Cabinet meeting focuses on food production

Cabinet members take photo

Prime Minister Nguyen Tan Dung made the request at the regular July cabinet meeting in Hanoi on July 24, which discussed socio-economic development in July and the first seven months of this year.

Food prices increased by 3.2 per cent in July, bringing the consumer price index up 1.17 per cent from June.

He asked the cabinet members to continue striving to achieve the highest results in the spirit of the National Assembly’s Resolution, the Politburo’s Conclusion and the government’s Resolution on measures to curb inflation, maintain macro-economic stability, social security and an appropriate growth of 6 per cent.

The PM also urged ministries, agencies and localities to continue implementing the government’s Resolution 11, instructing them to give priority to business and production, strictly implement public investment reduction, effectively carry out social security policies as well as promote industrial production, especially ensuring sufficient electricity for production and people’s daily life.

The Governor of the State Bank of Vietnam should continue to closely steer monetary policies in the spirit of the Resolution 11, including close control of the safety of the banking system and the implementation of the road map to cut down interest rate step-by-step.

Thanks to the synchronous and thorough implementation of the government’s package measures, socio-economic stability in July was on track with significant results in a number of fields, including reined-in inflation, a good growth in industry production, a three-fold increase in export turnover declining, trade deficit, and a stable foreign exchange market.

The country earned $51.46 billion from exports in the first seven months of this year, a year-on-year increase of 33.5 per cent. The trade deficit in July stood at $8.6 billion, the lowest within the recent seven months. Industry production rose 9.6 per cent and the tourist sector welcomed 3.4 million tourists.

However, the cabinet said that the economy still faces difficulties and challenges such as high inflation, interest rates, and trade deficit, shrinking investment attraction, and a declining in securities maket.

Also at the meeting, the last of the government of the 12th tenure, on behalf of the government, Prime Minister Nguyen Tan Dung congratulated Deputy Prime Minister Nguyen Sinh Hung on his election as chairman of the 13th National Assembly, Minister of Labour, War Invalids and Social Affairs Nguyen Thi Kim Ngan on her election as Vice Chairwoman of the 13th National Assembly; and Governor of the State Bank Nguyen Van Giau on his election as Chairman of the NA Economic Committee.