Prime Minister Nguyen Xuan Phuc urged Government members to take drastic measures to attain the targeted growth rate of 6.7 percent this year at the Cabinet’s February meeting in Hanoi on March 1.

Prime Minister Nguyen Xuan Phuc speaks at the Government's meeting on March 1

Although Vietnam’s economy has maintained good growth, no foreign organisations have forecast 6.7-percent growth for the country in 2017, showing the challenge facing the Government, he said.

He noted the stable macro-economy, 2.2 billion USD of foreign direct investment, an increase in the number of new businesses, and controlled inflation with consumer price index expansion of 0.23 percent in February as positive signs.

However, the international situation remains volatile with protectionism resurgence and increasing prices of crude oil and basic materials.

He asked Government members to assess the domestic and global situation to make appropriate moves to promote growth, macro-economic stability, and the economy’s competitiveness.

Solutions should be devised to address problems like low agricultural product prices in the domestic market and low labour productivity, especially in agriculture and rural areas.

PM Phuc told authorities at all levels to pay attention to material prices and USD interest rates to keep inflation below 4 percent this year – a target that, according to foreign experts, will not be easy to realise. 

Therefore, close coordination among ministries and sectors, and appropriate solutions are necessary, he added.

He applauded central and local agencies which immediately got down to business after the week-long Lunar New Year holiday.

During the morning session, the Government discussed law-making issues with a draft revised law on public debt management the first to be tabled.

VNA