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VN targets 6.5% GDP growth in 2010

VGP – Việt Nam will focus on mobilizing its internal resources, maintaining its macro-economic stability, restraining high inflation and thriving for a growth pace of 6.5% this year, stated PM Nguyễn Tấn Dũng at the Government’s regular meeting of March 2010.

04/01/2010 16:42

Top Government leaders preside over the Government’s March regular meeting held in Hà Nội from March 30 to April 01, 2010 - Photo: VGP/Nhật Bắc
During the 3-day meeting, government leaders have fruitfully reviewed the nation’s socio-economic performance in the first quarter while drafting new development plan for the rest of the year.

The Cabinet also centered their discussions on numerous bills and legal documents.

VN’s economy saw good leap

Reports show that the nation’s GDP in Q1 of this year stood at 5.83%, increasing 1.9 times against the same period of last year.

The major sectors contributing to this leap are industry, agriculture and service with the production turnovers increased at 13.6%, 5.8% and 6.64% respectively.

In addition, State budget collection until March 15 reached 20% of the set target, investment value increased by 26.23% against the same period of last year, and social welfare were secured.

Macro-economic stability remains a top priority

The government leaders paid more attention to discussing on how to stabilize the macro-economy as the Consumer Price Index continued to witness a raise. At the same time, bank interest rate was still high, credit growth was slow and foreign investment decreased.

PM Nguyễn Tấn Dũng especially turned the red light on macro-economic instability which was visibly shown in the high trade gap and the imbalance of foreign currency reserves. Not to mention, the effectiveness of investment and production was still not powerful enough to counter international and domestic competition.

The PM urged his inferiors to join hands in curbing inflation, maintaining its macro-economic stability, thriving for a growth pace of 6.5% this year, preventing natural disasters and bringing stability to people’s life.

The Government’s March regular meeting held in Hà Nội from March 30 to April 01, 2010 reviews the nation’s socio-economic performance in the first quarter while drafting new development plan for the rest of the year - Photo: VGP/Nhật Bắc

Revitalizing performance for higher efficiency

The State Bank was assigned to control the growth pace of credit, and to smooth the interest rate in order to meet the demand of market. It has to regulate the monetary circulation and the credit loan in accordance with the pre-set development targets and the current economic actualities.

“The State Bank needs to avoid jumpy management,” the PM said.

The State Bank will collaborate with the Ministry of Finance to supervise all operations of credit organizations and non-banking institutions in order to secure financial safety.

The Government chief suggested the credit expansion to effective projects, agriculture, export, small and medium enterprises, and import of products which are not yet made at home.

PM  Nguyễn Tấn Dũng (L) discussing with Deputy PM Phạm Gia Khiêm (R) at the Government’s March regular meeting held in Hà Nội from March 30 to April 01, 2010 – Photo: VGP/Nhật Bắc
Controlling the trade gap

PM Dũng also requested the Ministry of Industry and Trade and other related agencies to speed trade promotion, help enterprises surf for new export markets, produce more exports and products which can replace the imported ones, and attract more investors.

Particularly, the PM urged ministries to avoid the consecutive hikes of petrol price while maintaining the current electricity price for the rest of this year.

By doing so, ministries expect to be keen in managing their fields, keeping up with and analyzing the world and national situations, then putting forth timely solutions for better socio-economic performance.

By Trinh Nguyễn