the minister noted.
However, the macro-economy was stable with low inflation and a surging disbursement of FDI capital with 7.25 billion USD, minister Dung said.
Nguyen Van Tu, Director of Hanoi Department of Planning and Investment said in the reviewed time the number of newly registered enterprises in the city has rapidly increased.
In the period 2016-2020, Hanoi is expected to have 400,000 new enterprises, double the current number of businesses, leading to a overload in business establishment registration. The municipal Department of Planning and Investment proposed that it is necessary to simplify the procedures for online business registration.
Deputy Prime Minister (PM) Vuong Dinh Hue and Minister of Planning and Investment Nguyen Chi Dung attended the conference.
Deputy Prime Minister Vuong Dinh Hue speaks at the conference.
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The Deputy PM requested the ministry to strengthen coordination with other ministries and localities, and integrate economic restructuring solutions with fiscal and monetary policies to achieve the targets set at the 12th National Party Congress in January.
He told the ministry to carefully prepare a master plan on economic restructuring for 2016 - 2020 to submit to the National Assembly for approval, while promptly designing a medium-term investment plan.
The Deputy PM noted the need to shore up agricultural activities following damages caused by the acute drought earlier this year.
In terms of industrial production, Deputy PM Hue asked the ministry to adjust domestic oil exploitation in line with fluctuations in the global markets, accelerate garment and footwear industries’ growth, and foster exports to the EU, ASEAN and new markets.
The Ministry of Planning and Investment has been required to take integrated measures to realise this year’s socio-economic development targets, following a growth slowdown in the first six months.
At the conference, Minister Nguyen Chi Dung said the six-month gross domestic product (GDP) growth rate was posted at 5.52%, lower than both this year’s target of 6.7% and the 6.32% rate a year earlier.
The slowdown was mainly attributable to the shrunken agriculture and mining as a result of drought, saltwater intrusion and marine pollution. The lingering oil price plunge also led to a decrease of oil exploitation volume.
In January-June, total export revenue climbed by 5.9%, the slowest pace for the same period since 2011 and well below this year’s target of 10 %, the minister noted.
However, the macro-economy was stable with low inflation and a surging disbursement of FDI capital with 7.25 billion USD, minister Dung said.
Nguyen Van Tu, Director of Hanoi Department of Planning and Investment said in the reviewed time the number of newly registered enterprises in the city has rapidly increased.
In the period 2016-2020, Hanoi is expected to have 400,000 new enterprises, double the current number of businesses, leading to a overload in business establishment registration. The municipal Department of Planning and Investment proposed that it is necessary to simplify the procedures for online business registration.
