New driving forces for growth will be needed for Viet Nam in the coming years, Prime Minister Nguyen Xuan Phuc said on Mon day at a meeting with the Party Central Committee’s Economic Commission in Ha Noi.

The meeting aimed to review the country’s macroeconomics situation during the first six months of the years and discuss major policies to ensure economic stability and foster growth.

Speaking at the event, PM Phuc reaffirmed that the macroeconomics situation, including the management of exchange rates, interest rates, foreign exchange reserves and inflation, is in good shape. He also noted that while international financial institutions were optimistic about Viet Nam’s growth this year, the economy still needs new space and growth drivers.

Head of the Party Central Committee’s Economic Commission Nguyen Van Binh said that in the first six months of the year, the world economy offered many favourable conditions as well as challenges, emphasising the risks in the financial and monetary sector.

In such context, the Government was determined to focus on stabilising macroeconomics, Binh said. Thus, the economy saw sustainable growth and inflation was controlled, while domestic demand maintained a high rate of increase.

He added that the economy’s restructuring also fetched important outcomes, especially in agriculture and industrial sectors. The finance sector and State budget had seen positive progress with public debt basically under control and State spending restructured.

The PM asked participants to evaluate the state of the institutional factor and policies to find solutions for macroeconomic stability as well as breakthrough growth.

“It’s important to harmonise fiscal, monetary, trade and investment policies so that these policies can work effectively and supplement one another,” Phuc said.

He also mentioned problems that need to be discussed thoroughly, including tardy reimbursement of public investment, tariff barriers and impacts of major markets in the world on Viet Nam’s economy.

At the meeting, participants also discussed some other issues such as economic growth inflation, the risk of a 10-year economic cycle, the effects of US-China trade tensions on Viet Nam and measures to ensure macroeconomic stability and sustainable growth.--VNS