PM Nguyen Tan Dung, during the Government’s regular meeting for August, urged relevant ministries to keep close eye on macro-economic stability and price management.

 

The two-day regular meeting aims at reviewing socio-economic performance and outcomes of the State budget collection in August and the first eight months, discussing the draft socio-economic development plan for 2011.

 

Administrative reforms, investigation work, settlement of accusations and complaints, and anti-corruption were also major topics.

 

Export value skyrockets

 

The Cabinet members agreed that first-eight-month socio-economic indicators all have advanced positively.

 

Some major indicators in first eight months of 2010

 

Items

 Volume

 Comparison against the same period 2009

 

FDI disbursement

 US $7.25 bn

 Up 3.6%

 

Export turnover

 US $44.5 bn

 Up 19.7%

 

Industrial production

 VND 504 bn

 Up 13.7%

 

 

The gross domestic product (GDP) is projected to further expand in Q3 and Q4 compared to the first half this year thanks to the ongoing economic recovery, the Government said.

 

The Q3 GDP is forecast to increase at 7.18% and the whole year figure 6.7%, higher than the National Assembly’s preset target of 6.5%

 

However, the national economy still faces possible risks like the world’s rising price, high lending rates, natural calamities, and crop and animal epidemics.

 

Solutions should be combined

 

PM Nguyen Tan Dung requested ministries, sectors and localities to continue implementing seriously the solutions earlier adopted by the Government to achieve this year’s socio-economic targets.

 

To liberate production, the Ministry of Planning and Investment was asked to facilitate businesses’ access to credit loans, State budget and ODA capital.

 

Relevant ministries will remove troublesome mechanisms, procedures and policies for domestic enterprises’ easier export activities.

 

Interest rates and exchange rate will be adjusted properly in favor of macro-economic stability and higher foreign reserve.

 

The Government will especially tighten management over prices to curb the price escalation in the rest months and give severe punishments against infringers.

 

The Government committed to continue the deployment of social security policies.

 

Striving for GDP growth in 2011 at 7.5%

 

As part of the agenda, the Cabinet discussed the draft socio-economic development plan for 2011 and other related plans for next five years, which will be submitted to the Politburo for approval.

 

The Government agreed to strive for a higher and more sustainable economic growth rate within 2011 – 2015 through economic restructuring, competitiveness improvement and further active global integration to convert Việt Nam into a modern industrial country by 2020.

 

On of the keys to achieve the above goal is education. The Government will focus resources on improving the quality of the workforce, particularly raising the percentage of trained laborers.

 

The development of a modern infrastructure and the perfection of market-oriented economy are among the Government’s top priorities in the coming years.

 

The Government targets to attain a GDP growth rate at 7.5% next year and expects a poverty reduction rate of 2% annually.

(CPV)