The 14th National Assembly convened its second meeting in Hanoi on October 20 and dedicated the first day to the country’s economic affairs presented by Government members.
Delivering a government report on the implementation of the socio-economic development plan in 2016 and another plan for 2017, Prime Minister (PM) Nguyen Xuan Phuc said that in the first nine months of this year, the Government focused on flexibly monitoring fiscal and monetary policies and other policies to curb inflation, stabilise the marco economy and boost growth.
The Consumer Price Index (CPI) grew 3.14 percent in the period and is expected to increase 4 percent this year, the PM said, adding that bad debts continued to be settled in combination with improving credit quality and ensuring the liquidity and safety of the banking system. The foreign exchange rate and the forex and gold markets were stable while foreign currency reserves hit a record ofover 40 billion USD.
Capital mobilisation for development investment was stepped up. In the nine-month period, the disbursement of foreign direct investment (FDI) went up 12.4 percent while around 2.7 billion USD of official development assistance (ODA) and preferential loans was also disbursed.
The capitalisation of the stock market reached 63 percent of the Gross Domestic Product (GDP), the highest level so far.
The foreign indirect investment strongly increased. Total social investment for the whole year is estimated to reach 32.5 percent of the GDP, higher than the plan of 31.5 percent.
Investment promotion was implemented more effectively. Time for business registration was shortened to 1-3 days. In January-September, more than 81,000 new enterprises were set up and over 20,000 businesses resumed operations.
These achievements have created trust and excitement among people, investors and businesses, the Government leader commented.
He said that agricultural production recordes signs of recovery, with a 0.65-percent growth in the reviewed time.
The national target programme on building new-style rural areas reached positive outcomes, with 27 districts and 2,061 communes meeting all new - style rural area criteria, accounting for 23 percent of the total. The respective figures are expected to increase to 30 and 2,200 by late 2016.
The Prime Minister stated that the Government paid much attention to dealing with climate change and natural disasters, especially drought in the central and Central Highland regions, saline intrusion in the Mekong Delta region, and storms and floods in northern and central provinces.
PM Phuc told that many master strategies were carryed out effectively, contributing to promoting international integration, and maintaining socio-economic stability in the context that the country joined new-generation free trade agreements.
As many as 64 countries have recognised Vietnam’s market economy so far. The Government has completed procedures for the ratification of the Trans-Pacific Partnership Agreement (TPP).
The Government leader stressed that the Cabinet will continue making efforts to realise targets set for 2016 and successfully implement the socio-economic development plan in 2017.
The Government aims to reach a GDP growth of 6.7 percent in 2017, targets 82.2 percent of the population covered by health insurance and hopes that 87 percent of the industrial and export processing zones will have qualified concentrated wastewater treatment systems, he noted.
Prime Minister Nguyen Xuan Phuc delivers the report at the meeting.
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The Consumer Price Index (CPI) grew 3.14 percent in the period and is expected to increase 4 percent this year, the PM said, adding that bad debts continued to be settled in combination with improving credit quality and ensuring the liquidity and safety of the banking system. The foreign exchange rate and the forex and gold markets were stable while foreign currency reserves hit a record ofover 40 billion USD.
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The capitalisation of the stock market reached 63 percent of the Gross Domestic Product (GDP), the highest level so far.
The foreign indirect investment strongly increased. Total social investment for the whole year is estimated to reach 32.5 percent of the GDP, higher than the plan of 31.5 percent.
Investment promotion was implemented more effectively. Time for business registration was shortened to 1-3 days. In January-September, more than 81,000 new enterprises were set up and over 20,000 businesses resumed operations.
These achievements have created trust and excitement among people, investors and businesses, the Government leader commented.
He said that agricultural production recordes signs of recovery, with a 0.65-percent growth in the reviewed time.
The national target programme on building new-style rural areas reached positive outcomes, with 27 districts and 2,061 communes meeting all new - style rural area criteria, accounting for 23 percent of the total. The respective figures are expected to increase to 30 and 2,200 by late 2016.
The Prime Minister stated that the Government paid much attention to dealing with climate change and natural disasters, especially drought in the central and Central Highland regions, saline intrusion in the Mekong Delta region, and storms and floods in northern and central provinces.
PM Phuc told that many master strategies were carryed out effectively, contributing to promoting international integration, and maintaining socio-economic stability in the context that the country joined new-generation free trade agreements.
As many as 64 countries have recognised Vietnam’s market economy so far. The Government has completed procedures for the ratification of the Trans-Pacific Partnership Agreement (TPP).
The Government leader stressed that the Cabinet will continue making efforts to realise targets set for 2016 and successfully implement the socio-economic development plan in 2017.
The Government aims to reach a GDP growth of 6.7 percent in 2017, targets 82.2 percent of the population covered by health insurance and hopes that 87 percent of the industrial and export processing zones will have qualified concentrated wastewater treatment systems, he noted.
