The group includes 15 members who are experts and professors from both home and abroad and is led by Dr. Vu Viet Ngoan, former Chairman of the National Financial Supervisory Commission.
The Economic Advisory Group will advise the Prime Minister on the strategies, mid-term and long-term economic policies and annual socio-economic development plans.
They will also provide the PM with suggestions and revisions to current policies and regulations and the necessary measures to cope with new domestic and global developments.
At the working session, the experts focused on analysing the current national economic situation and providing solutions to remedy any shortcomings in the economy.
Dr. Vu Viet Ngoan said that to achieve an economic growth rate above 7%, Vietnam needs to enhance investment efficiency and labour productivity, in addition to improving supply to increase the potential output of the economy and not relying solely on the use of State investment and the extraction of natural resources.
Ngoan recommended that the Government takes into account two basic contents including the removal of difficulties for enterprises and the improvements to the economic sector of the State.
Meanwhile, Dr. Vu Thanh Tu Anh emphasised the necessity of economic restructuring with the focus on increasing productivity in large economic hubs, such as Hanoi and Ho Chi Minh City.
Dr. Tran Du Lich said that Vietnam should boost aggregate demand in the short term to promote economic growth and remove any bottlenecks in the institution in the long term.
PM Phuc was delighted with the opinions provided by the advisory group, expressing his hope that the advisory group will be an important channel for the Government in the development of policies and measures related to the economy.
He emphasised that the Government will continue to listen and receive opinions by experts, in both a direct and indirect manner, to help boost the efficiency of the Governments actions.
