Vietnam strives for 5.4% growth in 2013

(VOV) – PM Nguyen Tan Dung on October 26 emphasised the importance of achieving a 5.4% GDP growth rate this year to fuel the national economy in 2014-15 – the last two years of the five-year development plan.

Addressing a regular monthly cabinet meeting in Hanoi, Dung called for a greater effort from ministries, economic sectors and localities to go ahead with adopted solutions, with priority given to stabilising the macro-economy, reining in inflation, and ensuring social security.

A primary task now is easing difficulties for business operations to spur economic performance, he said.

He stressed inflation is no longer a burning issue at present and the 7% inflation target for the whole year is within reach, but warned market prices could fluctuate in the remaining months of 2013, affecting macroeconomic stabilisation endeavours.

To this end, the PM asked ministries, agencies and localities to draw up plans on goods stockpiles and supplies which normally increase sharply during the upcoming traditional lunar New Year holiday.

It is necessary to keep a tight grip on market prices and trade frauds to strictly deal with behaviours cornering the market, said Dung.

Other tasks are effectively implementing job generation and sustainable poverty reduction programmes, accelerating the new rural building model, reducing traffic accidents, preventing fires and explosions, combating social crimes, and putting health clinics under microscope.

According to the government leader, more efforts are needed to address the overload of hospitals in big cities and complete the two remaining Millennium Development Goals (MDGs) concerning water supply and HIV/AIDS prevention.

He reminded the designated agencies to submit to the government specific support plans for local residents which bore the brunt of the recent powerful Wutip and Nari storms. The two subsequent storms ravaged central provinces in October, causing huge human and property losses.

He called for a breakthrough in institutional and administrative reforms to create a solid legal foundation for business operations.

Ministries and agencies need to develop plans for 2014, be well prepared for negotiations of free trade agreements (FTAs), and help people and businesses abreast of international integration commitments and impact, the PM said.

Cabinet members agreed the designated agencies need to support businesses in accessing credits to maintain production, increase trade and investment promotions, expand export markets, simplify export procedures in localities and at border gates, and strictly deal with unhealthy competition behaviours.

State bank governor Nguyen Van Binh vowed to go ahead with the current flexible monetary policy to stabilise the interest and currency exchange markets, while effectively settling non-performing loans.

A Ministry of Planning and Investment report shows the national economy is on track to recovery, backed by growing industrial production and impressive exports.