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Official Gazette

Saturday, October 21, 2017

Cabinet discusses economic and administrative reform solutions

Updated: 15:00’ - 28/08/2014

Prime Minister Nguyen Tan Dung emphasized specific tasks to achieve the Government’s 5.8 percent growth target for this year at the cabinet regular meeting on August 27 in Hanoi.

He said that any barriers affecting growth in agriculture, industry and service sectors should be removed.

He also demanded an easier access to credit, the settlement of bad debts and a crackdown on fake and smuggled goods.

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PM Nguyen Tan Dung presides over the cabinet’s August regular meeting __ Photo: Duc Tam

Priority would be given to the restructuring of public investment, state-owned enterprises (SOEs), commercial banks and agriculture sector, the Prime Minister said.

The Government leader also urged a radical and strict approach to reorganizing ineffective SOEs and banks, saying that “for the sake of the banking system and the people, weak banks must be put under control, undergo acquisitions or even be shut down”.

In terms of administrative reform, Dung insisted that by the end of 2015, the time for customs clearance and settlement of tax claims would have to be halved, while the time for processing insurance formalities would be shortened from 12 days to less than four.

Time frames for procedures on investment, construction, land acquisition and power supply had to be cut by a third or halved, the Prime Minister directed.

He requested ministers to look for and reduce red tape undermining the competitiveness of the economy. He also called on them to develop initiatives to achieve an increase in gross domestic product (GDP) of 6-6.2 percent for 2015, higher than the 2014 figure.-


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