Credit should be given to priority areas, especially high-tech agriculture, export, small and medium-sized enterprises (SMEs), and start-ups. 

Prime Minister Nguyen Xuan Phuc speaks at the regular Cabinet meeting in Hanoi on October 3

This is one of the tasks listed by Prime Minister Nguyen Xuan Phuc in order to complete the 2017 socio-economic development plan at the regular Cabinet meeting in Hanoi on October 3. 

He requested lowering lending interest rates, and taking drastic measures to restructure ineffective credit institutions and settle bad debts by the end of 2018. 

The leader asked ministries and agencies to keep a close watch on prices of petroleum and services, as well as the foreign exchange market both at home and abroad from now until the end of this year so as to put forth timely and suitable policies.

He underlined the need to review and closely control State budget spending, and called for efforts to fulfill budget collection, especially for the State coffer. 

At the same time, more favourable conditions should be created to encourage private investment, he said, pointing out weaknesses in the restructuring of State-owned enterprises. 

Only 6 percent of 3.1 quadrillion VND (136.6 billion USD) in the State-owned enterprises has been capitalised, he stressed. 

PM Phuc asked the Ministry of Industry and Trade to swiftly roll out a plan to sell State capital at the Saigon Alcohol-Beer-Beverage JSC (Sabeco) in line with legal regulations. 

The Ministry of Finance was assigned to instruct ministries and agencies to accelerate the State capital divestment and equitisation, and regularly report outcomes to the PM. 

Other tasks include promoting exports and trade promotion, simplifying procedures, especially customs clearance procedures and licensing, the PM said, urging to heed trade barriers to Vietnamese tra fish (pangasius) and shrimp in the US. 

Hanoi and Ho Chi Minh City should boost the domestic market to balance exports and imports, the leader noted. 

Along with ensuring the growth rate, the Ministry of Agriculture and Rural Development was requested to combat natural disasters and floods from now until the end of this year. 

He suggested transforming rice cultivation into other farming methods like shrimp breeding, and seeking new markets for Vietnamese farm produce. 

More suitable policies are needed to better protect fishing activities, the leader told the ministry. 

He asked for promoting tourism during the 2017 Asia-Pacific Economic Cooperation (APEC) events and in the remaining months of the year, saying these are huge opportunities to reach the yearly target of serving over 13-15 million international visitors. 

At the working session, the leader also talked about social welfare, vocational training and firefighting in major cities, especially during the last months of the year, along with dengue fight and the management of medicine distribution. 

Other issues mentioned at the meeting include inspection work, social order and safety protection, crime combat, particularly during the APEC Economic Leaders’ Week slated for November in central Da Nang city, year-end and Lunar New Year holiday. 

PM Phuc said thorough preparations for the 2018 socio-economic development plan should be made right now. 

Reviewing national socio-economic achievements over the past nine months, he said such achievements were contributed by the transform of the growth model towards higher quality and economic competitiveness in major production sectors, as well as the more favourable business environment, and the reform of the working style. 

At a press conference held later the same day, Minister-Chairman of the Government’s Office Mai Tien Dung said to reach the yearly growth target of 6.7 percent, it is a must to gain a growth rate of 7.4-7.5 percent in the fourth quarter, saying this requires strong resolve and active solutions to remove the remaining bottlenecks.

VNA