Prime Minister Nguyen Xuan Phuc (centre) speaks at the Government’s meeting in Hanoi on August 1 (Photo: VNA) Hanoi (VNA) – Adriving force for short-term growth has lost due to the sluggish expansion ofpublic investment, Prime Minister Nguyen Xuan Phuc has said, demanding drasticactions to remove barriers hindering the disbursement of public investment.
Concluding the Government’s meeting in Hanoi onAugust 1, the PM described the slow disbursement of public investment as a “currentweakness” as the disbursed capital in the last seven months accounted for justaround 35 percent of this year’s target. Notably, the disbursed amount of foreigninvestment capital was even lower, at 14 percent, he said.
The government leader requested ministries,sectors and localities to pay special attention to overcoming this issue.
Pointing out other socio-economic problems, PMPhuc said the growth slowdown in the global economy and big countries hasstrongly affected Vietnam. Meanwhile, as the inflation pressure still exists,ministries, sectors and localities must stay alert, especially amidst politicaltensions in the world, unpredictable changes in global oil prices as well asthe impacts of power prices and basic wage hikes, which may push up inflation,he noted.
PM Phuc asked for stronger efforts to deal withwidespread droughts, uncontrollable diseases and an increase in serious trafficaccidents, adding that it is also necessary to push ahead with fightingcorruption, recovering stolen assets and combating trade frauds.
He emphasised the resolve to fulfill all targetsset for 2019, including a GDP growth rate of 6.8 percent and an inflation rateof less than 4 percent.
Ministries, sectors and localities need tocontinue improving the investment and business climate, create a legal corridorfor assisting businesses to promote the capacity of applying the FourthIndustrial Revolution’s achievements, and soon complete legal frameworks fordeveloping the digital economy and sharing economy, along with managing cryptoassets, crypto currency and financial technology.
They also have to keep a close watch on andforecast impacts of developments in the international financial – monetarymarkets, carry out timely solutions to keep exchange rates, interest rates andthe forex market stable, while further raising the forex reserves so as tocreate a buffer against external shocks, the Government leader noted.-VNA
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