Along with a surge in the number of newly-established enterprises, as many as 65 percent of businesses enjoyed profit, the highest figure in five years, and 45 percent of enterprises expanded their business in the first quarter of this year, he noted at the Cabinet meeting on April 3.

He said that total social investment surged over the same period last year, with the private sector recording the highest growth.

At the same time, the quality of investment and business activity of the FDI sector increased, while exports were higher than the same time last year and tourism saw rapid development.

The PM noted that in the first quarter of this year, 51 cities and provinces showed strong performance in governance in all fields, especially in improving the quality of services for businesses and people as well as investment environment.

Analysing challenges facing the national economy amidst the complicated situation in the world, especially the trend of trade protection, the cabinet leader pointed to two main pressures burdening the country: GDP growth and exchange and interest rates.

He said that GDP growth in the first quarter was low, especially in industry.

He stressed the need to design specific growth scenarios for each sector, especially mining, construction, and mechanics manufacturing.Alongside, it is crucial to maintain and promote the growth of agriculture and tourism, he said.

The PM said that solutions to exchange and interest rates should go with reining in inflation, highlighting the significance of appropriate management and balancing measures.

He urged ministries and localities to speed up administrative and institutional reform to better serve businesses and remove economic barriers.

At the meeting, PM Nguyen XuanPhuc also announced the organisation of the second Business Conference to listen to the voice of business community.

Regarding the equitisation of State-owned enterprises, he asked for faster results with the prevention of loss of State property.

It is necessary to create more favourable conditions for enterprises to access capital, speed up credit reform as well as bad debt settlement, promote credit growth and reduce interest rates to encourage business activity, he stated.

He also asked for more effective management of the real estate market, the promotion of domestic consumption, and measures to remove obstacles hindering production.

After hearing a report on the fourth industry revolution (Industry 4.0), the PM asked ministries, sectors and media agencies to strengthen communications to raise public awareness of opportunities and challenges generated by the revolution.

He urged research institutes, scientists and exports as well as businesses and people to join hands in tapping changes of the Industry 4.0 for renovation, thus making breakthrough in socio-economic development.

He asked the Viettel, FPT groups and leading IT firms of the country to take the lead in taking advantages of the revolution for national development, while directing ministries and sectors to review and build their growth strategies with specific activities to grasp opportunities of Industry 4.0.

VNA