Illustrative image (Source: VNA)
Vietnam’s macro-economy has remained stable so far this year with September’s average consumer price index (CPI) up 0.74 percent year-on-year and no signs of inflation, reported the Ministry of Planning and Investment at the regular Cabinet meeting in Hanoi on September 30.

According to the ministry, the country’s GDP growth rate increased quarterly, standing at 6.5 percent in the first nine months of this year, the highest recorded over the past five years.

From January-September, progress was seen in industrial production – especially processing and manufacturing, retail of goods and services, credit growth, foreign exchange reserves, foreign direct investment attraction and export and import, among others.

State budget collection was estimated at 683 trillion VND (roughly 30 billion USD), representing a year-on-year rise of 7 percent, the ministry said.

The report said business confidence in the country’s investment environment has improved, evidenced through the increasing number of newly-established enterprises and substantial registered capital.

Over the reviewed period, social welfare, political security and social order were also maintained, it noted.

However, the report pointed to a spectrum of challenges and difficulties hindering local economic development such as sharply dropping global prices of crude oil and goods, and complicated global financial market developments that have affected State budget collection from crude oil and exports.

Natural disasters such as droughts and floods coupled with market uncertainties have pulled the output and export values of many agro-fisheries products down.

The ministry stressed limitations in economic restructuring in combination with growth model reform as well as the slow implementation of businesses environment improvement policies and the below-expectation progress of State-owned enterprise equitisation.

During the two-day meeting, the Cabinet members will also discuss the socio-economic development plan for 2016-2020, economic restructuring plan for 2016-2020, implementation of the State budget from 2011-2015 and orientations for the State budget for 2016-2020, among others.-VNA