Prime Minister emphasizes on effective public investment disbursement

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Prime Minister Nguyen Xuan Phuc at the conference (Photo: VNA)

At the conference, the PM said that the Government will establish inspection teams to examine the pace of public investment disbursement in localities. He affirmed that this move is one of the important solutions to restore the national economy, according to VNA.

"This time, the Prime Minister and the Government must take action, not let the stagnation occur. We should consider the public investment disbursement a basis for evaluating duties fulfillment by all levels, sectors and localities", said the PM.

He asked the the Ministries of Planning and Investment, Finance, and Transportation to have plans to disburse key projects, especially in site clearance.

At the conference, the PM highlighted the requirement of epidemic prevention alongside economic development. “This is a double goal, which must be implemented at the same time,” Phuc said.

The PM urged frontline forces to keep their efforts and have specific solutions to prevent and combat the epidemic, not to let it return, and create conditions for economic recovery.

The online conference between the Vietnamese Government and localities on July 2 (Photo: Financial Times)

In order to promote economic growth, PM Phuc said that besides pumping more capital into the economy, it is necessary to use monetary and fiscal policies in a flexible way. He added that the inflation must be kept under 4% this year.

The PM requested the Ministry of Planning and Investment to have a specific growth scenario, strive for the highest growth target about 3-4%. No degradation is allowed, and the confidence of people and businesses in the Party and Government should be promoted.

In terms of currency and credit, the State Bank of Vietnam must implement policies to extend debt, exempt interest rates and new loans costs. Commercial banks need to share difficulties with businesses, strengthen lending support to workers, informed People's Army Newspaper.

The PM also emphasized the need to focus on reviewing legal regulations, reducing administrative procedures, cutting costs for people and businesses. He asked the Ministry of Labor, Invalids and Social Affairs to review support policies for people and businesses affected by the Covid-19 pandemic, removing hindrances related to procedures.

Prime Minister Nguyen Xuan Phuc speaks at the conference (Photo: Financial Times)

Stressing the opportunities brought about by the EU-Vietnam Free Trade Agreement (EVFTA) and the EU-Vietnam Investment Protection Agreement (EVIPA), the PM asked agencies, sectors and localities to sustain the goal of import-export and aim at a trade surplus this year.

Regarding consumption, within the current context of shrinking international markets and declining domestic demand, the PM stated that specific measures should be deployed to expand the international market, boost the domestic demand, raise exports and stimulate consumption.

In addition, PM Phuc said that it is necessary to develop some new economic sectors such as digital economy, urban economy, social housing development, and real estate. He also stressed the role of social investment, private investment, and FDI capital in driving economic growth.

According to the PM, many FDI sources will not enter Vietnam, but go to India, Indonesia, Thailand. Therefore, it is necessary to concentrate on reform solutions to ensure an attractive business environment, drawing domestic and international investment into Vietnam. Local authorities and ministries should promote the motive role of localities, especially economic locomotives, key economic regions and major cities and provinces, reported by Financial Times.

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