Vietnam strives growth target of 6.7 percent for 2018: PM Phuc

Speaking at the opening of the Government’s regular meeting in Hanoi on April 2, Prime Minister Nguyen Xuan Phuc set the country's growth target of 6.7 percent for 2018.

Vietnam strives growth target of 6.7 percent for 2018: PM Phuc

The PM emphasized that the socio-economic situation continued to improve in the first quarter this year, with gross domestic product growth of 7.38 percent, the highest in many past years. Of which agriculture sector rose by 4 percent, double that of the same period last year while industry-construction was up 9.7 percent while it was 4.48 percent same period last year.
Furthermore, manufacturing and processing escalated nearly 14 percent.
Along with this, inflation was under the control. The consumer price index (CPI) fell 0.27 percent in March compared to the month before. In the first quarter, average CPI had seen a year-on-year increase of 2.66 percent.
Exports surged 22 percent to $54.3 billion , a year-on-year rise of 22 percent while social investment soared 10.4 percent. Trade surplus achieved $1.3. Trade gap from China decreased by $5.3 billion, drop of 17.5 percent compared to same period last year.
Investment in the country reached 32.2 percent of GDP, of which private investment surged by 16.9 percent. 4.2 million foreign tourist arrived in Vietnam in the first quarter, up 30.9 percent annually.
However, PM Phuc also pointed out the remainings so that Cabinet members gave feedback on their field of management. For instance, the number of newly established businesses slowly increased and the number of enterprises encountering difficulties remained still high.
Subsequently, the PM asked to verify the cause and adopt solutions to help them. Agencies must improve its mechanism on taxation, fee , credit, land policies, business environment to facilitate enterprises.
Mr. Phuc warned of the risk of inflation because crude oil and commodities in the world are on upward trend affecting local goods prices.
Agencies should focus on solutions to have proper measures to control inflation and stabilize the macroeconomics. He proposed cabinet members to have opinion on the 2018 growth scenario.
GDP’s first quarter reached 7.38 percent , highest in a decade – a rare phenomenon in the country’s growth.
The National Assembly assigned a growth rate at 6.5 – 6.7 percent in 2018 while it is end of first quarter, agencies tried to achieve at least 6.7 percent to set a standard for all related agencies, said Mr. Phuc.
Upon social issues, the PM mentioned traffic safety and firefighting development. In the first quarter, over 1,000 fire incidents killed 33 people and wounded 66 others especially Carina Plaza blaze.
Accordingly, he asked the Ministry of Public Security and the Ministry of Transport to report the reality, the cause and the solution.

By PHAN THAO - Translated by UYEN PHUONG

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