Cabinet to convene meeting to review socio-economic performance in first 10 months
09:35 | 05/11/2019

VGP – The Government will convene a meeting in Ha Noi on Tuesday afternoon to review socio-economic performance in first ten months under the chair of Prime Minister Nguyen Xuan Phuc.

According to a report by the Ministry of Planning and Investment (MPI), the domestic socio-economic situation in October and in the first 10 months of 2019 continued to see positive changes. The macroeconomic stability was ensured, inflation was controlled at a low level, and the average consumer price index (CPI) during the 10-month period increased by 2.48% over the same period last year 2018, the lowest figure recorded in the last three years.

Despite numerous pressure from fluctuations in the world market and the impacts of the U.S.-China trade war, monetary policy tools were regulated proactively and flexibly in line with the market.

The 10-month state budget revenue rose 9.9% year on year, while disbursement of foreign direct investment (FDI) was also up 7.4% over the same period of 2018. In addition, Viet Nam posted a trade surplus of approximately US$7 billion between January and October.

The number of newly established enterprises in ten months continued to grow, with the average registered capital size per business increasing sharply to VND12.5 billion. The industrial and service sector maintained a good growth momentum, with the purchasing power surging remarkably and total retail sales of goods and consumer service revenue increasing by 11.8% year on year.

Tourist activities took place vibrantly, with October being the first month that Viet Nam served more than 1.6 million international tourist arrivals. The quality of the country’s higher education improved significantly, ranking 68th among 196 countries in the world.

Also, policies to ensure social security and care for national contributors and policy beneficiaries were guaranteed and effectively implemented.

The MPI stated that at the end of the year, domestic production, business, import-export and consumption activities are expected to increase sharply. In case of favorable conditions, Viet Nam’s economic growth is forecasted to reach over 6.8%.

Viet Nam is the only country in East Asia-Pacific which has its World Bank growth forecast maintained for 2019 and 2020, with the two major growth drivers, including domestic consumption and global competitiveness.

As scheduled, during the regular monthly meeting for October, the Government will a report by the Minister of Labor, Invalids and Social Affairs on a number of major contents and explanation and acquisition of National Assembly deputies’ opinions concerning the Labor Code (amended).

In addition, the Government will hear a report by the Minister-Chairman of the Government Office on the results of consulting Cabinet members on the Ordinance on Preferential Treatment of People with Meritorious Services to the Revolution (revised).

By Vien Nhu

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