Hanoi (VNA) – Prime Minister NguyenXuan Phuc asked experts to study🥂 to seek a new driving force fordevelopment during a working session with the National Advisory Council on Financial and Monetary Policies and the economic advisory group onJanuary 19.

"We have basically preparedan important foundation for 2021 and the next five years in terms ofproduction capacity and macro-economic system," he said, noting that given the complicated developments inthe region and the world, Vietnam should accept changes in the newcondition, including changes in habits and even legal institutions related to economic development. He required the experts to closely follow economic situation both in and outside the country, timely notice of newly arising problems in order to provide timely recommendations to the PM on suitable mechanisms, policies and solutions to address them. Mentioning existing shortcomings, the Government leader calledattention to lessons to prevent inflation and bad debts as well as mechanisms to turn science-technology and innovation into a driving force toimprove labour productivity and competitiveness. Links between foreign-investedand domestic firms remain loose while the rate of domestically-made productsin automobiles and electronics is still low. In the near future, he said theGovernment has a lot to do, especially working to create strategic breakthroughs in economic reform andrestructuring, renewing growth model, developing businesses, improving businessenvironment, stepping up national digital transformation and attractingresources for sustainable development. He stressed that national digitaltransformation is indispensable.

The PM also urged the experts to suggest measures toachieve the dual goal of fighting the pandemic and restoring socio-economicdevelopment, tap opportunities from signed free trade agreements, and perfect  business administration mechanisms for State-owned enterprises.

Experts shared the view that 2020 was a successful year despites the challenges, and the Government had taken drastic actions to control thepandemic and promote economic growth last year. They proposed the Governmentcontinue focusing on fighting the pandemic, stimulating export and domesticconsumption, and stepping up public investment.

Other opinions suggested maintaining macro-economicstability, promoting consumpt🍌ion and private investment and consꦺolidating policies. They also urged the Government to pay more attention to green development and circular economy, adding that institutional reform should focus on renovation, productivity improvement and digital economy. Besides, aid packages should be continued and vaccine production hastened to bolster economic growth./.