On behalf of the Government, PM Phuc delivered a report on the implementation of socio-economic development plan and state budget in the first half and solutions in the second half at the first session of the 14^th National Assembly on July 29 in Ha Noi.

The macro-economy was stable. Inflation rate surged 2.35%. Credit growth touched 8.16%. Foreign exchange rate was kept stable and foreign reserve reached a record high. Trade surplus valued US$ 1.54 billion. State budget collection grew 6.1%. Total social investment went up 11.7%. Total registered capital was US$ 11.3 billion and FDI disbursement picked up 15.1%. GDP growth rate expanded 5.52% against the same period last year.  

However, the country encountered with a series of challenges including high public debts (accounting for 62.2% of GDP), soaring Government debt level at 50.3% (exceeding the safe level of 50%); weak management of public investment; slow economic growth rate (only 5.52% in comparison with 6.32% in the same period last year); as well as declining agricultural production.

Eight top tasks

PM Phuc pointed out eight key tasks in the rest of the year namely (1) macro-economic stability in favor of sustainable growth; (2) promoting strategic sectors in combination with economic restructuring; (3) removing barriers; developing enterprises; nurturing the business start-up environment and renovation; (4) building an administrative system upholding discipline, rules and integrity; (5) unceasingly improving people’s physical and mental lives; (6) actively responding to climate change; preventing natural disasters; protecting the environment; strengthening water management; (7) safeguarding the nation’s independence and  sovereignty; ensuring political security, social order and safety; and (8)  bettering foreign diplomacy and international integration./.

By Kim Loan

Source: Chinhphu.vn