Gov’t introduces eight socio-economic development measures in H2

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PM Nguyen Xuan Phuc presents a report on the implementation of socio-economic development plan and state budget in the first half and solutions in the second half at the first session of the 14th National Assembly, Ha Noi, July 29, 2016 - Photo: VGP/Quang Hieu

On behalf of the Government, PM Phuc delivered a report on the implementation of socio-economic development plan and state budget in the first half and solutions in the second half at the first session of the 14th National Assembly on July 29 in Ha Noi.

Under the Party leadership and the concerted effort of the whole political system, people, the army, and business circle, the macro-economic performance attained positive outcomes in the first half, said PM Phuc.

The macro-economy was stable. Inflation rate surged 2.35%. Credit growth touched 8.16%. Foreign exchange rate was kept stable and foreign reserve reached a record high. Trade surplus valued US$ 1.54 billion. State budget collection grew 6.1%. Total social investment went up 11.7%. Total registered capital was US$ 11.3 billion and FDI disbursement picked up 15.1%. GDP growth rate expanded 5.52% against the same period last year.

However, the country encountered with a series of challenges including high public debts (accounting for 62.2% of GDP), soaring Government debt level at 50.3% (exceeding the safe level of 50%); weak management of public investment; slow economic growth rate (only 5.52% in comparison with 6.32% in the same period last year); as well as declining agricultural production.

Eight top tasks

PM Phuc pointed out eight key tasks in the rest of the year namely

(1) macro-economic stability in favor of sustainable growth;

(2) promoting strategic sectors in combination with economic restructuring;

(3) removing barriers; developing enterprises; nurturing the business start-up environment and renovation;

(4) building an administrative system upholding discipline, rules and integrity;

(5) unceasingly improving people’s physical and mental lives;

(6) actively responding to climate change; preventing natural disasters; protecting the environment; strengthening water management;

(7) safeguarding the nation’s independence and sovereignty; ensuring political security, social order and safety;

(8) bettering foreign diplomacy and international integration.