Econ
Prime Minister instructs to reduce trade deficit
The Government office has released the conclusion of Mr. Nguyen Xuan Phuc on solutions for economic growth.
As such, the Prime Minister has shown determination in achieving all targets, including the socio-economic development objectives for 2017, which have been approved by the Parliament, especially on economic growth targets.
The Prime Minister instructed related ministers and leaders at ministry- level agencies, provinces, and state enterprises to drastic implement solutions and measures in accordance with the resolutions of the government and parliament; striving to achieve the GDP target of 6.7% and the growth target for each sector. With this being said, it is considered as the priority tasks for each ministry, province, and state enterprise.
The Prime Minister also assigned Ministry of Planning & Investment, Ministry of Finance, Ministry of Industry & Trade, and State bank of Vietnam (SBV) to closely cooperate with each other in efficiently managing monetary and fiscal policies, commercial and trade activities, in order to control inflation and stabilize the macro-economic, with a view to ensure the economic growth. Moreover, ministries and related agencies are to monitor the global conditions to have appropriate measures in timely manner.
Creating favorable investment and business environment
The Prime Minister instructed related agencies to create favorable investment and business environment; focus on removing obstacles in regulations and policies for the development of business and production; review and reduce to the maximum official and unofficial expenses along with administrative reform, in turn saving time and money for citizens and enterprises.
On the other hand, it is necessary to ensure the credit growth of the economy, which focuses on priority fields to achieve the credit growth rate of 21% for 2017. Tax agencies are tasked with managing tax instrument efficiently to support investment and reduce expenses for enterprises. For which, they can timely deal with problems in related to tax payment. Other important issues are to search for potential export markets and promote trade, tourism and investment.
Strictly control export to reduce trade deficit
It is important to increase and control export to reduce trade deficit; improve service export, in particular tourism at important markets. With this being said, related agencies need to have solutions to control export, in which apply technical barriers in accordance to the law and international commitments.
Improving consumption and domestic markets development; improve local products quality, in turn building customers’ trust and confidence in made-in-Vietnam products; improve production and distribution channels for high quality products in replacement of imported products; increase efforts in preventing smuggling and unfair trade deals.
The government will increase effort in the restructuring process of state-owned enterprises through equitization and divestment, so that the equitization and divestment plan of 2017 can be achieved. In order for this process to be completed, the responsibilities of the leaders are decisive factor, any case of deliberately delay the process of equitization and divestment will be severely punished.
The Prime Minister also assigned the Ministry of Planning & Investment to cooperate with related agencies in research and analyze the economic situation to calculate appropriate GDP growth target, in turn developing the socio-economic development plan for 2018 and the coming years based on the principle of consistency, feasibility and suitable with objectives of the 5 year socio-economic development plan in the period of 2016-2020, which has been approved by the Parliament.
The Prime Minister instructed related ministers and leaders at ministry- level agencies, provinces, and state enterprises to drastic implement solutions and measures in accordance with the resolutions of the government and parliament; striving to achieve the GDP target of 6.7% and the growth target for each sector. With this being said, it is considered as the priority tasks for each ministry, province, and state enterprise.
The Prime Minister also assigned Ministry of Planning & Investment, Ministry of Finance, Ministry of Industry & Trade, and State bank of Vietnam (SBV) to closely cooperate with each other in efficiently managing monetary and fiscal policies, commercial and trade activities, in order to control inflation and stabilize the macro-economic, with a view to ensure the economic growth. Moreover, ministries and related agencies are to monitor the global conditions to have appropriate measures in timely manner.
Creating favorable investment and business environment
The Prime Minister instructed related agencies to create favorable investment and business environment; focus on removing obstacles in regulations and policies for the development of business and production; review and reduce to the maximum official and unofficial expenses along with administrative reform, in turn saving time and money for citizens and enterprises.
On the other hand, it is necessary to ensure the credit growth of the economy, which focuses on priority fields to achieve the credit growth rate of 21% for 2017. Tax agencies are tasked with managing tax instrument efficiently to support investment and reduce expenses for enterprises. For which, they can timely deal with problems in related to tax payment. Other important issues are to search for potential export markets and promote trade, tourism and investment.
Strictly control export to reduce trade deficit
It is important to increase and control export to reduce trade deficit; improve service export, in particular tourism at important markets. With this being said, related agencies need to have solutions to control export, in which apply technical barriers in accordance to the law and international commitments.
Improving consumption and domestic markets development; improve local products quality, in turn building customers’ trust and confidence in made-in-Vietnam products; improve production and distribution channels for high quality products in replacement of imported products; increase efforts in preventing smuggling and unfair trade deals.
The government will increase effort in the restructuring process of state-owned enterprises through equitization and divestment, so that the equitization and divestment plan of 2017 can be achieved. In order for this process to be completed, the responsibilities of the leaders are decisive factor, any case of deliberately delay the process of equitization and divestment will be severely punished.
The Prime Minister also assigned the Ministry of Planning & Investment to cooperate with related agencies in research and analyze the economic situation to calculate appropriate GDP growth target, in turn developing the socio-economic development plan for 2018 and the coming years based on the principle of consistency, feasibility and suitable with objectives of the 5 year socio-economic development plan in the period of 2016-2020, which has been approved by the Parliament.