Integrated solutions required to attain 2016 socio-economic targets

Khanh Hoa (VNA) – The Ministry of Planning and Investment (MoPI) has been asked to take integrated solutions to realise this year’s socio-economic development targets, following a growth slowdown in the first six months.

At a conference in the central province of Khanh Hoa on July 16, Deputy Prime Minister Vuong Dinh Hue requested the ministry to strengthen coordination with other ministries and localities, and integrate economic restructuring solutions with fiscal and monetary policies to achieve the targets set at the 12th National Party Congress in January.

He told the MoPI to carefully prepare a master plan on economic restructuring for 2016 – 2020 to submit to the National Assembly for approval, while promptly designing a medium-term investment plan.

The Deputy PM noted the need to shore up agricultural activities following damages caused by the acute drought earlier this year.

In terms of industrial production, the MoPI needs to adjust domestic oil exploitation in line with fluctuations in the global markets, accelerate garment and footwear industries’ growth, and foster exports to the EU, ASEAN and new markets.

At the conference, MoPI Minister Nguyen Chi Dung said the six-month gross domestic product (GDP) growth rate was posted at 5.52 percent, lower than both this year’s target of 6.7 percent and the 6.32 percent rate a year earlier.

The slowdown was mainly attributable to the shrunken agriculture and mining as a result of drought, saltwater intrusion and marine pollution. The lingering oil price plunge also led to a decrease of oil exploitation volume.

Meanwhile, total export revenue from January to June climbed by 5.9 percent, the slowest pace for the same period since 2011 and well below this year’s target of 10 percent, he noted.

However, the macro-economy was stable with low inflation and a surging disbursement of FDI capital with 7.25 billion USD, Dung said.-VNA