Prime Minister Nguyen Xuan Phuc

Experts participating in the meeting stressed that long-term solutions to boost the economic growth should aim at economic recovery, economic restructuring, and shifting the growth model. Chairing the meeting, Prime Minister Nguyen Xuan Phuc said: “We need to have new, more proactive, and responsible policies. We need to uphold the sense of responsibility to prevent the resurgence of the epidemic, which is the prerequisite. Ministries, sectors, and the Council need to work out solutions while closely monitoring changes in the domestic and international markets to work out prompt solutions.”

Pointing out that there remain risks for the economy, the PM emphasized that macro-economic stability remains an important target, adding that this year’s CPI must be kept below 4 percent. He asked the Ministry of Planning and Investment and other relevant ministries and sectors to update growth scenarios quarterly. He said: “Our goal is to achieve credit growth of more than 10 percent this year and raise budget overspending and public debt by some 3 to 4 percent of GDP to secure more resources to support small and medium-sized enterprises (SMEs) as well as major enterprises, while preventing disruptions to key sectors. We need to consider cutting bank interest rates to assist businesses and individuals and to reduce regular spending, taxes, and fees to save funds for urgent tasks.”

PM Phuc also emphasized the need for strong institutional reform and perfecting of policies to create a competitive business climate to attract more private and foreign investment.