Minister: Economic shake-up crucial for fulfilling socio-economic targets

Monday, 2018-09-24 20:07:07
 Font Size:     |        Print
 

At a teleconference on September 24 with localities nationwide to evaluate the socio-economic situation in 2018 and set up plans for 2019 (Photo: VNA)
 Font Size:     |  

NDO/VNA – Economic restructuring should be channelled more specifically to realise the socio-economic targets set by the National Assembly, not only for 2018 but also for the following years, said Minister of Planning and Investment Nguyen Chi Dung.

At a teleconference on September 24 with localities nationwide to evaluate the socio-economic situation in 2018 and set up plans for 2019, Minister Dung underlined that cities and provinces should strictly implement the Government’s Resolution No.01/NQ-CP 2018 on key missions and solutions to realise the socio-economic plan and state budget estimate in 2018.

He also laid stress on the organisation of the conference, which he described as a breakthrough for the sector in carrying out socio-economic development solutions in a prompt, sustainable, and effective manner.

According to Tran Quoc Phuong, Director of the National Economic Issues Department under the Ministry of Planning and Investment, thanks to concerted efforts made by the Government, ministries, sectors, localities and businesses as well as support from international organisations and local people, Vietnam has recorded positive socio-economic development in 2018.

A stable macro-economy is a remarkable achievement and was the driving force behind the economic restructuring, as well as motivated other sectors, he said, adding that the GDP was estimated at 6.7 percent and inflation was under control with the consumer price index (CPI) being well maintained below 4 percent.

The financial market experienced stable progress as credit growth was curbed at around 17 percent, meeting sufficient capital for the production and business sector, he said.

Improvements were seen in other important indexes, for example the debt rate fell from the 63.7 percent at the end of 2016 to around 61.4 percent this year. State budget collection was estimated at more than VND 1.35 quadrillion (US$ 57.8 billion), up 3 percent from the initial forecast and 5 percent from 2017.

However, State budget overspending was reckoned at 3.67 percent, higher than the level assigned by the National Assembly.

The teleconference also shed some light on the disbursement of public investment and ODA, FDI attraction, the renewal of the growth model, amendments to the Law on Public Investment, and the building of a revised planning law.