Prime Minister wants GDP at 6.7 percent this year

By April 21, 2016 | 05:09 pm PT

Prime Minister Nguyen Xuan Phuc and Deputy Prime Minister Vuong Dinh Hue (L), Investment and Planning Minister Nguyen Chi Dung (R) at the meeting on April 21. Photo by VGP

Vietnam’s annual economic growth rate this year must reach the target of 6.7 percent, said Prime Minister Nguyen Xuan Phuc on Thursday in a meeting with the Ministry of Investment and Planning.

The ministry plays the role of “chief advisor” to the government in shaping socio-economic policies, said the Prime Minister, adding that the ministry should adopt a new way of thinking and become “the economic hotline” for macro matters.

“[Our] focus is to carry out institutional strengthening and immediately clear hurdles to development,” said the Prime Minister.

He also added that the ministry must pioneer the fight against corruption.

With the aim of reaching the target of 6.7 percent this year, the ministry has the task of aiding the government in securing funds for development projects so that Vietnam can reduce its reliance on foreign loans so that sovereign bonds will no longer be the only way to finance economic development. The investment ministry is also responsible for monitoring public investment performance.

The Prime Minister urged the ministry to build a system to control government procurement, ensuring accountability and transparency in procurement activities so that all qualified bidders have equal access. He even suggested implementing online procurement.

The Ministry of Planning and Investment will put forward proposals on the privatization of state-owned companies and encourage the growing start-up culture, PM Phuc said.

In its pioneering role, it will have to cooperate with other ministerial agencies including the Ministry of Agriculture ministry and the Ministry of Science and Technology to facilitate more rapid economic growth.