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Prime Minister Nguyen Tan Dung chaired the cabinet meeting from July 30-31 with a focus on maintaining reasonable and sustainable growth, stabilizing the macroeconomy and preventing the recurrence of high inflation.

Cabinet members said the socio-economic situation in July and over the past seven months is getting back on the right track, thanks to effective measures to rein in inflation and stabilize the economy, as well as a sharp fall in the consumer price index (CPI) and high export turnover.

The seven-month CPI continued to drop into negative numbers, falling to -0.26 percent in June and -0.29 percent in July.

Credit organizations are checking outstanding debts and evaluating previous loans to readjust the annual interest rate to a maximum of 15 percent as regulated in mid July 2012.

The liquidity and supply of foreign currency has improved as a result of high export turnovers and there was a growing demand for domestic currency because of falling interest rates.

Over the past seven months, the total export turnover hit more than US$62.9 billion, up 19 percent over the previous corresponding period. The import surplus reached US$58 million, accounting for 0.09 percent of total export earnings.

Agro-forestry-fishery production remained stable in July and tourism was in full swing with 11.6 percent more international visitors to Vietnam than in the previous month. Progress was also recorded in social welfare, healthcare and culture.

Around 825,000 jobs were created in the reviewed period, meeting 54.5 percent of the yearly target and up 1.7 percent against the first seven months of last year.

Aside from these highlights and achievements, cabinet members believed that the socio-economic situation will still face many difficulties and challenges including lower purchasing power, large inventories and increased numbers of businesses dissolving or suspending operations.

Economic growth was also much slower than during the same period in previous years and the CPI fell two months in a row to a level below the set target. Meanwhile, businesses are still finding it difficult to access bank loans.

Most cabinet members emphasized the need to create the best possible conditions for businesses to access bank loans at lower interest rates with priority given to those trading in strong areas like agriculture, rural development, export production and support industries.

Minister of Industry and Trade Vu Huy Hoang and Minister of Agriculture and Rural Development Cao Duc Phat proposed promoting trade and expanding markets for agricultural exports.

Minister of Finance Vuong Dinh Hue said ministries, sectors and localities should properly implement effective measures to prevent the loss of State revenue and stressed the need to lower interest rates for businesses.

Regarding bad debts, Governor of the State Bank of Vietnam (SBV) Nguyen Van Binh said the SBV’s bad debts have fallen to 8.6 percent and most of them are guaranteed by assets.

Concluding the meeting, PM Nguyen Tan Dung said the socio-economic situation has changed drastically in line with the set targets while pointing out the major challenges and difficulties in ensuring a 5.2.-5-7 percent growth rate for this year.

PM Dung asked ministries, sectors and localities to iron out snags in production and business, help businesses, especially small and medium sized enterprises, with capital, and intensify investment in agriculture and rural development.

At the meeting, cabinet members also discussed several projects, including plans on comprehensive education reform and the development of science and technologies to boost industrialisation, modernisation and international integration.

(VOV)