(VOVworld)- Vietnam’s macro-economy has stabilized and achieved gradual growth each month thanks to the government’s effective management. The economic restructuring has gained definite results, and social security has been strengthened despite economic difficulties. At the government’s monthly meeting on Sunday, the government affirmed its determination to achieve the targets of stabilizing the macro-economy, controlling inflation, and maintaining an appropriate growth rate.
Government's monthly meeting for May
|
Statistics show that the economy in May and so far this year is on the right track and closely following the targets set by the Party Central Committee and the National Assembly. In May, the government solved several problems. The macro-economy has been improved, inventories have been considerably reduced, ODA disbursement is up compared with last year, and the exchange rates remain stable. Exports in the first five months increased more than 15% over the same period last year totaling 50 billion USD.
Vietnam's exports increased 15% so far this year |
Cabinet members agreed, however, that the economy still faces many difficulties and production remains stagnant. Agricultural, forestry, fishery, and industrial production and construction are coping with a lot of challenges, the gap between mobilizing and lending interest is being slowly narrowed, and lending interest exceeds enterprises’ capital absorption while credit growth remains lower than the pace of mobilizing capital by credit organizations. Minister of Construction Trinh Dinh Dung said:“We are combining resolving difficulties in the real estate market with implementing the national housing strategy approved by the Prime Minister. This is the way to balance supply and demand and enable people to buy houses. So far, 56 commercial housing projects have been converted into social housing. Many of them are underway. In addition to restructuring housing projects in localities, the Ministry of Construction and the State Bank of Vietnam have issued a instruction for implementing the 30 trillion VND package to help the poor buy or rent houses and stimulate the economy”.
To serve major construction projects with total investment for construction reduced to less than 19% of the state budget instead of the 30 to 40% previously allocated, Minister and Head of the Government Office Vu Duc Dam proposed :“Since its April meeting, the government has heard proposals from Minister of Transport and other Ministers and has agreed to submit to the National Assembly a report on issuing Government bonds instead of enterprise bonds with the government’s guarantee to raise capital for the construction of several parts of National Highway 1A and part of the Ho Chi Minh Highway in the Central Highlands. The government is considering mobilizing other resources to meet the demand for more hospitals, reservoirs, irrigation and agricultural development”.
National Highway 1
|
The State Bank of Vietnam will continue stabilizing prices and exchange rates, reducing the gap between mobilization and lending interest rates, and increasing the credit surplus and reducing interests rates for certain priority areas focusing on agriculture and rural areas. In addition, ministries, sectors and localities will continue to pay more attention to agricultural production, strengthening trade promotion, and expanding markets.