Prime Minister Nguyen Xuan Phuc emphasised the important role of the Ministry of Planning and Investment (MPI) and asked it to take the initiative in solving development conundrums while addressing a conference in Hanoi on January 9.

Prime Minister Nguyen Xuan Phuc shakes hands with participants
in the conference in Hanoi on January 9 (Photo: VNA)

Reviewing the country’s achievements last year, the Government leader said the MPI made many substantial contributions with a reformed mindset, creativity and good coordination with other ministries and localities.

The PM also pointed out certain problems the ministry needs to handle, noting that obstacles in terms of public investment regulations have led to slow capital disbursement. The building of regulations on new economic models, the sharing economy and digital economy has yet to match real requirements, and support for small- and medium-sized enterprises remains modest, he said.

PM Phuc asked the MPI to submit proposals and make strategies and roadmaps for turning the aspiration for a “powerful Vietnam” into reality.

In the face of the Fourth Industrial Revolution, which opens up chances for developing countries to keep up with rich nations but also poses numerous challenges, he told the MPI to deliberate what Vietnam should do to capitalise on this revolution.

Vietnam currently has certain advantages in the digital economy race, so the ministry should give policy recommendations so that localities consider the Fourth Industrial Revolution and digital economy as a foundation and momentum for economic restructuring and fast and sustainable development, he said.

Assigning tasks to the MPI in 2020, the PM asked it to propose ways to help the country avoid falling into the middle-income trap, a big risk that can come true if corruption and group interests occur or wrong policies are issued.

To reach the target of having one million businesses in 2020, he requested the MPI to create more favourable conditions for firms to take shape and grow into big enterprises that are able to compete with international rivals. Besides, it is also necessary to boost foreign investment attraction so that the committed foreign capital this year will surpass the 38 billion USD in 2019.

Stressing the importance of the year 2020, PM Phuc said the MPI must not be complacent or lack drastic actions.

In 2019, Vietnam jumped 10 places in the Global Competitiveness Report of the World Economic Forum but dropped one place in the World Bank’s Doing Business report. 

The country aims to enter the top four in ASEAN in terms of the business climate and reach the OECD’s standards. However, given the above mentioned fact, the improvement of its ranking is very challenging, he said, asking the MPI to devise a breakthrough policy to address this problem.