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The government at the June regular meeting on July 1 defined the top major task in the remaining months of this year is still how to curb inflation.
Under the chairmanship of Prime Minister Nguyen Tan Dung, the cabinet members and authorities from two major cities of Hanoi and Ho Chi Minh City discussed solutions to stabilise macro economy, ensure social security and sustainable development.
They stressed the need to continue with the tightening monetary policy from the central to grass-root levels, adding that flexibility is also necessary in management in order to rein in inflation, stabilise economy but also accelerate production.
According to the Ministry of Planning and Investment (MPI), Vietnam obtained a GDP growth rate of 6.5 percent in the first half of 2008 despite difficulties and impacts from the world economy’s downturn.
MPI said Vietnam got a bumper winter-spring rice crop with an output of 18 million tonnes, 1 million tonnes over the same period last year.
The industrial production value increased by 16.5 percent, the agro-forestry-fishery production value, 4.5 percent in the reviewed period.
In addition, the export turnover surged by 30 percent year-on-year to reach 29.7 billion USD, helping narrow trade deficit.
Foreign direct investment increased in both capital attraction and disbursement with 31.6 billion USD registered in the past six months. “Investors are confident in medium and long-term investment in Vietnam ,” asserted the MPI.
The country had another good news as its inflation index signaled a slowdown with the June consumer price index (CPI) rising by 2.14 percent, the lowest rate in the past six months, the MPI reported.
The MPI also pointed to existing difficulties and weaknesses, including the slowdown of economic growth rate of 5.85 percent in the second quarter of 2008. Meanwhile, the country’s trade deficit is staying at a high level, 14.8 billion USD or nearly a half of export turnover.
It also mentioned the monetary market’s fluctuation, the instability of the stock market and the unceasing hike of prices.
The government will continue its discussions on solutions to complete socio-economic tasks for 2008 on July 2.
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