PM Nguyen Xuan Phuc works with the Ministry of Planning and Investment. (Photo: Chinhphu.vn)
Vietnam’s newly-elected Prime Minister Nguyen Xuan Phuc on Thursday requested ministries to work out measured aimed to reach the goal of 6.7% gross domestic product (GDP) expansion set for 2016.
“We cannot accept further declines in economic growth. [We] have to ensure a reasonable growth pace if we require higher growth quality,” said Nguyen Xuan Phuc at a working session with the Ministry of Planning and Investment, the first government agency the PM worked with after taking office on April 7.
The PM asked the ministry to remove obstacles to economic development, better the business environment and rebalance macroeconomic fundamentals.
While working with the Ministry of Finance on the same day, PM Nguyen Xuan Phuc reminded that the national economy grew 5.46% year-on-year in the first quarter of this year, lower than a 6.12% expansion in the same period of 2015, indicating an early sign of stagnation.
The Finance Ministry was requested to keep the country’s public and government debt within the secure limits.
According to the World Bank, Vietnam’s fiscal deficit as per GDP is projected at 5.9% in 2016, 5.7% in 2017 and 5.5% in 2018, down from 6.2% in 2014 and 6.5% in 2015.
Meanwhile, its public debt is set to swell to 63.8% in 2016, 64.4% in 2017 before reaching 64.7% in 2018, up from 54.5% in 2013.