Stronger reforms needed to facilitate economic performance: PM

Hanoi (VNA) – Addressing the Government’s meeting on October 2, Prime Minister Nguyen Xuan Phuc requested ministries, sectors and localities to push ahead with stronger reforms to promote production and business activities amid several challenges to and problems of the economy.

Reviewing socio-economic attainments over the past nine months, the PM cited a survey’s findings as showing that up to 87.5 percent of the interviewed businesses, especially domestic ones, have confidence in the Vietnamese market.

This result reflects the substantive socio-economic growth and the effective governance by the Government, he commented.

Analysing challenges to the economy, he pointed out the impact of the trade wars among big economies, climate change, natural disasters, epidemics, and especially the complex and unpredictable developments in the East Sea.

Meanwhile, the Vietnamese economy itself has also encountered certain problems, PM Phuc said, elaborating that industrial production grew at a slower pace than in 2018; agriculture faced numerous difficulties, particularly climate change impact; the growth of the foreign tourist number slowed down; and the disbursement of public investment capital remained weak.

The Government demands that authorities at all levels and all sectors not underestimate the situation but thoroughly address existing weaknesses and shortcomings, he stressed, adding that ministers and heads of sectors hold heavy responsibility in this work.

The leader also told them make stronger reforms to promote production, business activities and job creation. Additionally, they also need to have all-round assessment of trade wars’ impact on Vietnam and prepare appropriate responses to further capitalise on the signed free trade agreements.

It is also necessary to better prevent and control diseases on humans and livestock, improve the fisheries industry to persuade the EU to remove its yellow-card warning, and work harder to attract more foreign visitors to Vietnam, he noted.

Calling for stronger and more substantive improvement of the investment and business climate, PM Phuc asked the Ministry of Home Affairs to assess the investment and business environment of each locality.

Besides, the Ministry of Finance has to step up the equitisation of State-owned enterprises and the divestment of State capital from firms, while the State Bank must accelerate the restructuring of ailing credit organisations, the settlement of non-performing loans, and the enhancement of commercial banks’ financial capacity, he added./.