With its contributions over the past 75 years, the Ministry of Planning and Investment (MPI) deserves the role of the captain who steers the economic ship to the sea, Prime Minister Nguyen Xuan Phuc said on December 31.

Prime Minister Nguyen Xuan Phuc addresses the ceremony

At a Hanoi ceremony to mark the 75th anniversary of the sector, the Government leader also said the MPI should strive to turn laws, systems and policies into a breakthrough for other breakthroughs of Vietnam now and in the years to come.

The MPI must identify challenges in realising the targets of national development, adopt a longer vision than those of other ministries and sectors, and localities throughout the country, he stressed.

The planning-investment and statistics sector has made important contributions to Vietnam’s achievements to date, MPI Minister Nguyen Chi Dung said at the event.

The country’s economy reached US$343 billion this year with per capita GDP of US$3,521, he told the ceremony.

He noted the International Monetary Fund (IMF) has commented that under purchasing power parity, the scale of Vietnam’s economy is US$1.05 trillion and per capita GDP more than US$10,000.

Dung held that throughout the 75 years of the country’s construction and development, the planning and investment sector has provided sound advice to the Party and State while completing all tasks assigned.

From an under-developed, low-income country, Vietnam now stands as a middle-income country, he added.

He highlighted that throughout its history, the sector has played a pioneering role in creating a development vision for the country while reforming internally to complete its task of providing strategic consultation.

The sector has exhibited strong performance in State management of strategy, planning, and socio-economic development planning, he said, adding that so far, three 10-year strategies and ten 5-year strategies on socio-economic development have been designed.

Meanwhile, it has presented socio-economic policies, laws, mechanisms, and institutions to the Party and State, while coordinating with relevant agencies and localities to identify solutions to ensure macro-economic stability and to respond to domestic and international developments.

At the same time, investment and statistics activities have contributed a great deal to economic reform and renovation of the growth model, the minister said.

He stressed that amid the adverse impact of COVID-19, the ministry has built scenarios in economic management and offered solutions to supporting economic recovery and growth, helping the Government roll out timely and accurate decisions, with 2.91% in economic growth posted for the year.