PM calls for greater efforts to achieve growth of over 5 percent this year

Prime Minister Nguyen Xuan Phuc has called for greater efforts to restart the national economy with the aim of achieving a GDP growth rate of over 5 percent and keeping inflation under 4 percent this year.
Prime Minister Nguyen Xuan Phuc addreses a meeting with businesses on May 9, 2019. Photo: VGP
Prime Minister Nguyen Xuan Phuc addreses a meeting with businesses on May 9, 2019. Photo: VGP

PM Phuc announced the targets at a meeting with businesses on May 9 that was connected to 93 venues in provinces and cities across the country as well as ministries and sectors. It was also broadcast live by Viet Nam Television (VTV).

To that end, the PM ordered focusing on attracting investment from domestic economic sectors, firstly the private sector, and foreign direct investment (FDI), stepping up exports, promoting public capital disbursement, and encouraging domestic consumption.

The resolve is needed to overcome weaknesses and spur development, thus reaching the set targets, the government leader stressed.

He urged businesses, including the banking sector, to join hands in bolstering national development, saying the meeting must have concrete outcomes and reflect the spirit of removing difficulties faced by enterprises.

Authorities need to stop troubling businesses and citizens with red-tape and administrative procedure hassles, he requested.

On this occasion, the PM tasked businesses with promoting patriotism and law respect, sharing difficulties with the Government, staying united, cooperative, dynamic and creative, and maintaining determination.

Local businesses need to contribute to the country's growth so that the national economy could develop in accordance with the V shape but not the U or W shapes, said PM Phuc.

He highlighted the goal of turning Vietnam into a prosperous nation in 2045 set in draft documents to be submitted to the 13th National Party Congress, and expressed his hope that there will be Vietnamese firms in the list of the world's 500 biggest enterprises by that time.

Viet Nam has huge, sustainable growth potential for the long term, he said, adding that the country is among economies considered safe in the post-COVID-19 period, with tens of free trade agreements with the world’s 38 biggest markets.

The leader asked domestic businesses to optimize opportunities generated by the transform of value chains during which Viet Nam has been regarded as the centre.

The national economy grew 3.82 percent in the first quarter of this year, the lowest over the past decade, he said, but noting that it was the highest among the Association of Southeast Asian Nations (ASEAN).

The PM reiterated the duo target of fighting the pandemic and maintaining economic activities, along with administrative reform and restructuring.

The country has reported no new COVID-19 within the community over the past 23 days, he said, attributing the result to public support and sound, drastic, prompt and synchronous decisions and policies adopted by the Party and State to contain the acute respiratory disease.

The meeting looked into the implementation of policies that have been rolled out to assist domestic enterprises in operation and epidemic prevention and control.

Initiatives and proposals raised by enterprises, experts and people regarding necessary solutions to help businesses recover and develop after the pandemic passes were collected for the issuance of an action plan or a resolution of the Government to restart the national economy.

VNA

Other News

Party General Secretary and President meets Vietnamese community in New Zealand

Party General Secretary and President meets Vietnamese community in New Zealand

General Secretary of the Communist Party of Vietnam (CPV) Central Committee and President To Lam described overseas Vietnamese as “ambassadors” who help promote Vietnam's positive image internationally, and urged them to maintain solidarity, preserve national pride and cultural traditions, and make practical contributions to the country's development.

Vietnamese Party leader attends funeral service for top Lao legislator

Vietnamese Party leader attends funeral service for top Lao legislator

The Party leader stressed that the passing of NA President Xaysomphone is a great loss to the Lao Party, State and people, while Vietnam has also lost a great friend and a close, loyal comrade who had always held deep affection for the country, offered valuable support, and worked tirelessly to nurture and consolidate the Vietnam-Laos great friendship, special solidarity, comprehensive cooperation and strategic cohesion.

Singapore remains one of Vietnam's leading important partners: PM

Singapore remains one of Vietnam's leading important partners: PM

Highlighting positive outcomes in Vietnam-Singapore cooperation across all areas, particularly since bilateral ties were elevated to a Comprehensive Strategic Partnership in March 2025, Prime Minister Le Minh Hung proposed that the two sides maintain and step up high-level visits and exchanges at all levels.

Vietnam, Australia hold 8th Foreign Ministers' Meeting

Vietnam, Australia hold 8th Foreign Ministers' Meeting

Australia attaches great importance to its Comprehensive Strategic Partnership with Vietnam and highly values the substantive progress in bilateral relations, said Australian Minister for Foreign Affairs Penny Wong.

Quang Ninh, Bac Ninh urged to embrace modern urban governance

Quang Ninh, Bac Ninh urged to embrace modern urban governance

According to Government proposals submitted to the legislature, Quang Ninh and Bac Ninh cities will be formed based on the respective natural areas, populations and numbers of commune-level administrative units of the two provinces. Both proposals meet all five conditions stipulated in the Law on Organisation of Local Administration No. 72/2025/QH15 and all seven criteria for establishing centrally-run cities under Resolution No. 112/2025/UBTVQH15.

Laos holds State funeral for National Assembly President

Laos holds State funeral for National Assembly President

Xaysomphone Phomvihane was a capable revolutionary intellectual with broad knowledge and a strategic vision. Throughout his career, he remained committed to the Party's ideals and objectives, and demonstrated responsibility, flexibility and discipline in carrying out his assigned tasks.

Prime Minister receives outgoing Israeli Ambassador

Prime Minister receives outgoing Israeli Ambassador

Prime Minister Le Minh Hung asked the Israeli Government to continue creating favourable conditions for Vietnamese people living, studying and working in Israel at a meeting with outgoing Israeli Ambassador to Vietnam Yaron Mayer in Hanoi on August 12.

Party General Secretary and President To Lam, Australian Prime Minister meet the press

Party General Secretary and President To Lam, Australian Prime Minister meet the press

Vietnam and Australia will step up cooperation in artificial intelligence (AI), semiconductors, digital technology, cybersecurity, green technology and emerging technologies, while supporting each other in enhancing capacity to participate more deeply in regional and global supply chains. The two sides will also strengthen cooperation in education and training and people-to-people exchanges.

Top Vietnamese leader holds talks with Australian PM

Top Vietnamese leader holds talks with Australian PM

PM Albanese welcomed General Secretary and President Lam and the high-ranking Vietnamese delegation on their state visit to Australia, stressing its signficance amid the rapidly growing ties, particularly since the two countries elevated their ties to a Comprehensive Strategic Partnership in March 2024.

Top leader meets with Australian Senate President, House Speaker

Top leader meets with Australian Senate President, House Speaker

Welcoming General Secretary and President Lam and the Vietnamese high-ranking delegation, the Australian parliamentary leaders spoke highly of Vietnam’s development achievements and expressed their admiration for the dynamism and creativity of the country and its people, particularly young Vietnamese. They said this energy and determination reflected Vietnam’s strong resolve and aspiration to build a prosperous and powerful nation.

Vietnamese top legislator pays tribute to Lao NA President

Vietnamese top legislator pays tribute to Lao NA President

Writing in the book of condolences, the Vietnamese leader expressed his profound sorrow over the passing of Comrade Xaysomphone Phomvihane, describing it as a great loss to the Lao Party, State, NA and people, as well as to Vietnam, which had lost a great friend and loyal comrade who made important contributions to strengthening and developing the great friendship, special solidarity, comprehensive cooperation and strategic cohesion between the two countries.