A regular Cabinet meeting was held in Hanoi
over a period of two days, March 31 and April 1.
Maintaining
economic growth at an appropriate rate would contribute to stabilising the
economy and ensuring social welfare, Cabinet members said at their monthly
meeting to review the country's first-quarter performance.
They
also gave their opinions on the bill to combat terrorism and also amended
several articles in the Law on Science and Technology and the Law on
Employment.
They
heard and discussed supplementary reports on State budget spending and income
in 2011, State budget work in 2012 and State budget balance in 2010.
Inflation
dominated the discussion at the two-day Government meeting in Hanoi over the
weekend and Cabinet Minister Vu Duc Dam told the media that there were signs of
an economic recovery.
However
he informed that the GDP growth rate in the first quarter was merely 4 per
cent, the lowest in several years. Over
2,200 businesses declared bankruptcy and 9,700 businesses temporarily ceased to
operate and have not pay taxes. The government is finding out steps to remove
the obstacles faced by businesses, such as high bank interest rates, impacts of
global economic recession….
At the
Government meeting, Prime Minister Nguyen Tan Dung asked the State Bank of
Vietnam to move forward with drastic measures to keep inflation at a
single-digit figure and to maintain a reasonable 6 per cent economic growth
rate.
Concluding
the meeting, PM Dung said positive signals in the country's socio-economic
development showed that "we are on the right track".
He
cited a gradual decline in the consumer price index, a 23.6 per cent rise in
export value and the creation of 341,000 new jobs, before concluding "the
target of curbing the inflation rate to a single digit is within reach.”
However,
the Government leader pointed out challenges and difficulties, noting a
slowdown in gross domestic product (GDP) and high input costs that had badly
affected the processing and manufacturing industries.
He
requested that the SBV quickly clear bad debts, ensure liquidity, stabilise
interest rates and deal with poorly performing banks.
At the
meeting, the PM also requested the ministries and agencies to practice thrift,
fight waste and raise efficiency in investment, production and business.
In
addition, they were expected to review tax and fee policies and implement
social welfare policies.
Solutions
to traffic congestion and accidents should be implemented simultaneously and
harmoniously, and information addressing these issues should be disseminated.
At the
meeting, the Cabinet members discussed the master plan on economic
restructuring, a draft resolution to amend the National Assembly's Resolution
No 49/2010/QH12 on national key projects and programme, and the Vietnam
Science-Technology Development Strategy.
SGGP
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