Deputy Prime Minister Vuong Dinh Hue chaired a quarterly meeting of the National Financial and Monetary Policy Advisory Council in Hanoi on December 27.

Deputy Prime Minister Vuong Dinh Hue speaks at the event (Photo: VNA) 

Given the 2020 socio-economic targets assigned by the National Assembly, including a 6.8 percent economic growth and consumer price index below 4 percent, Deputy PM Hue, who is also chairman of the council, said the council will submit a plan to the Government and PM on stepping up economic restructuring in tandem with renewing growth model, with a focus on public investment, State-owned enterprises and banking, and especially reshaping the sense of civic responsibility for work cooperation and serving enterprises.

The plan also suggests the Government and PM direct the State Bank of Vietnam, the Finance Ministry, ministries and agencies concerned work closely together to direct fiscal and monetary policies to meet set targets, continue building synchronous legal regulations, strengthen macro-economic foundation, curb inflation, effectively use resources and improve workforce quality, among others.

According to economists, inflation was kept low this year at 2.79 percent, the lowest in three years while economic growth reaching 7.02 percent, higher than the goal of 6.8 percent.

2019 was the second consecutive year that the country completed all 12 targets assigned by the legislature, five of them surpassed the target, they said.

They proposed that the government, ministries, agencies should speed up the building of legal foundation for sharing and digital economy, accelerate disbursement of public investment and reform State-owned enterprises.

In their opinion, the government should continue unlocking capital market to mitigate credit risks, as well as loosen fiscal and monetary policies to propel growth.