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Workers align a rotor for the Son La hydroelectric facility. Development of electrical resources is one of the key targets in the Government's socio-econmic plan. — VNA/VNS Photo Ngoc Ha |
Despite positive progress in its economic development plan, the country's economy was still facing challenges on its way to reaching the targeted socio-economic aim, PM Dung said yesterday at the Government's monthly meeting.
Government officials gather every month to review the socio-economic development of the month and discuss measures to stabilise the macro-economics, restrain inflation and ensure the social security for the rest of the year.
The Ministry of Planning and Investment reported that the first eight months of the year.
The industrial production continued to grow,increasing by 15.2 per cent compared to the same period last year, and the trade gap slightly decreased, the ministry said in its report.
Meanwhile, the month's consumer price index grew by 0.23 per cent over the previous month.
Good co-ordination among sectors and localities had helped agriculture improve and kept pandemics under control despite the negative impact of floods and storms, the Ministry of Planning and Investment reported.
Social security had been ensured and people's living standards had been lifted, the ministry reported.
Nevertheless, the Government pointed out shortcomings of the economy, which needed to be made good.
The domestic economy was facing the negative impact of the global market's increasing prices, especially in the last quarter of the year, Government officials said.
Firms and enterprises were still ineffective in mobilising capital sources as bank loan interest rates remained high. Epidemic diseases were at a critical point and still threatened to seriously affect production and people's lives.
The officials also discussed ways to effectively implement the socio-economic development plan next year and in the coming five years.
One of the most discussed issues was how to develop the electricity industry.
The officials agreed on a plan to introduce an open and favourable mechanism to boost electricity production. The Government would favour the socialisation of the industry, calling on the involvement and investment of all economic sectors.
Together with implementing hydro-power projects, the Government would boost the development of natural-energy generated power programmes.
Dung asked the Ministry of Industry and Trade to focus on producing electricity to avoid shortages of power, with Government playing the key role in the field with the support of all sectors. He asked the Government to set the economic growth for the next year at 7.5 per cent.
While the Government was expecting to see its GDP grow at 6.5-7 per cent this year, the consumer price index should be maintained at 7 per cent to make sure the macro-economy stabilised, he said, and the excess of imports over exports was to be kept below 18 per cent.
Dung said policies to support the nation's key programmes would be introduced and the new rural development plan would be on the next five years' economic plan.
In discussion of the 2011-15 economic plan, Government officials said the guarantee of social security should be the key factor. They asked that ministries and sectors review their own targets to set out the single goal for the country.
Special attention needed to be paid to environment protection work and sustainable development, the officials said, adding that the tasks of addressing climate change would also need great effort. Government confirmed its commitment to administrative reform and equitisation in State-run enterprises. — VNS
Vietnam is up to its ears in cement.