Regular government meeting: social economic progress for August

While chairing the government’s regular monthly meeting in Hanoi on Wednesday, the Prime Minister recognized positive outcomes in the macro economy. Inflation was curbed while the consumer price index (CPI) increased by 0.92 percent with Vietnam recording strong export growth of 18 percent in January-August. The country served the highest volume of international tourists in August while increased foreign direct investment was estimated at over US$23.3 billion.

He asked the provinces and ministries to promote business environment to facilitate production and growth. He said the Ministry of Finance should curb spending while freezing or cutting fees and taxes in the immediate future: “This year’s guidance is fees and taxes reduction so that any increase is not recommended in the near future to avoid impact on businesses. A VAT rise should be analyzed and possible increases must have a clear roadmap and timing for public consultation.”

Concluding the session, the Prime Minister expected a 6.5% growth rate for next year and more rapid economic restructuring and improvement of productivity and growth quality for sustainable economic development.