Vietnam PM highlights measures to boost economic growth in first half 2021

Prime Minister Nguyen Xuan Phuc highlighted a string of measures to boost economic growth in the first half of 2021, including a focus on domestic market with a population of nearly 100 million people, global economic integration and digital economy.

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

“The priority at the moment is to stabilize macro-economic conditions and keep inflation under control”, said Mr. Phuc at a monthly government’s meeting on February 2.

According to the Prime Minister, the Ministry of Finance (MoF) and the Ministry of Planning and Investment (MPI) are tasked with providing supporting measures to the business community and people affected by the pandemic, including waiving and freezing certain fees and expenses.

Mr. Phuc also urged government agencies to soon map out a second relief package for the economy.

Among measures to boost economic growth, the PM stressed the necessity to accelerate disbursement progress of public investment fund right in the first months of 2021, especially in major public projects.

“More efforts are required to continue administrative reform and create substantial changes in the business/investment environment to further attract investment capital for growth,” Mr. Phuc noted.

Mr. Phuc agreed on setting up a taskforce specialized in handling bottlenecks for investment, which has not been properly addressed in the past.

“The government needs greater focus on supporting the development of the private sector, including an action program to cut fees and expenses for enterprises,” stressed Mr. Phuc, saying the country aims to become one of the world’s and regional hub for production and hi-tech application.

Amid a global environment with growing uncertainties, Mr. Phuc stated the necessity to boost agricultural production and ensure national food security in all circumstances, as well as forest protection and plantation, with a goal of planting one billion trees.

In 2021, the Vietnamese government targets the GDP growth to rebound to 6.5% from an estimated 2.91% last year, 0.5 percentage points higher than the goal set by the National Assembly at 6%.