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Ministry told to take initiative in solving development conundrums

Prime Minister Nguyen Xuan Phuc emphasised the important role of the Ministry of Planning and Investment (MPI) and asked it to take the initiative in solving development conundrums while addressing a conference in Hanoi on January 9.
Ministry told to take initiative in solving development conundrums ảnh 1Prime Minister Nguyen Xuan Phuc shakes hands with participants in the conference in Hanoi on January 9 (Photo: VNA)

Hanoi (VNA) – Prime Minister Nguyen Xuan Phucemphasised the important role of the Ministry of Planning and Investment (MPI)and asked it to take the initiative in solving development conundrums whileaddressing a conference in Hanoi on January 9.

Reviewing the country’s achievements last year,the Government leader said the MPI made many substantial contributions with areformed mindset, creativity and good coordination with other ministries andlocalities.

The PM also pointed out certain problems theministry needs to handle, noting that obstacles in terms of public investmentregulations have led to slow capital disbursement. The building of regulationson new economic models, the sharing economy and digital economy has yet tomatch real requirements, and support for small- and medium-sized enterprisesremains modest, he said.

PM Phuc asked the MPI to submit proposals andmake strategies and roadmaps for turning the aspiration for a “powerfulVietnam” into reality.

In the face of the Fourth Industrial Revolution,which opens up chances for developing countries to keep up with rich nationsbut also poses numerous challenges, he told the MPI to deliberate what Vietnamshould do to capitalise on this revolution.

Vietnam currently has certain advantages in thedigital economy race, so the ministry should give policy recommendations sothat localities consider the Fourth Industrial Revolution and digital economyas a foundation and momentum for economic restructuring and fast andsustainable development, he said.

Assigning tasks to the MPI in 2020, the PM askedit to propose ways to help the country avoid falling into the middle-incometrap, a big risk that can come true if corruption and group interests occur orwrong policies are issued.

To reach the target of having one millionbusinesses in 2020, he requested the MPI to create more favourable conditionsfor firms to take shape and grow into big enterprises that are able to competewith international rivals. Besides, it is also necessary to boost foreigninvestment attraction so that the committed foreign capital this year willsurpass the 38 billion USD in 2019.

Stressing the importance of the year 2020, PMPhuc said the MPI must not be complacent or lack drastic actions.

In 2019, Vietnam jumped 10 places in the GlobalCompetitiveness Report of the World Economic Forum but dropped one place in theWorld Bank’s Doing Business report. 

The country aims to enter the top four in ASEANin terms of the business climate and reach the OECD’s standards. However, giventhe abovementioned fact, the improvement of its ranking is very challenging, hesaid, asking the MPI to devise a breakthrough policy to address this problem./.
VNA
#Prime Minister Nguyen Xuan Phuc #Ministry of Planning and Investment #development conundrums #small- and medium-sized enterprises #Fourth Industrial Revolution #middle-income trap #updated Vietnam news #Vietnamplus #Vietnam News Agency

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