(VOVworld) - Key measures to stabilize the macro-economy and ease difficulties for business and production were high on the agenda of the regular cabinet meeting for February. The synchronous measures are aimed at realizing this year’s socio-economic development targets.

Cabinet memers agreed to prioritize controlling inflation and stabilizing the macro-economy. Photo: baogialai.com.vn

The Index of Industrial Production (IIP) in the first two months of this year increased 3.9% over the same period last year. Total export turnover reached almost 15.9 billion USD, marking an increase of 11.8% against last year. Foreign direct investment was close to 1 billion USD, equaling 91% of the same period last year. But cabinet members agreed the economy still faces difficulties and weaknesses - high inflation, slow industrial growth, and high inventory and input costs.

Prime Minister Nguyen Tan Dung urged the government to prioritize controlling inflation, stabilizing the macro-economy, and easing difficulties for business and production to ensure a reasonable growth and social security. The Prime Minister asked ministries and sectors to better control commodity demand to help rein in inflation. He also called for greater efforts to tighten the management of petrol, gas, and medicines, generate a roadmap for adjusting the prices of daily necessities, and further equitize state-owned enterprises. Vu Duc Dam, Minister and Chairman of the Government Office, said: “It is the responsibility of the Ministry of Industry and Trade to deal with speculation. It is applied not only to petrol. Any behavior for self-benefit that harms consumers or public and goes against state regulations will be punished”.

Prime Minister Nguyen Tan Dung praised the management of foreign exchange rates, saying it contributes to controlling inflation. Although the banks have reduced their lending interest rates, these rates remain high. Mr. Dung asked the State Bank to immediately reduce credit interest rates, ensure reasonable credit growth, remove obstacles for businesses, and achieve the inflation targets. Other tasks for the state Bank include resolving the liquidity issue of the commercial banks, stabilizing foreign exchange rates, and prioritizing capital for agriculture and rural areas, production for export, processing and subsidiary industry, small and medium-sized enterprises, and housing for low income families. State Bank governor Nguyen Van Binh said: “It is time for the State Bank to reduce interest rates by 1%. The same rate is applicable to the credit organizations. We are confident that with an improved liquidity, the State Bank will take measures to pump money into the credit organizations, enabling them to continue their lending activities and increase credit growth”.

At the regular cabinet meeting, the Prime Minister ordered sectors to recommend tax solutions to help businesses weather difficulties and increase industrial production, mobilize more internal resources, and ensure social security for sustainable development.

Thu Hoa