Vietnamese party chief stresses importance of renewing growth model

General Secretary of the Communist Party of Vietnam Central Committee (CPVCC) Nguyen Phu Trong on Friday called on renewing growth model, saying it is "a key and major task."

"Renewing the growth model is a key and major task, while international integration is the cause of the entire people,"Trong said at the closing ceremony of the fourth plenary meeting of the 12th CPVCC held in Hanoi on Friday.

According to Trong, the growth model that Vietnam is renewing and building is the one which is based more and more on labor productivity, quality and competitiveness of the economy, effective mobilization, allocation and use of sources in the market signals and mechanism.

The model will have to create opportunities for all citizens to take part in and get benefit from the growth, said Trong.

At the same time, quality of the growth will be improved, macro-economy will be stabilized and environment will be protected.

To realize that growth model, the party chief called for strategic breakthroughs in reform and completion of the socialist-oriented market economy and the building of smart cities and high-technology parks, among others.

The healthy development of labor, science-technology, financial-monetary and real estate markets as well as restructuring the agriculture sector, are also mandatory, he said.

During the fourth plenary meeting which opened Sunday, participants debated socio-economic situation in 2016 and plans for 2017, gave opinions on several major policies on renewing the growth model and increasing growth quality, productivity, and the competitiveness of the economy, among other topics. Endit