Prime Minister Nguyen Xuan Phuc asked experts to study to seek a new driving force for development during a working session with the National Advisory Council on Financial and Monetary Policies and the economic advisory group on January 19.

Prime Minister Nguyen Xuan Phuc at the event (Photo: VNA)

"We have basically prepared an important foundation for 2021 and the next five years in terms of production capacity and macro-economic system," he said, noting that given the complicated developments in the region and the world, Vietnam should accept changes in the new condition, including changes in habits and even legal institutions related to economic development.

He required the experts to closely follow economic situation both in and outside the country, timely notice of newly arising problems in order to provide timely recommendations to the PM on suitable mechanisms, policies and solutions to address them.

Mentioning existing shortcomings, the Government leader called attention to lessons to prevent inflation and bad debts as well as mechanisms to turn science-technology and innovation into a driving force to improve labour productivity and competitiveness. Links between foreign-invested and domestic firms remain loose while the rate of domestically-made products in automobiles and electronics is still low.

In the near future, he said the Government has a lot to do, especially working to create strategic breakthroughs in economic reform and restructuring, renewing growth model, developing businesses, improving business environment, stepping up national digital transformation and attracting resources for sustainable development. He stressed that national digital transformation is indispensable.

The PM also urged the experts to suggest measures to achieve the dual goal of fighting the pandemic and restoring socio-economic development, tap opportunities from signed free trade agreements, and perfect  business administration mechanisms for State-owned enterprises.

Experts shared the view that 2020 was a successful year despites the challenges, and the Government had taken drastic actions to control the pandemic and promote economic growth last year. They proposed the Government continue focusing on fighting the pandemic, stimulating export and domestic consumption, and stepping up public investment.

Other opinions suggested maintaining macro-economic stability, promoting consumption and private investment and consolidating policies. They also urged the Government to pay more attention to green development and circular economy, adding that institutional reform should focus on renovation, productivity improvement and digital economy. Besides, aid packages should be continued and vaccine production hastened to bolster economic growth.