More efforts needed to ensure sustainable development

Hanoi (VNA) – Deputy Prime Minister Trinh Dinh Dung urged ministries, agencies and businesses to pay heed to sustainable development during a meeting in Hanoi on April 12.

He stressed the importance of stabilising the macro economy, maintaining trade balance, and keeping inflation below four percent this year.

Deputy Director of the Vietnam Leather, Footwear and Handbags Association Diep Thanh Kiet said the footwear industry will continue focusing on its main import markets in the US and EU without leaning towards any particular one towards ensuring a balanced export turnover.

Minister of Agriculture and Rural Development Nguyen Xuan Cuong said his ministry will focus on improving domestic agriculture value chain and food safety.

Despite the sector’s poor performance in the first quarter of this year, recording a 2.05 percent growth rate, Cuong was confident that the targeted growth rate of 2.5-2.8 percent for 2017 could be achieved.

The ministry has exerted efforts to to expand Vietnam’s export markets, with particular attention to China, India and other ASEAN countries, he added.

Deputy Minister of Industry and Trade Hoang Quoc Vuong assured that his ministry will work closely with companies and business associations to resolve their difficulties.

He also asserted that the oil and gas industry’s current goal of exploiting an additional one million tonnes of natural gas this year is feasible with adequate effort.

The mining industry needs a broader market share at home and abroad for better returns, while the electricity sector and other manufacturing industries will be driven by the nation’s economic growth.

Deputy PM Trinh Dinh Dung emphasised the need for increased productivity and efficiency in the oil and gas industry and greater support for the textile and footwear industry, given its high localisation rate and potential for employment generation.

The domestic car industry and electronic parts manufacturing should also receive encouragement to better integrate into the global value chain, he said.

He reiterated the significance of geographical identification in boosting export value for made-in-Vietnam products as this would boost product quality and market shares at home.

The Deputy PM asked the Ministry of Agriculture and Rural Development to concentrate on reshuffle to tackle climate change challenges and minimise natural disaster impacts and generate higher product values.

He also called for more precise and effective policy frameworks to attract investment for infrastructure construction, mainly for transportation, energy and real estate sectors.

He asked the Ministry of Planning and Investment to work with the Ministry of Industry and Trade and the General Statistics Office to clearly define growth strategies and monitor their implementation in each sector under their purview.

The corporate sector, meanwhile, should take all possible economic scenarios into account in drawing up its own growth plans, he said.

Other points of interest mentioned by the Deputy PM included the need for regular, detailed research on market demand and growth forecasts for domestic industries, particularly those with high added value.-VNA