PM pledges to push economic growth

Monday, Dec 07, 2015 08:32

Containers are unloaded at Cai Mep International Terminal, Ba Ria-Vung Tau Province. Prime Minister Nguyen Tan Dung said as the country becomes increasingly integrated in the global economy, it must take advantage of growth opportunities and overcome numerous difficulties and challenges in the global playground. — VNA/VNS Photo Manh Duong

HA NOI (Biz Hub) — Viet Nam had accomplished important milestones in its socio-economic development effort in the last five years. As the country becomes increasingly integrated in the global economy, it must take advantage of growth opportunities as well as overcome numerous difficulties and challenges in the global playground, said Prime Minister Nguyen Tan Dung at the 2015 Viet Nam Development Partnership Forum (VDPF) on Saturday in Ha Noi.

The forum, which aimed to be a platform for high level dialogue, facilitate policy discussion between the Government of Viet Nam, its development partners, the private sector, local and international civil organisations, national research institutions and other development actors to foster the country's socio-economic development. The theme for this year was "Towards competitive, inclusive and sustainable growth".

In spite of various economic limitations including low productivity, lack of competitiveness and difficulties in attaining sustainable development, the PM said that Viet Nam aimed to maintain an annual growth rate of 6.5 to 7 per cent in the 2015-2020 period.

In order to realise this goal, the country's priorities would include the implementation of policies to stabilise the macro economy, the restructuring of public investment and State-owned Enterprises (SOEs), improved businesses' management capacity and ensuring fair competition. Measures must be taken to improve productivity, tighten budget spending, control public debt, enhance the effectiveness of public investment and ensure the country's national financial security, said the PM.

Minister of Planning and Investment Bui Quang Vinh said that Viet Nam must shift its growth focus from labour intensive to technology-based, speed up the equitisation of SOEs while creating a favourable environment for small and medium-sized enterprises. He also recommended restructuring Viet Nam's agricultural sector towards a large-scale production model.

The International Monetary Fund's resident representative Jonathan Dunn said that restructuring and equitisation of SOEs would help invigorate Viet Nam's economy. He said that while reducing investment in infrastructure development may help in addressing issues such as budget deficit and rising public debt, Viet Nam must take care to not compromise the country's long-term development goals.

World Bank country director in Viet Nam Victoria Kwakwa said that Viet Nam had achieved significant results in maintaining economic growth, eradicating poverty and facilitating the people's access to health services and education. However, the country's mission in the five years to come must focus in addressing key areas such as productivity, environmental issues, social welfare, Government capacity and accountability.

She urged the Government to look for ways to improve its capacity to generate internal revenues, especially in the time when concessional development assistance being phased out, and to ensure that funds from official development assistance sources would be used effectively. — VNS

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