PM: Vietnam resolute to protect its businesses

Measures to boost Vietnam’s economic growth need to take into consideration the current complicated developments of the COVID-19 pandemic globally, heard a meeting of the National Advisory Council on Financial and Monetary Policies in Hanoi on Thursday.

VOV, VOVworld, Nguyen Xuan Phuc, economic recovery, COVID-19, Nguyen Xuan Phuc, economic recovery, COVID-19 Prime Minister Nguyen Xuan Phuc

Experts participating in the meeting stressed that long-term solutions to boost the economic growth should aim at economic recovery, economic restructuring, and shifting the growth model. Chairing the meeting, Prime Minister Nguyen Xuan Phuc said: “We need to have new, more proactive, and responsible policies. We need to uphold the sense of responsibility to prevent the resurgence of the epidemic, which is the prerequisite. Ministries, sectors, and the Council need to work out solutions while closely monitoring changes in the domestic and international markets to work out prompt solutions.”

Pointing out that there remain risks for the economy, the PM emphasized that macro-economic stability remains an important target, adding that this year’s CPI must be kept below 4 percent. He asked the Ministry of Planning and Investment and other relevant ministries and sectors to update growth scenarios quarterly. He said: “Our goal is to achieve credit growth of more than 10 percent this year and raise budget overspending and public debt by some 3 to 4 percent of GDP to secure more resources to support small and medium-sized enterprises (SMEs) as well as major enterprises, while preventing disruptions to key sectors. We need to consider cutting bank interest rates to assist businesses and individuals and to reduce regular spending, taxes, and fees to save funds for urgent tasks.”

PM Phuc also emphasized the need for strong institutional reform and perfecting of policies to create a competitive business climate to attract more private and foreign investment.

News Related

OTHER NEWS

Vietnam Embassy in US presents medical supplies to Maryland

The Vietnamese Embassy in the United States on August 7 presented 10,000 face masks to the US state of Maryland to help the local government deal with the COVID-19 pandemic. Read more »

Fostering the ASEAN community ties with South Africa

Vietnamese Ambassador to South Africa Hoang Van Loi, who is also Chair of the ASEAN Pretoria Committee (APC), has written an article on the occasion of the 53rd founding anniversary of the Association... Read more »

Cyber users need stricter regulations

Cyber users need stricter regulations Read more »

HCMC petitions transport firms to be exempt from loan interest charges

HCMC petitions transport firms to be exempt from loan interest charges Read more »

MPI launches “Vitality of Vietnam” programme

The "Vitality of Vietnam" programme run by the Ministry of Planning and Investment (MPI) aims to promote Vietnam's image, encourage investment, develop human resources for business, and support community development. Read more »

Quarantine ends at Danang hospital

The lockdown imposed on Danang Hospital C in the central city of Danang which is battling the Covid-19 outbreak has been lifted. At around midnight on Friday, the isolation was officially removed after... Read more »

Vietnam seizes 16.8 tons of drugs, 1.1 tons of ivory in 5 years

Border guards have confiscated over 16.8 tons of narcotics, 1.1 tons of ivory and 190,000 tons of coal from smugglers since 2015. Read more »

Sacombank cards, Sacombank Pay owners enjoy amazing privileges when shopping on Tiki

Sacombank card and Sacombank Pay account holders will enjoy numerous privileges when shopping on the Tiki e-commerce site and Tiki shopping app until October 31. — Photo courtesy of Sacombank Owners of Sacombank... Read more »

Mia Saigon presents in-hotel dining experience

Customers can enjoy an amazing dinner on a private balcony at Mia Saigon as part of its new “In-hotel Private Dining”, the first of its kind in the city. — Photo courtesy of... Read more »

US Officially Sanctions Hongkong Chief Executive Carrie Lam And Other High-Ranking Officials

US Secretary of State Mike Pompeo announced that the recently passed policy has proved that the actions of Hong Kong officials were unacceptable and contrary to China's commitment to the principle of "one... Read more »