Vietnam PM: All-out Efforts to Stop Downturn
Prime Minister Nguyen Tan Dung has requested all-out efforts from the whole economy to ward off downturn as all key macroeconomic indexes were dropping in the first month this year.
“At any costs we must lift out our economy out of recession amid the global downturn without bottom, and all measures are focused on boosting production and exports and maintaining suitable growth rate,” Mr Dung urged at the regular government meeting after Lunar New Year, or Tet.
“The economic slowdown may turn around in June this year,” Mr Dung forecast.
The State Bank of Vietnam and local banks are urged to subsidize interest rates of loans from a US$1 billion stimulus package to support local businesses to maintain production right in February, Mr Dung said.
The Ministry of Industry and Trade is tasked to solve difficulties for key exports with big volumes and values and look for new markets while the Ministry of Planning and Investment is urged to take measures to entice FDI to tap to restructure economic structure.
State-owned corporations are tasked to play a backbone role in the economy. Mr Dung urged to solve shortcomings of operations of SOEs, ensure effectiveness use of capital.
During the meeting, Vietnamese cabinet members discussed a food and foodstuff security project toward 2020 presented by Agriculture and Rural Development Minister Cao Duc Phat. (Youth, www.chinhphu.vn)
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