Prime Minister Nguyen Xuan Phuc (Center) urges for reforming growth model (Photo: VOV)

Chairing the first session of the National Steering Committee on economic reforms and the new growth model in the 2016-2020 period, the PM urged committee members to discuss limitations, orientations, missions, and solutions for the economic restructure and the new growth model.  He said: “The government resolution points out clear action programs and missions. Several provinces have successfully reformed their agriculture sector to enhance product values while some others have not made any advancement because their leaders are not aware of the importance of renewing the growth model”.

Mr. Phuc said economic growth has gained impressive results with the expansion of the economy estimated at 225 billion USD, and public debt reduced from 64% to 61% of GDP thanks to changes in the growth model. Macroeconomic targets have been achieved and inflation has been under control. Vietnam’s position on the Logistics Performance Index (LPI) in 2018 rose 25 levels from two years ago according to the latest report from the World Bank (WB). However, the PM said, the current growth rate is insufficient. He urged committee members to review restructuring programs and the new growth model.

Concluding the session, the Prime Minister emphasized the important roles science and technology play in reforming the growth model: “Ministries, sectors, and localities need to reform their mindset and working methods considering them a priority task, focus on economic restructuring and reforming the growth model in a more practical and effective manner to increase productivity, quality, efficiency, and competitiveness. They are the decisive factors for Vietnam’s sustainable growth.”

The Prime Minister stressed the need to reform the State management in economics and promote the building of a disciplined, righteous, working, creative and effective government. He asked the Ministry of Industry and Trade to implement more incentives to encourage the private sector to invest in long-term investments and improve competitiveness.