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Party Politburo gives development guidance

Update: April, 27/2012 - 09:46

HA NOI — The Party Politburo met yesterday in Ha Noi to discuss the socio-economic situation in the first four months of the year and to set goals for the remaining months.

The event was chaired by Party General Secretary Nguyen Phu Trong.

Minister of Planning and Investment Bui Quang Vinh reported that economic progress had been made toward established targets.

Measures to control inflation and stabilise the macro-economy continued to prove effective, the report said.

The consumer price index increased slightly, and production and business grew despite difficulties. Export value was estimated to increase 22.1 per cent over the same period last year.

The report also said social security and welfare were urgent matters that had been promptly addressed. National defence and security were boosted and the political situation was stable.

However, economic growth in the first quarter was modest at only 4 per cent, lower than the same period last year and the fourth quarter of 2011.

Banking interest rates fell but remained high, while enterprises struggled to absorb capital. The rate of industrial growth was much lower than that in the same period last year. A number of enterprises halted operations and bad debt rose.

Participants agreed to continue trying to control inflation, stabilise the macro-economy and ensure social welfare in the future.

Many said efforts should be focused on easing difficulties for enterprises, particularly small-and medium-sized businesses, companies with outlet markets and a high competitive capacity and those involved in production and processing for export.

They also urged accelerating the restructuring of the economy following the conclusion of the third conference of the Party Central Committee.

Resources should be focused on agricultural and rural development, social welfare policies, crime prevention and road safety.

Concluding the meeting, Trong acknowledged socio-economic achievements in first months of the year, stressing they were just initial. In the remaining months, Trong said, many difficulties and challenges could arise.

Consensus and determination were necessary for the entire political system and society to reach these targets, demanding practical, flexible and effective measures in line with the situation, he said. — VNS

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