Substantial measures needed to achieve highest possible economic growth: PM hinh anh 1Prime Minister Nguyen Xuan Phuc speaks at the regular Government meeting on September 4 (Source: VNA)

Hanoi (VNA)Prime Minister Nguyen Xuan Phuc has urged Government members to find substantial economic stimulus measures to achieve the highest possible economic growth rate this year.

Chairing a regular Government meeting on September 4 to assess the socio-economic development situation in August and the first eight months of 2020, PM Phuc said that last month, a new wave of the COVID-19 pandemic spread to 15 provinces and cities nationwide.

However, thanks to drastic and synchronous measures, the disease has been basically put under control again and the country’s development pace has been maintained, he said.

According to him, amid the COVID-19 outbreak, the macro-economy remains stable and the monetary policy has well served macro-economic stability. Foreign exchange reserves now reach 92 billion USD and are expected to top 100 billion USD this year. August’s CPI increased by 0.07 percent. Agriculture continues to be a pillar assisting the economy and is striving for a growth rate of 2.6-2.8 percent in 2020. Vietnam also enjoyed a trade surplus of 11.9 billion USD during January-August.

Public investment disbursement has improved clearly, and many localities are determined to disburse all public investments this year. The total volume of FDI registered in the period reached 19.5 billion USD.

The prestige and position of Vietnam was consolidated in the international arena in the “new normal” context, Phuc stated.

The Government leader asked Government members and localities to focus on how to address problems in industrial production, trade and services, particularly in tourism and consumption.

Production and business activities still face many difficulties, especially for small- and medium-sized enterprises, Phuc noted, adding that the risk of unemployment in urban areas remains alarming and natural disasters and climate change continue developing complicatedly.

He asked for ideas to perfect policies supporting production and business for all economic sectors, labourers, and both domestic and overseas investment activities.

It is necessary to carry out stronger administrative reform to free up capital resources to motivate development, he stressed.

Emphasising the determination to continue working on the dual targets of disease prevention and economic development, the Government leader highlighted the need for more measures to stimulate economic growth in both demand and supply./.