Prime Minister Nguyen Xuan Phuc has tasked the national steering committee on economic restructuring and growth model reform with seeking ways to create new momentum for the national economy.
Prime Minister Nguyen Xuan Phuc speaks at the first meeting of national steering committee on economic restructuring and growth model reform (Photo: VNA)
Hanoi (VNA) – Prime Minister Nguyen Xuan Phuc has tasked the nationalsteering committee on economic restructuring and growth model reform withseeking ways to create new momentum for the national economy.
The PM madethe request at the first meeting of the committee in Hanoi on August 2 thataims to review the implementation of the Government’s action programme on realisingresolutions on growth model reform adopted by the Party Central Committee andthe National Assembly over the past one and a half years.
PM Phuc, whoheads the committee, highlighted the important role played by institutions,policies and laws; the economic sector; international economic integration,especially free trade agreements; and science-technology, particularly thefourth industrial revolution, in economic restructuring.
Ministries,agencies and localities should change their viewpoints and actions, thuscreating breakthroughs to improve productivity, quality, efficiency andcompetitiveness, he said, describing this as a decisive factor to make thenational economy develop sustainably and avoid lagging behind.
The PM alsoemphasised the need to focus on revamping State management comprehensively andcontinue efforts in building the Government that works effectively.
Growthquality has been improved over the past time, with contributions of the totalfactor productivity (TFP) increasing from 33 percent during 2011-2015 to 40.68percent in 2016 and 45.19 percent last year, he said.
However,the leader pointed out that shortcomings in mechanisms, policies and laws havehindered the implementation of economic restructuring and growth model reformsolutions.
Stressingthe significant role of the State and market in economic restructuring, PM Phucsaid it is necessary to complete the socialist-oriented market economymechanism.
Speaking atthe working session, members of the committee suggested facilitating ongoingkey projects in order to soon put them into operation, creating impulses foreconomic growth.
Nguyen Dinh Cung, head of the Central Institute for EconomicManagement, proposed seeking new driving forces right in the domestic economy, explainingthat if Hanoi, Ho Chi Minh City and the central city of Da Nang grow 1 percenteach, the national economy would expand by 0.5 percent.-VNA
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Prime Minister Nguyen Xuan Phuc speaks at the first meeting of national steering committee on economic restructuring and growth model reform (Photo: VNA) 
