More efforts needed to rein in inflation

The PM made the plea while chairing the monthly cabinet meeting in Hanoi on September 29. 

He stated that it is crucial for more efforts to be exerted in effectively tackling bad debts, while strengthening coordination in market management and price control, ensuring the balance of demand and supply. 

In addition, he said efficient solutions should also be introduced to promote production and enhance trade and investment, expanding markets and handling inventories. 

PM Dung also directed ministries, sectors and localities to focus their restructuring in line with approved proposals, speeding up international integration and the signing of free trade agreements with foreign partners. He said this path will create opportunities for businesses and increase resources for the benefit of the nation. 

He also requested authorised agencies to evenly allocate capital sources in building new hospitals and upgrading overloaded ones in major cities. 

Cabinet members held that the country’s socio-economic situation has experienced active changes and is on the right track with improved economic growth. 

The country has also progressed in curbing inflation and macroeconomic stabilisation, they said, noting lowered interest rates and satisfactory credit growth. 

Despite difficulties, industrial production has still enjoyed significant achievements, especially in the fields of processing and manufacturing, the meeting heard. 

It was reported that the national economy grew by 5.14% in the first nine months of the year, the consumer price index (CPI) for September rose 4.63%, the lowest increase over the past four years, and nine-month exports increased 15.7% to nearly US$96.5 billion. 

Minister of Agriculture and Rural Development Cao Duc Phat said agricultural production has recovered remarkably, with agro-forestry-fishery exports up 0.5% over the past three quarters. 

At the same time, due attention has been paid to policies on job generation and social welfare as well as political security and social order, the minister said. 

However, the cabinet members pointed to slow and unsteady economic recovery, low budget collection and limited purchasing power, plus the high number of suspended businesses as causes for concern. 

Many suggested the synchronous and drastic implementation of policies on social welfare, housing, new-style rural areas and job generation, among others. 

They also discussed the implementation of a general proposal on economic restructuring in line with the shifting of growth models.