Deputy Prime Minister Trinh Dinh Dung revisited the themes of macroeconomic stability and sustainable development yesterday as he urged a concerted effort to reach future growth targets.

In a first quarter review meeting with various departments, agencies and businesses, he also stressed the importance of maintaining trade balance and keeping inflation for the year to under 4 per cent.

The Deputy PM emphasised the need for increased productivity and efficiency in the oil and gas industry and greater support for the textile and footwear industry, given its high localisation rate and potential for employment generation as well as greater market penetration.

The domestic car industry and electronic parts manufacturing should also receive encouragement to better integrate into the global value chain, he said.

He reiterated the importance of geographical identification in boosting export value for made-in-Viet Nam products, saying this would also boost product quality and their domestic market share.

Hoang Quoc Vuong, Deputy Minister of Industry and Trade (MoIT), gave an assurance that his ministry would work closely with companies and business associations to resolve difficulties that they were facing.

Vuong also asserted that the oil industry’s current goal of exploiting an additional one million tonnes of natural gas this year is feasible with adequate effort.

He said mining industries need a broader market share at home and abroad for better returns, while the electricity sector and other manufacturing industries would be driven by the nation’s economic growth.

Diep Thanh Kiet , Deputy Director of the Viet Nam Leather, Footwear and Handbags Association, said that the footwear industry would continue to focus on its main import markets in the United States and in Europe without leaning towards any particular one towards ensuring a balanced export turnover.

Dung asked the Ministry of Agriculture and Rural Development to focus on restructuring the agriculture sector towards tackling climate change challenges, minimising natural disaster impacts and generating higher product values.

Nguyen Xuan Cuong, Minister of Agriculture and Rural Development, responded that the ministry would focus on improving domestic agricultural value chain and food safety.

Despite the agricultural sector’s poor performance in the first three months of 2017, recording a 2.05 per cent growth rate, Cuong was confident that the targeted growth rate of 2.5 to 2.8 per cent for 2017 would be achieved.

His ministry would collaborate with foreign chambers of commerce to expand Viet Nam’s export markets, with particular attention to China, India and other ASEAN countries as trade partners with the highest growth potential, Cuong said.

The Deputy PM called for more precise and effective policy frameworks to attract investment for infrastructure construction, mainly for transportation, energy and real estate sectors.

He asked the Ministry of Planning and Investment to work with the MoIT and the General Statistics Office to clearly define growth strategies and monitor their implementation in each and every sector under their purview.

The corporate sector, meanwhile, should take all possible economic scenarios into account in drawing up its own growth plans, he said.

Other points of interest mentioned by the Deputy PM included the need for regular, detailed research, quarter on quarter and year on year, on market demand and growth forecasts for domestic industries, particularly those with high added value. — VNS