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NA reports: inflation lower than target, economy still recovering

Update: October, 10/2014 - 08:52
National Assembly Chairman Nguyen Sinh Hung asked the Government to include more detailed measures for addressing slow economic restructuring, low productivity, public debt and potential threats to national security.— VNA/VNS Photo An Dang

HA NOI (VNS) — The National Assembly's Standing Committee was told yesterday that inflation has been contained and was likely to be about 4.5 per cent for the whole year, well below the targeted 7 per cent.

Another report said the economy continued to recover, growing 5.6 per cent in the first nine months of the year, compared with 5.1 per cent for the same period last year. The committee heard that the growth rate for the year could reach more than 5.8 per cent.

All this was revealed as the committee discussed ways of improving ongoing projects for 2015, the last day of the committee's 32nd working session.

The talks were part of the examination of Government reports on socio-economic goals for 2014.

The reports will be first on the agenda for the assembly's eighth session, which convenes later this month.

According to one report, of the 14 socio-economic goals the assembly slated for 2014, the Government is expected to be able to meet or pass 13 of them.

However, one target will not be met - the training of more skilled workers. The committee was told that social-security and welfare policies had produced positive results.

Taking into account 2014's successes and failures, the Government said that in 2015 it intended to continue restructuring the country's economy, focusing on public investment, commercial banks and state-owned enterprises. It will strive for 6.2 per cent GDP growth.

The Government pledged to safeguard national sovereignty in the East Sea and deal with the complex situation peacefully, using international law.

The assembly's Standing Committee members expressed their approval of the reports. They also underlined major problems to be solved, including low credit growth, delayed and ineffective settlement of debts, and slow progress in restructuring banks. They also called for more attention to jobs, and low-income and ethnic minority people.

Ksor Phuoc, chairman of the Ethnic Council, said the reports should also analyse the strengths and weaknesses in local government management.

Some deputies suggested the Government examine the impacts of China's illegal oil rig on socio-economic development, as well as on Viet Nam-China relations. They said they hoped this could enhance the country's capacity for dealing with similar incidents in the future.

National Assembly Chairman Nguyen Sinh Hung asked the Government to include more detailed measures for addressing slow economic restructuring, low productivity, public debt and potential threats to national security.

The Government will revise its reports using the Standing Committee's recommendations, and submit it to the assembly during the eighth session. — VNS

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