In a meeting with cabinet members in Hanoi on May 22 to discuss the country’s 2017 growth scenarios, Prime Minister Nguyen Xuan Phuc urged them to actively take measures to realize the growth target of 6.7 per cent this year.

Growth target of 6.7% remains unchanged as PM chairs cabinet meeting on May 22.

According to a report from the Government e-Portal, the meeting was attended by Deputy Prime Ministers Truong Hoa Binh, Pham Binh Minh, Vuong Dinh Hue, and Trinh Dinh Dung, and several ministers.

The PM was quoted by the Vietnam News Agency as telling the meeting that this year’s economic growth is of importance, affecting many other macroeconomic indicators, especially State budget collections and spending, public debt, employment, and worker incomes.

2017 is the second year of Vietnam’s five-year socio-economic development plan for 2016-2020, so growth outcomes will affect the overall realization of targets for the whole period.

The PM therefore asked his deputies, ministers and heads of sectors to make drastic instructions, update the situation, and actively adopt suitable solutions to achieve their own goals and the country’s growth target.

He assigned the Ministry of Planning and Investment (MPI) to summarize reports and other ministries, particularly the Ministries of Industry and Trade, Agriculture and Rural Development, Construction, and Transport, to update the government on the implementation of their own growth targets at monthly cabinet meetings.

Meanwhile, MPI, the Ministry of Finance, and the State Bank of Vietnam were ordered to work out specific solutions to remove difficulties, boost growth, and ensure macroeconomic stability, laying a foundation for sustainable growth.

At the April meeting and in its report presented at the opening of the third session of the 14th National Assembly on May 22, the government also mentioned growth targets for major sectors in 2017.

The agriculture sector is expected to see growth of 3.05 per cent, industry and construction 7.91 per cent, and the service sector 7.19 per cent.

VN Economic Times