Vietnam
PM Phuc presided over meeting for further economic growth
PM Nguyen Xuan Phuc presided over a Government’s regular monthly meeting with local leaders on July 3 in Hanoi.
PM Nguyen Xuan Phuc chaired the Government’s regular meeting for June
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The event, which is for June, is to discuss and analyze socio-economic development in the first six months and figure out shortcomings and weaknesses; and work on tasks and measures to accomplish the set socio-economic development goals in the rest of the year.
In H1, socio-economic performance progressed in all fields. Ministries and sectors proactively implemented Resolutions 01,19, 35, and Directive 24 on measures to achieve a 6.7% growth while agencies concerned cleared business obstacles. So far, GDP growth rate was estimated at 5.73%, higher than the rate of 5.52% of the same period last year. In the rest of the year, growth pace must touch 7.4% to attain the set 6.7% rate for the whole year of 2017.
To achieve growth goal of 6.7% growth in 2017, the economy needs to expand 7.42% in the rest of the year. The high goal is within reach but needs greater endeavors, drastic actions, and strong reforms, asserted PM Nguyen Xuan Phuc.
PM Phuc assessed that the economy operated properly in the first six months. Specifically, the macro-economy was stable. Inflation rate was kept at low level, rising only 0.2%. Growth pace rebounded quickly with 5.15% in Q1 and 6.17% in Q2. These were a spectacular growth despite international and regional difficulties. GDP expanded 5.73% in the first six months of which agricultural and service sectors grew rapidly.
The number of international guests surged 30%. Vietnam was one of 12 leading countries in terms of tourism development. Credit growth was 8%, the highest rate over the last six years. Stock reached record high in nine years since March 2008.
Export reached nearly 19%, higher than the same period last year. In the January-June period, trade turnover reached about US$ 200 billion. Budget collection surged sharply. The amount of FDI reached over US$ 19 billion, up 54.8% in value. FDI disbursement valued US$ 7.7 billion, up 6.5% against the same period last year. Over 61,000 enterprises were founded with a total value of VND 600 trillion.
However, PM Phuc also pointed out weaknesses and challenges. Purchasing of agricultural products coped with difficulties. Growth rates of the industry and construction sectors were lower than the same period last year, including mining (down 8.2%) and petroleum (11.6%).
Despite business and production development, enterprises still encountered difficulties, including high production costs. The disbursement progress of public projects remained slow, meeting only 30% of the year target. The equitization of SOEs was slow in which 20 enterprises were equitized and plans on equitization of 21 others were built. Only VND 11.6 billion of capital withdrawal was implemented instead of VND 60 trillion of preset plan.
Other social pressing issues have yet been resolved namely food hygiene, large-scale food poisoning cases, medical check-up inefficiency, social insurance debts, school violence, children harassment, and environmental pollution.
PM Phuc recommended Government members and local leaders to focus on specific solutions for the Government, sectors, and localities. He called on delegates to propose measures to surmount difficulties and obstacles especially in agricultural production and consumption; disbursement of public investment projects, SOEs equtization, and administrative reform.
PM Phuc stressed the need to give local leaders stronger power instead of applying procedures from central level and attach more importance to social issues.
