Sunday, August 20, 2017 - 10:49:21

PM urges efforts to fulfil socio-economic goals

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Prime Minister Nguyen Tan Dung has asked ministries and localities nationwide to show determination to fulfil the country’s socio-economic development goals in 2011.

The PM made the request while chairing the Government’s November regular meeting in Hanoi from November 30 to December 1.

Monetary policy is a decisive factor in curbing inflation and maintaining growth, he said, adding that the State Bank should closely coordinate with ministries and localities in implementing a close, prudent and flexible monetary policy to ensure harmony.

The Government leader urged ministers to strengthen coordination in addressing emerging issues during the implementation of monetary policy as well as measures to control market prices, restrain the trade deficit, mitigate natural disasters as well as boost administrative reforms, traffic safety and crime prevention.

At the meeting, Cabinet members emphasised the need to consistently pursue inflation and macroeconomic stabilisation measures, and focus resources on implementing breakthroughs in economic restructuring and growth model renovation in the direction of improving efficiency and competitiveness.

A major issue was put in the spotlight with three draft economic restructuring projects – the restructuring of investment, State-owned businesses and the commercial banking system.

The draft project on investment restructuring defines clear restructuring orientation for specific capital sources such as State budget, Government bonds and State budget-related investment capital sources; the State’s development investment capital; official assistance development (ODA); State-owned business investment; and foreign direct investment (FDI).

The project puts forth immediate, medium-term and long-term investment restructuring measures.

The project on the restructuring of State-owned businesses focuses on improving operational capacity, business efficiency and competitiveness in the State-owned business sector, as well as increasing financial potential to ensure a reasonable financial structure for the healthy and sustainable development of State-run groups and corporations.

To reach these goals, the Government will build and issue criteria for classifying State businesses, speed up the equitisation of State-owned enterprises and the reorganisation and restructuring of State economic groups, strengthen State management and supervision of State-run groups and corporations, and create a competitive and equitable environment among business sectors to improve the efficiency and sustainable development of State-owned businesses.

The commercial banking system restructuring project analyses the current situation of banking operations and puts forth objectives and an orientation for the thorough and comprehensive restructuring of credit organisations.

Cabinet members stressed the necessity of focusing resources on implementing breakthroughs in economic restructuring, considering it one of the largest tasks that should be comprehensively implemented from the beginning of 2012.

Looking back the past 11 months the government agreed that the tightened and cautious monetary policy contributed to gradually controlling inflation and reducing price increases. CPI growth has gradually decreased since the second quarter of 2011, with an increase of 18.62 percent in the 11-month period.

In the first 11 months of this year, the country’s total export turnover saw a year-on-year increase of 34.7 percent, tripling the figure set by the National Assembly.

GDP growth is expected to reach 6 percent this year, a robust rate in the context where the country is facing many difficulties.

The country has also seen the stable development of agriculture and industry, and the active implementation of social welfare policies, especially in job generation and poverty reduction./.
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