In Q1, GDP growth rate hit 5.1%, lower than the same period in 2015 and 2016. The macro-economic performance was stable and inflation was put under control.
Striving for preset goals
The Government targets to realize the preset norm of a GDP growth pace of around 6.7% in 2017. Hence, the Government tasks ministries, agencies, ministerial-level agencies, localities to grasp thoroughly the preset goal; timely introduce measures in every sector and agency, especially key following ones:
- Agricultural sector strives for a 3.05% growth pace, including over US$ 33 billion of agricultural export;
- Industrial and construction sector looks to a growth rate of 7.91 %, including a 7.34% rate of industry (a 13% rate of the processing and manufacturing industry; a11.5% rate of electricity production and distribution); and a 10.5% rate of construction.
- Service sector eyes a 7.19% growth rate, including over a 30% rate of tourism.
Medium and long-term solutions
The Government chief assigns ministries and ministerial-level agencies, and localities to take drastic steps to implement Resolution 01/NQ-CP, Resolution 19-2017/ND-CP, and Resolution 35/NQ-CP and make reports on changes of sectors, fields, and localities.
They were also urged to realize tasks and solutions as stipulated in Resolution 40/NQ-CP, dated May 10, 2017, focusing on the following tasks:
(1) General solutions: maintaining macro-economic stability; controlling inflation; accelerating economic reform focusing on agriculture, industry, and the credit and banking system, SOEs, the public sector, state budget spending and collection, ensuring public debt safety, transforming institutions and administrative procedures; raising labor productivity; extricating difficulties for citizens and businesses; expanding export and domestic markets; disbursing investment capital; boosting credit growth; and reasonably adjusting commodity prices.
(2) A string of solutions for every sector targets to uphold potentials and strengths for every sector and field; make full use of international economic context; spurring production especially in key sectors namely export-oriented agro-forestry-fishery sector, processing industry, manufacturing , especially, electronic spare parts, cell phones, and construction.
The progress of SOEs equitization and modernization will be accelerated in line with Decision 58/2016/QD-TTg, dated December 28, 2016 and Decision 707/QD-TTg, dated May 25, 2017.
Growth pace stimulation
The PM also tasked relevant ministries and agencies to take prompt actions to spur growth pace in 2017.
The Ministry of Industry and Trade was asked to report to the Government and PM about weak, prolonged, and loss-facing projects and solutions; work with the Ministry of Finance and the Ministry of Planning and Investment to resolve difficulties in consuming minerals and perfecting electricity price options in 2017; spurring export; mitigating trade gap; and reviewing technical barriers to control discouraged imports; and proposing technical regulations in line with international commitments with a view to controlling poor-quality imports which would affect the environment and people’s health.
The Ministry of Industry and Trade was asked to direct the Viet Nam Oil and Gas Group to adjust crude oil exploitation plan in 2017; and strive for over 13.28 million tons of output in 2017.
The Ministry of Construction was instructed to keep a close watch on real estate market development; research on mechanisms and policies to encourage and create favorable ways for all economic components to develop housing and propose plans to upgrade old apartments in Ha Noi and HCMC.
The Ministry of Agriculture and Rural Development was asked to work with the Ministry of Foreign Affairs to respond to U.S. possible policy changes in shrimp and catfish imports from Viet Nam; beef up overseas shipment of Vietnamese agricultural products to China.
The Ministry of Culture, Sports and Tourism in collaboration with the Ministry of Finance will craft a plan to add more capital for the tourism promotion fund and strive for 13-15 million international guests in 2017.
The State Bank of Viet Nam was assigned to cut lending interest rates for production and business; strive for a credit growth of 18%; and keep a close watch on high-tech farming and agriculture.
The Ministry of Finance was urged to review and tighten discipline on budget collection and spending; avoid losses and over-collection./.
By Kim Loan