For better decision making

Dr. Vu Viet Ngoan, Chairman of the Prime Minister's Economic Advisory Group said his team would help the Prime Minister to have comprehensive inputs before making decisions.

The team comprises of 15 members mainly working in the fields of economic development, macroeconomics, integration and financial economics, Ngoan said.

The team also includes experienced policy-makers like former Minister of Planning and Investment Bui Quang Vinh, thus it is expected that the team will provide science-based and feasible advices.

Given the current context of Viet Nam, it is not difficult to achieve growth rate of 6.7-6.8% in the next two years but several bottlenecks need to be fixed, he said.

First of all, Viet Nam should reallocate resources to spur development through speeding up equitization of State-owned enterprises and divestment of State capital from non-core business lines.

Second, the country needs to accelerate disbursement of investment capital, including over US$10 billion in official development assistance (ODA) and preferential loans.

Recently, PM Phuc convened a meeting to discuss ways to beef up disbursement of US$4.6 billion in ODA and preferential loans this year.

At the meeting, the Government chief issued an ultimatum for ministries and localities to disburse all the above figure. If a ministry/locality failed to complete procedures on time, the allocated capital will be transferred to other projects.

In addition, Viet Nam should also focus on improving the effectiveness of investment, increasing productivity, and quickening the process of restructuring the economy to gain higher growth in the long-run, according to Ngoan./.

Source: Online Newspaper of the Government of the Socialist Republic of Vietnam