Vietnam’s socio-economic performance in 2012 and the first fourmonths of this year was high on the agenda at the National Assembly(NA)’s fifth session that opened in Hanoi on May 20.
Addressing the opening session, Deputy Prime Minister Nguyen Xuan Phucsaid although the socio-economic situation is moving in the rightdirection, it remains slow and fragile. It is forecast that Vietnamwill still face challenges in socio-economic development while theglobal economic climate remains uncertain.
In thecoming months, the Government set the goal of enhancing macro-economicstability, curbing inflation, reaping higher growth than that of 2012,tackling difficulties in production and trade, dealing with bad debtsand developing markets.
At the same time, it willeffectively restructure the economy, ensure social security and welfare,boost natural disaster prevention, protect the environment and copewith climate change, speed up administrative reforms, improve theefficiency of State management and external relations work whilestrengthening the fight against corruption and wastefulness, as well asnational defence and security, Phuc said.
He addedthat the Government requires the NA, the Vietnam Fatherland Front (VFF),mass organisations and people across the country to enhance supervisionand collaboration to forge synchronous and positive progress in varioussectors, towards successfully realising this year’s socio-economicdevelopment goals, contributing to the success of the 2011 – 2015socio-economic development scheme.
Head of the NA’sCommittee for Economic Affairs Nguyen Van Giau delivered a reportreviewing the Government’s account of socio-economic development and theState budget for 2012 and early 2013.
Whilegenerally agreeing with the Government’s account, the report also showsthat the domestic economy is facing more serious challenges than lastyear. Annual economic growth was a mere 5.03 percent, lower than the 5.2percent reported at the legislative body’s previous session and the6-6.5 percent set under the NA’s Resolution.
Meanwhile, credit growth was only 8.91 percent, down from 31 percent in2010 and 14.41 percent in 2011. Bad debts and inventories in theprocessing industry, engineering and the property market stood at a highlevel. The number of dissolved and bankrupt firms was over 54,000 lastyear, higher than 2011.
In the first four months ofthis year, gross domestic product growth hit 4.89 percent, higher than4.75 percent recorded in the same period last year.
The committee described tasks for the remaining months of this year astough, especially how to both ensure economic growth and rein ininflation amid an economy with implicit uncertainties.
Also at the session, Chairman of the VFF Central Committee Huynh Damdelivered a report on the collection of voters’ opinions.
Of the 1,724 comments the NA received from voters and people acrossthe country, most said that thanks to efforts made by the whole Party,people and armed forces, inflation is initially under control.
Interest rates are on the decline, the economy is recovering, socialwelfare, security and order have been maintained. People of all strataactively contributed their ideas to the draft amendments to the 1992Constitution.
However, they also expressed theirconcern with unsteady economic development, particularly the price ofelectricity, oil and gas, and key commodities.
According to them, numerous State-owned enterprises generate losses andmismanage State assets. Diversified public investment leads to lowefficiency, corruption and wastefulness remain rampant, locals meetdifficulties in their lives, and the wealth gap is getting wider. In themeantime, environmental pollution, unhygienic food, road accidents,social crimes and evils are on the rise.
Thisafternoon, the deputies will hear a report on acquiring public opinionsand adjustments to the draft amendments to the 1992 Constitution.-VNA
Addressing the opening session, Deputy Prime Minister Nguyen Xuan Phucsaid although the socio-economic situation is moving in the rightdirection, it remains slow and fragile. It is forecast that Vietnamwill still face challenges in socio-economic development while theglobal economic climate remains uncertain.
In thecoming months, the Government set the goal of enhancing macro-economicstability, curbing inflation, reaping higher growth than that of 2012,tackling difficulties in production and trade, dealing with bad debtsand developing markets.
At the same time, it willeffectively restructure the economy, ensure social security and welfare,boost natural disaster prevention, protect the environment and copewith climate change, speed up administrative reforms, improve theefficiency of State management and external relations work whilestrengthening the fight against corruption and wastefulness, as well asnational defence and security, Phuc said.
He addedthat the Government requires the NA, the Vietnam Fatherland Front (VFF),mass organisations and people across the country to enhance supervisionand collaboration to forge synchronous and positive progress in varioussectors, towards successfully realising this year’s socio-economicdevelopment goals, contributing to the success of the 2011 – 2015socio-economic development scheme.
Head of the NA’sCommittee for Economic Affairs Nguyen Van Giau delivered a reportreviewing the Government’s account of socio-economic development and theState budget for 2012 and early 2013.
Whilegenerally agreeing with the Government’s account, the report also showsthat the domestic economy is facing more serious challenges than lastyear. Annual economic growth was a mere 5.03 percent, lower than the 5.2percent reported at the legislative body’s previous session and the6-6.5 percent set under the NA’s Resolution.
Meanwhile, credit growth was only 8.91 percent, down from 31 percent in2010 and 14.41 percent in 2011. Bad debts and inventories in theprocessing industry, engineering and the property market stood at a highlevel. The number of dissolved and bankrupt firms was over 54,000 lastyear, higher than 2011.
In the first four months ofthis year, gross domestic product growth hit 4.89 percent, higher than4.75 percent recorded in the same period last year.
The committee described tasks for the remaining months of this year astough, especially how to both ensure economic growth and rein ininflation amid an economy with implicit uncertainties.
Also at the session, Chairman of the VFF Central Committee Huynh Damdelivered a report on the collection of voters’ opinions.
Of the 1,724 comments the NA received from voters and people acrossthe country, most said that thanks to efforts made by the whole Party,people and armed forces, inflation is initially under control.
Interest rates are on the decline, the economy is recovering, socialwelfare, security and order have been maintained. People of all strataactively contributed their ideas to the draft amendments to the 1992Constitution.
However, they also expressed theirconcern with unsteady economic development, particularly the price ofelectricity, oil and gas, and key commodities.
According to them, numerous State-owned enterprises generate losses andmismanage State assets. Diversified public investment leads to lowefficiency, corruption and wastefulness remain rampant, locals meetdifficulties in their lives, and the wealth gap is getting wider. In themeantime, environmental pollution, unhygienic food, road accidents,social crimes and evils are on the rise.
Thisafternoon, the deputies will hear a report on acquiring public opinionsand adjustments to the draft amendments to the 1992 Constitution.-VNA
