Vietnam pledged to implement signed trade agreements and conclude 14 free trade pacts with 55 foreign partners, including 15 members of the G-20, towards creating a basic foundation for the Southeast Asian country to integrate deeper into the international community and widen future cooperation opportunities.

Speaking at the mid-term Vietnam Business Forum in Hanoi on June 9, Prime Minister Nguyen Tan Dung said Vietnam is determined to reach and exceed the major targets on tax, customs and business start-up procedures in order to catch up with nations in the ASEAN-6 (Indonesia, Thailand, Singapore, the Philippines, Malaysia, and Brunei) by the end of this year and be on a par with countries in the ASEAN-4 (Indonesia, Malaysia, the Philippines, and Thailand) in 2016.

The Government leader also underlined the resolve to make three strategic breakthroughs in reforming the market economy towards transparency and fair competition; mobilising financial resources to build infrastructure; and more effectively directing human resources training to increase labour productivity.

He recognised the economic achievements gained in the first five months of this year yet noted that the outcomes are not sustainable or on par with the country’s advantages, and vowed to take more drastic measures to address weaknesses and shortcomings.

The Government will work to strengthen the macroeconomic stability, keep inflation under 5 percent not only in 2015 but also in following years, manage stable exchange rates in line with market’s signs, increase the foreign reserves to at least 12 weeks of imports, keep overspending at 5 percent and reduce the rate in following years to around 3 percent in accordance with the new law on the State budget, PM Dung said, adding that public debt will be kept at safe level and exports value will be increased by 10-15 percent.

He affirmed that the restructuring of banks and financial institutions will continue strongly to reduce the bad debt ratio to 3 percent in 2016 and improve the operational efficiency of the banking system.

The Government will also expedite the equitisiation of State businesses and help domestic and foreign firms remove bottlenecks and develop agriculture and services towards a gross domestic product (GDP) growth of 6.2 percent, the PM said.

He also called for more assistance and cooperation from sponsors, the business community, and associations at home and abroad to help Vietnam in its socio-economic development and wider international integration.

World Bank Country Director for Vietnam Victoria Kwakwa expressed her belief in the strong commitment of the Vietnamese Government, saying the most important thing is focusing efforts on controlling inflation, increasing foreign currency reserves, improving the business climate, and restructuring the economy.

She also recommended that the Vietnamese Government further simplify administrative procedures, develop private businesses and create equal platforms for public and private businesses.

VNA