Government leader calls for combined efforts to fulfill this year's target

Prime Minister Nguyen Xuan Phuc outlined four primary tasks that need to be realized to achieve this year’s socio-economic targets for the rest of the year at a cabinet meeting on November 3 in Hanoi.

They include recovery from natural disasters, fulfillment of this year’s set plans, ensuring security for the APEC Economic Leader’s Week, and working for the 4th meeting of the 14th National Assembly.

He asked the Governor of the State Bank of Vietnam to closely follow and flexibly manage inflation, foreign exchange and bank interest rates, the restructuring of poor credit organizations, and bad debt.

The government leader underscored the need to enhance exports, take advantage of FDI projects, develop e-commerce, and build national trademarks. Competent agencies were urged to brace themselves for international trade barriers and promote the role of trade associations for protecting Vietnamese exporters.

The country has made outstanding progress in improving its business climate, moving up 14 notches to rank 68 out of 190 countries in the World Bank’s latest Doing Business rankings. Moody's Investors Service has changed its outlook for Vietnam's banking system from “stable” to “positive” for the next 12-18 months, reflecting strong economic prospects and positive outlooks for most of Vietnam’s rated banks.

The Prime Minister pointed out Vietnam’s socio-economic challenges. "It is imperative to examine and find timely resolutions to the pressing issues discussed at the ongoing National Assembly meeting. We need to consider cutting overlapping fees in certain areas mentioned by National Assembly deputies," he said.

After 10 months, macroeconomic stability has maintained with increased indicators of industrial production, tourist attraction, exports, total retail sales of goods and services. The country welcomed about 10 million international travelers and export surplus reached US$1.23 billion.

During the ten-month period, the country has 105,000 newly-established enterprises, of which 97% of new enterprises generated turnover and paid taxes.

Besides the positive results, the Prime Minister also frankly pointed out many shortcomings and difficulties, especially storms, floods and landslides that killed many people, especially in the northern provinces. Currently, storms Damrey is going to slam the south-central coast.

Therefore, the government leader directly assigned Deputy Prime Minister Trinh Dinh Dung and Minister of Agriculture and Rural Development Nguyen Xuan Cuong to direct storm prevention work in Khanh Hoa and Phu Yen.

At the meeting, the PM also asked cabinet members to propose major issues to prepare for the government's 2018 resolution and requested all relevant agencies to make the best preparations for the upcoming APEC 2017 Economic Leaders' Week.

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