Socio-economic development, State budget reviewed

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Nhân dân English - 69 month(s) ago 8 readings

Nhan Dan – The 10-day seventh session of the National Assembly (NA) Standing Committee wrapped up today after reviewing the 2011 socio-economic and State budget yesterday, evaluating the socio-economic situation and State budget for the first months of 2012 and approving the balance sheet of the 2010 State budget.

Addressing the gathering, NA Chairman Hung asked the Government, related ministries and industries to predict and analyse the risks involved in deflation and economic reduction in order to immediately and effectively adjust their management and implementation, with the aim of reaching the 2012 socio-economic targets.

According to the Government’s report, ministries, industries and localities have adopted synchronous solutions to control inflation, stabilise the macro-economy, remove difficulties for production and trade, and ensure social welfare in the first quarter (Q1) of 2012, while making positive changes in the economic situation and steering it in the right direction.

The Consumer Price Index (CPI) grew slowly and was much lower than the same period in previous years.

Q1 also saw a stable average exchange rate in the interbank market as well as in agricultural development, high growth in export turnover and maintained social welfare, thereby contributing to a stabilised social environment.

However, economic growth reached only 4% and interest rates are still high. Industrial production is growing slowly, consumption has decreased and inventories remain large. Overloaded hospitals, food security, traffic accidents, social evils and citizen complaints also continue to be pressing issues facing the country.

After hearing the report, most deputies appreciated the efforts made by the Government, ministries, industries and localities to implement the 2012 socio-economic plan.

Several deputies noted that despite positive economic signals, the Vietnamese economy is still facing deflation risk and difficulties in accessing capital for production which could lead to bankruptcy and unemployment. Although the Q1 export surplus reached US$220 million, it is unsustainable.

Deputies also suggested that the Government focus on overall economic growth and meeting social welfare targets, in addition to stabilising the macro-economy and curbing inflation.

After these discussions, the NA Standing Committee wrapped up its 7th ten-day working session.

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