Amid the complex world situation, Vietnam needs to push ahead with reforming policies and regulations to keep up with the development pace of the global economy, said Prime Minister Nguyen Xuan Phuc.

Prime Minister Nguyen Xuan Phuc speaks at the Government’s meeting on May 3

At the Government’s monthly meeting on May 3, the Cabinet leader said although the domestic investment and business climate has been improved as assessed by international organisations and investors, there remain certain shortcomings such as low labour productivity, modest readiness for Industry 4.0, and limited technology, governance capacity, vocational skills and innovation awareness. 

While some officials, public employees and civil servants haven’t been drastic enough in their work, resources remains limited and existing policies haven’t truly created conditions for development.

He asked each Cabinet member to be well aware of their responsibilities to stand ready to respond to new problems and fast changes of the domestic and international situation in order to create momentum for sustainable development.

He told them to swiftly address problems arising and lingering shortcomings, particularly in food safety, culture, smuggling, trade fraud and deforestation.

The PM stressed the tasks of ensuring macro-economic stability, controlling inflation, and promoting growth so as to achieve an economic growth rate of at least 6.7 percent and inflation of not higher than 4 percent this year.

Regarding export promotion measures, he requested the Ministry of Industry and Trade, relevant ministries and sectors, and localities to step up trade promotion and remedies, seek new markets, and improve domestic production capacity.

Aside from stronger economic restructuring and growth model reform, it is necessary to boost building new-style rural areas nationwide, speed up divestment of State capital from and equitisation of State-owned enterprises, and facilitate the private sector’s participation in this process.

PM Phuc also ordered a Government decree on the committee for managing State capital at enterprises be finalised as soon as possible so that this committee can be operational soon, thus fostering divestment and equitisation and enhancing the management of State capital.-VNA