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Gov’t: Persistent on Resolution 11

The Government's regular meeting, Hà Nội, September 1, 2011 - Photo: VGP

PM Nguyễn Tấn Dũng reiterated the tasks at the first monthly meeting of the 13th Government in Hanoi from August 30 to September 1.

During the meeting, the Government members heard reports and gave opinions to the cut of state investment as required in Resolution 11; a draft report on the socioeconomic development in 2011 and 2012; a draft plan on socioeconomic development in the 2011-2015 period; report reviewing the implementation of national target programs in the 2006 – 2010 period and construction of programs in 2011 – 2015; along with several draft laws.

Lowest CPI rise since early 2011

PM Dũng and other cabinet members agreed that socioeconomic situation in the first 8 months of this year gradually became stable with some fields gaining encouraging performances.

Ministries, sectors and localities have decreased or changed capital of 2,103 projects to the tune of over VND6,530 trillion. The foreign currency market changed positively, with a buy-in of foreign reserves rising by US$6 billion compared with the beginning of 2011.

From January to August, export turnover surged 33.7% year on year to over US$60.8 billion, marking remarkable soar compared with the 10% growth target approved by the National Assembly. Trade deficit stood at US6.2 billion, or 10.2% of the total export turnover.

Consumer price index (CPI) in August increased 0.93% against July, representing the lowest growth rate since the beginning of this year, and the below 1% rate for the first time. CPI in the first 8 months of this year climbed 17.64% year on year.

Meanwhile, the index of industrial production (IIP) rose 7.3% year on year; total goods retail sale and consumer services revenues surged 22.2%; international arrivals to Việt Nam increased 18.4% to nearly 4 million…

In the first 8 months of this year, 52.500 enterprises with a total registered capital of more than VND318,540 billion were established, posting year-on-year declines of 2.5% and 63.7% respectively. Meanwhile, 991,800 jobs were created, realizing 62% of the annual plan. Specifically, 61,800 people were sent abroad for working, realizing 71% of the labor export plan set for 2011.

Cabinet members also pointed out that natural disasters and diseases caused big economic losses to people, inflation rate still remained high, high interest rates and poor access to credits caused difficulties to production and business activities.

Social security needs to be better

Deputy prime ministers and some ministers proposed stronger instructions to better ensure social security, while combating corruption and waste more vigorously and accelerating administrative reform…

“Amid difficulties, we should pay special attention to social security and poverty reduction. We can sacrifice part of economic growth to ensure social security and poverty reduction,” Minister of Agriculture and Rural Development Cao Đức Phát said.

Deputy P Nguyễn Xuân Phúc and Deputy PM Nguyễn Văn Ninh proposed boosting farming production, accelerating the building of new rural areas, intensifying investment in agriculture and rural areas, and better applying scientific and technical advances in agriculture.

Minister, Chairman of the Ethnic Minorities Committee Giàng Seo Phử, and Construction Minister Trịnh Đình Dũng proposed more attentions to be paid to providing housing for poor people, students and workers in industrial parks.

Meanwhile, Governor of the State Bank of Việt Nam Nguyễn Văn Bình and Finance Minister Vương Đình Huệ assured that the economic growth of 6% set for 2011 is totally attainable.

Clinging to Resolution 11’s goals

At the end of the cabinet meeting, PM Dũng stressed that the focal tasks in late 2011 and beyond included continuing to curb inflation, stabilize macro-economy and ensuring social security in line with Resolution 11.

Accordingly, tightened monetary policies will continue, management measures will well be implemented, credit, monetary and foreign currency markets need to be better managed, agricultural production and export need to be fostered, trade deficit needs to be put under control, interest rates need to be lowered, and goods speculation and price hikes need to be prevented.

The PM also asked relevant agencies to temporarily stop licensing mining projects, and instructed ministries, sectors and localities to ensure that no residents suffer from hunger.

Regarding the 2012 socioeconomic development plan, PM Nguyễn Tấn Dũng pointed out that the orientations are continuing to hold on containing inflation and stabilizing the macro-economy to reach proper growth rates in combination with transforming the growth model and boosting the economic restructuring, ensuring social security, improving the people’s living conditions, maintaining political stability, and reinforcing national defense…

Many cabinet members agreed with the prposed economic growth target of 6.5% in 2012.

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