Solutions to spur economic growth

The Government has requested ministries, departments and localities to push ahead with economic restructuring towards efficiency and science-technology innovation in 2019.

Illustrative image (Source: VNA)

The involved parties must focus on removing difficulties for farmers and businesses and helping them increase production and agro-forestry-fishery exports as well as seize opportunities from free trade agreements, especially the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, diversify export markets, and reduce the trade deficit.

The Government also ordered them to develop the processing and manufacturing industry while monitoring businesses’ operations and the implementation of major projects.

Another task includes developing services, particularly wholesale, retail, logistics, tourism, information technology, finance and banking.

In addition to speeding up the disbursement of all public investment capital, it is necessary to improve the business environment and address shortcomings in legal documents which hinder economic development.

The State Bank of Vietnam (SBV) was tasked with maintaining flexible monetary policies, contributing to curbing inflation, stabilising the macro-economy and supporting growth.

The SBV will direct credit institutions to implement credit growth solutions, control credit quality and promote business production.

The bank must reshuffle credit institutions, especially those with poor performance, in association with handling bad debts and complete the national inclusive financial strategy.

These solutions were adopted at the Government’s regular meeting for March and became part of the meeting’s resolution.

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