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| Vietnamese economy is said to have overcome the crisis (Illustrative photo) |
Standing Deputy Prime Minister Nguyen Sinh Hung expressed these sentiments when addressing the state of the economy during the first 7 months of 2010.
“For the first 7 months of 2010, the Vietnamese economy has developed in a positive manner and stabilised. Inflation has been curbed and over 900,000 people have found jobs,” stated Hung at the government’s regular meeting held on August 3 and 4.
According to Minister and Chairman of the Vietnamese Government Office, Nguyen Xuan Phu, during the first 7 months of 2010, the total import and export value increased 25% and 17% respectively compared with the same period last year. The import turnover was about VND863.4 trillion ($45.7 billion) while the trade deficit was about VND139.8 trillion ($7.4 billion), equivalent to 19.45% of the total export value.
The Consumer Price Index (CPI) of July 2010 rose 0.06% against last month, which was the lowest growth rate so far this year.
Average CPI for the first 7 months was 8.67% higher compared to the same period of 2009.
Phuc added that as of July 15, the total amount of the state budget revenues were estimated to be VND265.1 trillion ($13.7 billion), equivalent to 57.5% of the total amount of the forecasted target. The total amount of the state budget expenditures were about VND299 trillion ($15.5 billion), equivalent to 51.3% of the total amount of the forecasted target.
Hung concluded that the State budget revenue had done well. Export has been much improved compared to the same period last year and the trade deficit trends have gone down. Prices in the markets have also been stablised while Inflation has been curbed at an acceptable rate, improving the general quality of life. Provinces had resolved issues caused by natural disasters and epidemic diseases in a bid to ensure production in the past 7 months. Particularly, timely relief was sent to people suffering from recent floods.
However, Hung added that the country’s economy still faced a lot of challenges. The increase in prices on the world markets has put pressure on prices of the domestic market. Production and business, especially of the industrial sector, still had difficulties with circumstances such as power shortages in first months of the year, shortage of capital and high lending interest rates. Furthermore, natural disasters and epidemic diseases remain complicated issues.
Thus, during the remaining months of 2010, the government requested that ministries and agencies effectively execute all issued resolutions as well as to implement solutions to continue controlling inflation, follow monetary policy and to maintain macro-economic stability.
By Hong Ngan | dtinews.vn | August 06, 2010 17:46 pm
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