GDP growth rate 6.7% target to be maintained

Although the economy has faced difficulties in the 1^st quarter, the PM restated that the 6.7% GDP growth rate will still be maintained.

Economic growth has slowed since the 4^th Quarter last year and is faced many challenges in the first quarter, which led to a decrease in tax revenues.

With this economic situation, Prime Minister Nguyen Xuan Phuc demanded a review of public investment priorities. The Ministry of Planning and Investment was specifically required to focus on ways of attaining the GDP growth target set by the National Assembly.

"We must maintain the target of 6.7% GDP growth this year. Therefore, the Ministry of Planning and Investment must focus on promoting foreign trade, improving the disbursement of ODA and other investment and maintain inflation as part of a wide range of measures in the 2^nd quarter." - Prime Minister Nguyen Xuan Phuc.

He restated that businesses were the key for economic development. Promoting their operations is urgent and state agencies should effectively support the business community by investment into new technologies and connecting domestic firms with those with FDI to ensure mutual interests.

"Although businesses have shown some weaknesses, private firms are the key to development. We must take advantage of this resource, which is the new strategy of our party." - Prime Minister Nguyen Xuan Phuc.

Concerning the equitisation of state enterprises, the Ministry of Planning and Investment was required to AUCTION large areas of land to minimise potential corruption in its use. It was also suggested that Vietnam should adopt international methods of calculating GDP, which comprises of public and private investment, consumption and exports.