Prime Minister Nguyen Ta Dung stressed the need at a regular cabinet meeting in Hanoi on August 27 which reviewed the socio-economic performance for the eight months of this year.
The Ministry of Planning and Investment (MoPI) report showed that the reviewed period saw continued socio-economic recovery, ensured social welfare, and positive changes and improvements in all economic sectors.
Export growth was maintained with trade surplus while inflation was controlled at a low level and market prices were kept stable.
The MoPI reported that GDP growth in three quarters is estimated at 5.54%. However, the socio-economic development situation still face numerous difficulties due to macroeconomic infirmness, slow growth of aggregate demand, lower credit growth, and obstacles for business’ access to bank loans and ineffective settlement of bad debts.
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In his speech, PM Dung applauded the joint efforts by ministries, sectors and localities to stabilize the macro-economy towards this year’s growth target of 5.8%. 12 out of 14 targets set for 2014 were fulfilled or exceed.
The Government leader urged all sectors to do their utmost to reach all the set targets, thus providing a solid underpinning for ensuring year-on-year growth.
PM Dung suggested they should concentrate their attention on increasing aggregate demand of the economy by increasing credit outstanding balance associated with improving credit quality, dealing with bad debts, increasing disbursement and investment and combating fake and imitation goods in order to protect and boost domestic production.
Dung placed importance of restructuring the national economy with a focus on restructuring State-owned enterprise (SoEs), commercial banks and agriculture and preventing loss and wastage.
Regarding administrative reform, PM Dung asked relevant agencies to devise proper solutions for boosting production and investment, improving the business environment and sharpening national competitiveness.
"From now until the end of the year and next year, dealing with customs procedures will be reduced by half from the current level, tax formalities to 200 hours from 500 hours, insurance procedures to less than 100 hours from 300 hours. Procedures for investment, construction, land management, access to electricity will drop from one thirds to half compared to the current level. Ministers have pledged their utmost efforts to streamline all cumbersome procedures to improve the investment environment and the national economy’s competitiveness.” Dung said.
In terms of socio-economic tasks for 2015, he asked cabinet members to focus on practical solutions and measures aimed at exceeding this year’s GDP growth to reach 6.0-6.2% as estimated by the Ministry of Planning and Investment.
