Make business environment most important growth engine: PM

Among six growth engines for Vietnam’s economy in 2019, substantial improvements of the business environment are considered the most important, according to Prime Minister Nguyen Xuan Phuc. 

This includes the removal of legal barriers restricting development, Phuc said at the monthly government meeting on April 2. 



According to Phuc, the first growth engine is to provide greater supports to agriculture – fishery – forestry. For this matter, the Ministry of Agriculture & Rural Development (MARD) is tasked with cooperating with related government agencies in preventing the spread of African swine fever and regularly updating the government on the actual situation. 



Secondly, it is important for Vietnam to grasp opportunities from the Comprehensive and Progressive Trans-Pacific Partnership (CPTPP), in addition to diversifying markets and enhancing trade competitiveness. 



Thirdly, Vietnam should focus on developing the manufacturing and processing, addressing concerns of the business community and large-scale projects. 



Fourthly, facilitating the development of the services sector, especially wholesale, retail, logistics, tourism, information and technology, finance and banking. 



Fifthly, PM Phuc requested to accelerate the disbursement  of public investment capital, requiring joint-efforts from each ministry, agency and state-owned enterprise to utilize efficiently public funding. 



Despite positive economic performance in the first quarter with growth rate of 6.79%, Phuc said Vietnam must be aware of potential risks in the coming second quarter and in 2019, including the slowdown of global economy, uncertainties surrounding the US – China trade talks and Brexit, among others. 



Additionally, Phuc said the government is committed to keeping the inflation rate below 4% this year.