Cabinet members have suggested priority to sustaining macro-economic stability and reining in inflation in tandem with accelerating economic growth at an appropriate rate.

The proposal was made at a monthly Government meeting in Hanoi on August 27-28 to review the socio-economic performance in January-August and deliberate steps to fulfill this year’s goals.

Over the past eight months, the macro-economy has been fairly stable with reduced inflation, falling interest rates and upbeat credit growth. Industrial production, particularly that of the processing industry has seen positive signals. The agriculture and service sectors also recorded growth.

Exports made higher growth than expected while the foreign direct investment flow has moved upwards.
Social welfare was ensured and jobs were generated for 990,000 people. Political security and social order were defended.

During the meeting, several Cabinet members voiced that interest rates should continue to be kept at reasonable levels amid the current inflation and business obstacles should be cleared for enterprises.

According to Minister of Industry and Trade Vu Huy Hoang, the institutional reform is critical, otherwise, impetus to push growth and development will be by no means created.

Addressing the event, Prime Minister Nguyen Tan Dung hailed positive changes in almost sectors, however, pointing out that they remain unstable.

He directed ministries and sectors to attain an economic growth of 5.3-5.4 percent from now to the end of this year.

To reach such goal, the PM asked them to manipulate monetary tools in an active and flexible manner and work closely together to monitor prices so as to curb inflation at nearly 7 percent.

At the same time, the ministries and sectors must closely watch State budget collection and spending while persisting on the estimate of budget collection and expenses to keep overspending at 4.8 percent of GDP as adopted.

Assessing export as a bright spot in the national economy, the Government leader, however, stressed the need to expand export markets and work harder to promote trade and investment abroad. He also called for ensuring social security and welfare, creating jobs, reducing poverty further, bettering healthcare and education, and building the new style of rural areas.

Moving on to national defence and security, the PM said they must be reinforced to safeguard political security, social order and national sovereignty. External activities must be improved to help the country well plugged into global integration, thus helping ensure national interests.

At this meeting, the Cabinet members also debated preparations for the national development plan for 2014 and solutions to realise socio-economic development goals to 2015 and listened to reports on the implementation of economic restructuring and growth model transformation and the restructuring of State-owned enterprises among others.-VNA