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Feb 18, 2021 / 12:05

PM urges greater balance between economic independence and global integration

A harmonization in innovation, stability and development is required for Vietnam to pursue sustainable economic development, Prime Minister Nguyen Xuan Phuc has said.

Vietnam should keep greater balance in ensuring economic independence and global economic integration.

 Prime Minister Nguyen Xuan Phuc at the meeting. Photo: Quang Hieu 

This was among priorities for Vietnam in 2021 and for the next five-year period pointed out by Prime Minister Nguyen Xuan Phuc at a government meeting on February 17.

Phuc referred to an example of the country’s ongoing efforts in buying Covid-19 vaccines from abroad while pushing for the production of national vaccine at the same time.

“A balance is also required in attracting foreign direct investment and promoting the development of the private sector,” stated Phuc.

As the country is pushing for socio-economic development, the Prime Minister stressed the importance of the Party leadership in this process.

“In other words, there should be a harmonization in innovation, stability and development,” he added.

“The Vietnamese economy stays firm in pursuing a socialist-oriented market economy by balancing three factors which are the state, market and society,” noted Phuc.

“Economic and human development must go hand in hand, along with social progress and environment protection,” he continued.

“Vietnam would prioritize inclusive economic growth and leave no one behind in the process of development,” stated Phuc, adding every province/city should be given an opportunity to grow, especially those with high potential for development.

Amid growing global uncertainties, the PM suggested the country to take into consideration both short- and long-term targets.

“It is vital for Vietnam to refrain from short-term solution that lacks sustainability and keep national financial capability intact,” he added.

“A strong macro-economic foundation is essential for Vietnam’s sustainable development,” stated Phuc.

To ensure the successful realization of these priorities, Phuc urged government agencies to continue promoting public participation in every process of socio-economic development.

In 2021, the Vietnamese government targets the GDP growth to rebound to 6.5% in 2021 from an estimated 2.91% last year, representing an increase of 0.5 percentage points compared to the goal set by the National Assembly which is 6%.