Vietnam sees positive socio-economic development

CA - Vietnam has seen positive socio-economic development and achieved its targets for stabilising its macro-economy and curbing inflation during the first seven months of the year.

The Government declared this assessment during its regular meeting, which was held in the capital city of Hanoi on August 3-4 under the chairmanship of Prime Minister Nguyen Tan Dung.

Cabinet members spent a day discussing reports, including those related to the nation’s socio-economic situation in July and the first seven months of 2010, along with forecasts of the national and global economic developments. The inspection work and settlement of complaints and denouncements, the fight against corruption, and administrative reforms in July were also discussed, as well as the operations of the Vietnam National Shipbuilding Industry Group (Vinashin).

Since the beginning of the year, Vietnam has licensed 533 foreign-invested projects with a combined registered capital of US$8.4 billion, and disbursed US$1.63 billion in official development assistance (ODA).

The country earned US$38.3 billion from exports during the January-July period, a year-on-year rise of 17.5%, while its trade deficit dropped, hitting US$7.4 billion which represents 19.45% of the export value.

Vietnam also successfully carried out measures to stabilise the domestic market and kept consumer price index (CPI) growth at 8.67% over the same period last year.

However, the Government pointed out a number of challenges and difficulties facing the country, such as a high trade deficit and the increasing price of goods due to rising costs of materials and price pressures in the world markets.

A shortage of capital and high interest rates for credit remained major challenges to production, especially industrial production, while natural disasters and epidemics still threaten the nation’s socio-economic development.

Regarding major directions and tasks for the coming months, PM Dung asked ministries, sectors and localities to continue seeking solutions to stabilise the macro-economy and closely monitor prices, deposit and loan interest rates and foreign exchange rates.

The Government leader also asked for measures to remove difficulties and obstacles to fostering the development of industrial and agricultural production and services.

PM Dung also made conclusions and gave instructions on the serious wrongdoings of Vinashin after hearing the Government Office’s report and participants’ opinions.

At the meeting, the Government discussed and made recommendations to draft solutions and policies designed to improve the quality of growth, efficiency and competiveness of the Vietnamese economy, as well as a draft resolution on renewing and developing vocational training through 2020, and a project to turn Vietnam into a major player in the field of information and communication technology.

The Government also debated a report reviewing a pilot project to phase out people’s councils at district and ward/commune levels, and draft laws on the capital city, human trafficking prevention and control, denouncement and other issues.