Deputy Prime Minister Vuong Dinh Hue: Continue to unblock economic growth drivers

On the morning of July 18, the Ministry of Planning and Investment held a national online conference to review the work of the first 6 months of the year and deploy key tasks for socio-economic development in the last 6 months of 2019. Attending the conference were comrades: Vuong Dinh Hue - Member of the Politburo, Deputy Prime Minister; Nguyen Chi Dung - Member of the Party Central Committee, Minister of Planning and Investment.

At Nghe An bridge, there were comrade Le Hong Vinh - Member of the Provincial Party Standing Committee, Vice Chairman of the Provincial People's Committee and representatives of leaders of departments, branches and sectors attending. Photo: Thanh Le

Role in promoting and developing the economy

In the first 6 months of the year, the Ministry of Planning and Investment has focused on promoting research, consulting, proposing institutional improvements and building mechanisms and policies to further enhance the effectiveness and efficiency of state management; restructuring the economy, innovating the growth model, promoting economic growth and sustainable development.

The Ministry has developed and submitted to the Government for promulgation Resolution No. 01 dated January 1, 2019 on the main tasks and solutions to implement the socio-economic development plan and the state budget estimate for 2019 with 4 key directions for direction and management, along with 8 groups of main tasks and solutions and 186 specific tasks. These solutions and policies have generally been effective and achieved many positive results in the right direction.

The comrades chaired the conference at Nghe An bridge point. Photo: Thanh Le

In addition, the Ministry also drafted many important projects and reports, contributing to strengthening macroeconomic stability, controlling inflation, ensuring economic balance, removing difficulties for businesses, creating an environment and conditions to promote production and business, promoting the improvement of institutions on planning management and public investment; proposing many breakthrough solutions, mechanisms and policies to mobilize resources for national development.

Speaking at the conference, localities proposed to the Ministry of Planning and Investment to remove difficulties and obstacles such as: Economic growth rate, social investment capital mobilization is still low; investment and business environment does not meet requirements; obstacles in planning transition.

The Ministry should soon guide localities to implement the Law on Public Investment; overlaps and conflicts between laws such as the Law on Public Investment and the Law on Enterprises; capital allocation for ODA projects; support for small and medium-sized enterprises; issues of regional development and regional linkage; slow disbursement of investment capital;...

In the first 6 months of 2019, the whole country had over 10,693 newly established enterprises, with registered capital of over 127,271 trillion VND, an increase of 3.2% in the number of enterprises and an increase of 29.6% in registered capital compared to the same period in 2018; the average registered capital per enterprise reached about 11.9 billion VND, an increase of 25.3% over the same period last year.

Unlocking growth drivers

Speaking at the conference, Deputy Prime Minister Vuong Dinh Hue acknowledged and highly appreciated the Planning and Investment sector for its efforts to fulfill socio-economic targets.

To achieve the goals and tasks set out in the coming time, as the chief of staff for the country's socio-economic development policy, the Planning and Investment sector needs to continue to adhere to its tasks and goals, persevere, and strive to achieve the 2019 goals better than 2018.

"The Ministry of Planning and Investment needs to have a breakthrough mindset, continue to unblock growth drivers, maintain the macro economy, and control inflation. Actively coordinate with ministries, branches, and localities to monitor the socio-economic situation at home and abroad, synthesize, analyze, forecast, and proactively develop scenarios to promptly advise the Government and the Prime Minister on fundamental solutions to direct and manage to promote socio-economic development," the Deputy Prime Minister emphasized.

The Deputy Prime Minister also requested that the Planning and Investment sector needs to identify the task of institutional and policy reform to create socio-economic development of the country as a task that covers the functions of the sector; especially building a new economic development model and new business methods in the conditions of the 4.0 Industrial Revolution.

"The Ministry of Planning and Investment must be the center of innovation of the whole country, must be the pioneer in institutional and economic innovation. To do that, the Ministry needs to establish a Working Group to review and detect the list of institutional and policy "bottlenecks" that hinder economic development," said the Deputy Prime Minister.

Handling administrative procedures for businesses at the Department of Planning and Investment. Photo: Thanh Le

At the same time, the Ministry needs to urgently complete the submission to the 8th Session of the 14th National Assembly for consideration and comments on two draft laws: the Law amending and supplementing a number of articles of the Law on Public Investment and the Law on Enterprises in the form of public-private partnerships.

At the same time, the Ministry needs to review problems in the fields of planning and disbursement; create fundamental changes, speed up the progress of capital allocation and public investment; pay attention to business development, pay attention to the innovative and creative startup ecosystem; better perform the role of attracting foreign investment;...