PM asks for measures to curb inflation below 4% this year

Update: 07:05 | 03/06/2018

Prime Minister Nguyen Xuan Phuc directed not increase electricity prices this year, as one of the measures to control inflation below 4 percent as assigned by the National Assembly, during a monthly government meeting in Hanoi, on June 2.

PM, Nguyen Xuan Phuc, inflation, education fee, health care fees, socio-economic performance, economic growth, new rural development

Prime Minister Nguyen Xuan Phuc.

He also directed adjusting education and health care fees in an appropriate time and managing credit for manufacturing and trade properly.

He warned several localities about being subjective in their management as it could make it harder for their efforts to rein in inflation.

Reviewing the socio-economic performance in the first five months of this year, the PM lauded localities for striving to achieve economic growth.

According to him, the Purchasing Managers’ Index (PMI) of Vietnam was up 53.9 points in May, the highest in ASEAN. Total rice production increased by 1.1 million tonnes during the winter-spring crop, fueling rice exports and generating higher incomes for farmers.

Animal husbandry and aquatic production also grew, while new progress was seen in new rural development.

Industrial production rose by 9.7 percent during the period, with manufacturing and processing up 11 percent.

The total retail and consumer goods revenue hiked 10.1 percent, while the total foreign arrivals in Vietnam were estimated at 6.7 million, up 27.6 percent annually. Five-month exports surged 15.8 percent to US$ 93.1 billion, while the trade surplus reached US$ 3.4 billion. Foreign direct investment disbursement stood at US$ 6.75 billion, marking a nearly 9 percent increase.

There were around 53,000 newly-established enterprises and the total newly-registered capital neared VND 1.3 quadrillion.

PM, Nguyen Xuan Phuc, inflation, education fee, health care fees, socio-economic performance, economic growth, new rural development

The chart of inflation in Vietnam in 2017.

However, public investment disbursement was only 29 percent of the set target, not only in ministries and agencies but also in the capital city of Hanoi and the southern metropolis Ho Chi Minh City, resulting in delayed construction and higher costs.

The PM requested continuing to attract domestic and foreign investment, and further raising the industrial production index, especially in manufacturing and processing.

On the occasion, he also assigned a number of government members to make thorough reports in preparation for the question-and-answer sessions during the ongoing fifth session of the 14th National Assembly.

Source: NDO/VNA

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