The PM said during a regular Government meeting on August 27 that the realisation of targets for 2014 would lay the foundation for higher growth in 2015 and the following years.
According to the Ministry of Planning and Investment (MPI), Vietnam has met and exceeded 12 out of 14 targets for 2014.
The MPI expected the Vietnamese economy to grow by 5.54% during the nine months to September. The Government targets a 5.8% expansion rate for the whole year.
In August, Vietnam’s inflation slowed to 4.73%, indicating that the Government’s effort to restore macroeconomic stability is producing an effect.
PM Dung noted that in the remainder of the year, ministries and agencies should focus on a number of measures, including easing difficulties for enterprises, restructuring the economy and reforming administrative procedures.
He said administrative reform is the most cost-effective measure and within reach of the Government, ministries, agencies and local authorities, emphasising that simplified procedures would improve the competitiveness of the economy.
The Prime Minister said inefficient and loss-making State-owned enterprises were not acceptable and weak banks must be strictly controlled, for the sake of the entire banking system and the people.
He added that, if necessary, banks with poor performance should be merged or dissolved in line with the law.
