The Government convened its regular monthly meeting in Hanoi on October 29, with a focus on discussing the country’s socio-economic development in October and during the first 10 months of the year.

A report delivered by the Ministry of Planning and Investment showed that the economy continued to recover in all major sectors, recording a higher growth rate than the same period in the two previous years.

Industrial and agricultural production generated a trade surplus thanks to a growth in exports, while the tourism sector benefitted from an influx in international visitors.

The report also noted the curbed inflation, the lowest increase in the consumer price index (CPI) in 11 years, the stable interest rate and foreign exchange market, and positive changes in foreign direct investment (FDI) and the disbursement of official development assistance (ODA), and preferential loans.

Social security continued to be ensured, political security and social order were maintained, and traffic safety saw positive developments.

The report pointed to a number of economic challenges, including difficulties in production and business operations, a high number of suspended businesses, low credit growth and complex forest fires.

Chairing the meeting, Prime Minister Nguyen Tan Dung asked the Cabinet members to focus on clarifying emerging issues on public and bad debts, the structure of budget collection and spending, and measures to remove obstacles for enterprises.

Regarding bad debts, he said the Government had taken drastic measures to restructure the banking sector and reduce non-performing loans since the beginning of the year, aiming to reduce them to only 3 percent in 2015.

The Government members were asked to develop clear criteria to calculate bad debts, thus putting forward solutions and a roadmap.

At their regular meeting, the Cabinet members also debated draft decrees on support policies for ethnic minorities and public career services, a draft resolution on tourism, and a report on the local administration model project.-VNA