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Positive socio-economic markers reported in Q1

Update: April, 25/2015 - 09:05
Students at a class on car technology at the Quang Binh Vocational School. A report from the Ministry of Planning showed that all last year's targets had been met, except for that of trained labour. — VNA/VNS Photo Anh Tuan

HA NOI (VNS)— The nation's first quarter GDP grew at the highest level since 2011 to reach 6.03 per cent, the Ministry of Planning and Investment reported yesterday.

In a report to the 12th plenary session of the National Assembly (NA) Economic Committee, it said the first quarter of 2015 saw several changes for the better in the nation's socio-economic development.

It cited as an example a 1.25 per cent credit growth, as compared to a fall of 0.57 per cent in the first quarter of last year.

The number of new businesses increased 3.8 per cent with the newly registered capital rising 13.5 per cent year-on-year, the report said.

Reviewing last year's performance, the report said all the targets assigned by the NA had been met or exceeded, except in labour training.

CPI up slightly, but still low

HA NOI —The Consumer Price Index (CPI) in April increased by 0.14 per cent over the previous month, by 0.04 per cent over last December and by 1 per cent April last year, according to a statistics from the General Statistics Office (GSO). This repeats a pattern of small CPI rises over the past three years, which revealed growth of less than 0.1 per cent.

However, this time around, what was notable was that the April CPI helped drive the CPI for the first four months (a rise of 0.04 per cent) to its lowest level in the past 10 years. Do Thi Ngoc, vice director of the GSO's CPI Department, attributed April's small rise to the lingering effects of hikes in petrol and power prices in March.

The higher prices resulted in higher month-on-month prices for transport (up 2.47 per cent), home appliances and furniture (up 0.16 per cent), housing and building materials (up 0.84 per cent), medicine and healthcare services (up 0.19 per cent), and culture-entertainment-tourism (by 0.32 per cent). All in all, seven of the 11 categories in the basket of goods used to calculate the CPI surged in price.

The April CPI rise, however, was pulled back by lower prices for food, due to abundant supplies fuelled by bumper crops and lower consumption demand after Tet (Lunar New Year).

Other price falls occurred in catering services (down 0.4 per cent) and post and communications (down 0.09 per cent). The period of calculating CPI for a month is from the 15th of the previous month to the 15th of the calculating month. — VNS

Macro-economic growth and stability was maintained, inflation contained and the Consumer Price Index (CPI) kept low, it said.

The 2014 GPD growth of 5.98 per cent was the highest in three years and exceeded the set target.

Export momentum was maintained at high level, helping to make 2014 the third consecutive year with a trade surplus.

Based on the socio-economic situation of the first quarter of 2015, the ministry has identified 11 measures to focus on in the remainder of the year, including continuing to improve the business climate, stepping up economic restructuring and State enterprise equitisation, maintaining socio-economic stability while switching to a new growth model.

Developing human resources and intensifying research and application of science and technology in production would also be a focus, the report said. NA deputies praised the performance, especially in exceeding some of the targets.

They said such results were made possible by the concerted efforts of the government at all levels, businesses and the citizens.

They also mentioned some external factors that affected not only Viet Nam but also other countries in the world.

Agreeing with the 11 measures proposed by the ministry, delegates said that all relevant legislation including the 2013 Constitution, the revised Enterprise Law, the revised Investment Law, the Housing Law and the Public Investment Law had institutionalised as many as possible lines and policies (of the Party and Government) designed to improve the investment climate and strengthen the nation's economic competitiveness.

The Government should instruct its ministries and agencies to promptly issue guiding documents for their enforcement and create concrete conditions for investment.

The deputies also asked concerned NA agencies to enhance monitoring of the issuance of regulations related to investment and business conditions.

Some asked the NA to consider the issuance of laws or regulations concerning State enterprises' equitisation in order to boost State accountability and transparency in this regard.

Yesterday's meeting was convened to hear the report reviewing implementation the Socio-economic Development Plan of 2014, ongoing implementation of the 2015 plan and to discuss the draft Statistics Law. — VNS



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