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The Hanoitimes – It is vital for Vietnam to further boost the development of private sector and public investment funds, in turn contributing to economic growth and creating the foundation for long-term development.

Vietnam would speed up socio-economic recovery to realize the growth target of 6.5% for this year.

Prime Minister Nguyen Xuan Phuc at the meeting. Photo: Quang Hieu

Prime Minister Nguyen Xuan Phuc stressed the view at a monthly government meeting on March 2, which were attended by government leaders and representatives of ministries and sectors.

Among measures to boost growth, the PM stressed the importance of enhancing greater efficiency in global integration to boost exports and attract high quality   foreign direct investment (FDI).

“The current situation presents huge opportunity for Vietnam to attract investment capital,” stressed Phuc, adding a favorable investment environment is a must to keep capital inflow from growing.

In addition to the role of state-owned corporations, Phuc said it is vital for Vietnam to further boost the development of private sector and public investment funds, in turn contributing to economic growth and creating the foundation for long-term development.

According to Phuc, disbursement of public funds is a major mission, for which the Government Office is tasked with inspecting efficiency in disbursing public funds and ODA-funded projects.

Phuc stressed the importance of reviewing current supporting programs and proposing new ones to assist businesses and people affected by the pandemic.

“Nurturing economic growth drivers and creating long-term revenue sources are the objective for monetary and fiscal policies,” said Phuc.

The PM requested major economic hubs to play a greater role in aiding economic growth, especially Hanoi, Ho Chi Minh City, Vung Tau, Danang, and Can Tho.

For economic sectors that are struggling with the Covid-19 impacts, including those in fields of aviation, services, and tourism, Phuc called for substantial measures to address their concern and difficulties.

Expansionary fiscal, monetary policies to boost growth

At the meeting, Minister of Planning and Investment Nguyen Chi Dung said Vietnam remains steadfast in pursuing expansionary fiscal and monetary policies to boost economic growth and control inflation rate.

Dung referred to a forecast that the Covid-19 pandemic would continue to exert its impacts on the global economy until at least the first half of 2021 or when Covid-19 vaccines are rolled out worldwide, as such, “keeping expansionary fiscal and monetary policies are necessary,” he added.

“It is important to enhance efficiency in the combination of fiscal and monetary policies to aid economic recovery and keep inflation under control,” Dung asserted.

“Government agencies and provinces/cities should closely monitor the market situation to timely propose supporting policies for people and businesses affected by the pandemic, especially for those operating in services, tourism and transportation sectors,” stressed Dung.

Meanwhile, the minister urged to stay alert against the Covid-19 pandemic as the country aims to ensure the realization of the dual target of both containing the pandemic and boosting economic recovery.

Amid the Covid-19 outbreak, Dung requested related agencies to soon issue a uniform safety procedure during the production and distribution of farm produce from Covid-19 zones to other localities.

While the world is still struggling with the Covid-19 impacts, “the domestic market remains a priority,” asserted Dung.

Dung also highlighted the importance of applying hi-tech and accelerating the digital transformation process and promoting e-commerce, in which local authorities should provide more support for enterprises to shift their operation online and apply e-payment methods.

“Vietnam would step up efforts in diversifying trade markets depending on the actual Covid-19 situation globally, while taking this opportunity to restructure the country’s export-import activities to reduce its reliance on a single market,” noted Dung.

With foreign direct investment (FDI) as a key source for economic growth, Dung called for a more selective approach in attracting such capital inflow, including a thoroughly review of M&A activities related to enterprises operating in national core and strategic business fields with high socio-economic impacts.

“The move is necessary to ensure favorable conditions for FDI attraction, protect domestic enterprises and prevent tax evasion through investment activities,” Dung concluded.

The Hanoitimes – Vietnam said it ensures budget for inoculation to as much locals as possible.

Vietnam’s Prime Minister Nguyen Xuan Phuc said Tuesday morning that the government will ensure sufficient funding to administer Covid-19 vaccine to local people.

Vietnam’s Prime Minister Nguyen Xuan Phuc at a meeting on March 2. Photo: Quang Hieu/VGP

“We make sure that there’s enough funding, even direct support to vaccinate as many people in Vietnam as possible with the target to all,” Phuc said at a government meeting on March 2.

“This is an urgent task requiring the healthcare system at grassroots level to implement the vaccination program in the shortest time,” he noted in a statement.

Accordingly, Phuc asked the Ministry of Health to conduct first shots within this week.

“The Ministry of Health right this week needs to take first shots to groups of people in the priority list, mostly the poor, social beneficiaries, and people at high risk of infection,” Phuc stressed.

The first doses of vaccine arrived in Vietnam on February 24, likely being injected to health workers and frontline forces (members of the steering committee for Covid-19 prevention at all levels, people working in quarantine centers, contact tracers, volunteers, reporters, among others; army officers and policemen).

Others who are subject to the inoculation include (2) Vietnamese diplomats abroad; customs and state officials working in immigration service; (3) essential providers in aviation, transportation, tourism, clean water, electricity, among others; (4) teachers and employees in education sector; people working in administration agencies having frequent contact with others; (5) people with underlying diseases and those above 65 years of age; (6) people in the pandemic-hit areas; (7) the poor and social beneficiaries; (8) people in overseas mission; (9) other people decided by the Ministry of Health basing on the requirements of the pandemic control.

It’s reported that only 117,000 doses of AstraZeneca Covid-19 vaccine have so far arrived in the country of nearly 100 million people. Other batches totaling dozens of million doses are scheduled to be delivered within this year.

The Hanoitimes – The purchase confirms that Russia is the biggest arms supplier of Vietnam.

Vietnam signed a US$350 million deal in 2019 to buy a dozen of combat training aircraft from Russia, the Vedomosti business daily reported on January 28.

The purchase deal covers at least 12 Yak-130 combat training jets, Vedomosti cited two unnamed Russian defense industry executives as saying, giving no details about the delivery time.

A Vietnamese Kilo-class submarine bought from Russia. Photo: AFP

Yak-130 jet is designed for training pilots of advanced fighter aircraft. It can also be equipped with air-to-surface weapons including guided missiles and bombs.

According to Vedomosti, Vietnam would be the sixth country to import the Yak-130, following Algeria, Bangladesh, Myanmar, Laos, and Belarus.

The contract paves the way for the purchase of more advanced jets from Russia, including the Su-30SM and the Su-35, military expert and Arms Exports magazine editor-in-chief Andrei Frolov was cited as saying.

Russia is the biggest arms supplier to Vietnam and Southeast Asia. In 2018, Vietnam ordered a fleet of Russian-made fighter jets, surface ships, and submarines worth more than US$1 billion, according to the state-run TASS news agency.

Earlier, Vietnam bought six Kilo-class submarines worth more than US$2 billion.

Vietnam has been one of the world’s most active arms importers in recent years, according to Reuters.

Hanoi stepped up its imports amid China’s increasingly aggressive territorial claims in the South China Sea, where the neighbors have long-standing rival claims.

Vietnam is ranked 23th out of 137 countries and second in Southeast Asia after Indonesia in the military strength ranking 2019 of US-based Global Firepower.

The rating is based on 55 parameters, including military resources, diversity of weapon systems, natural resources, geographical features, finances and available manpower.

The military strength is formed by three main sectors namely airpower, land strength and naval strength.