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Cut back on imports: Deputy PM   2010-02-02 - Viet Nam News

After a clear economic rebound in January, Permanent Deputy Prime Minister Nguyen Sinh Hung yesterday, February 1, asked ministries, sectors and localities to continue their efforts to help the country's economy grow rapidly.

 

More power for the economy - Ban Chat hydropower plant in the northern province of Lai Chau under construction.
More power for the economy - Ban Chat hydropower plant in the northern province of Lai Chau under construction.
At the monthly Government meeting, Hung also requested ministries, sectors and localities to maintain macro-economic stability, curb inflation and ensure social security.

Specifically, ministries, sectors and localities should look at imported goods in order to develop solutions for limiting the trade deficit and promoting exports.

Export value in January rose by 28.1 per cent on the corresponding period last year, reaching US$4.9 billion. However, the import value was $6.2 billion, representing a month-on-month increase of 86.6 per cent. The trade deficit for the month was $1.3 billion.

Minister of Planning and Investment Vo Hong Phuc said that according to international assessments, the world economy was recovering more quickly than anticipated due to more financial investment activities.

Future trade activities for Viet Nam would enjoy many advantages but also face challenges after the signing of the ASEAN-China Free Trade Agreement and the ASEAN-Australia-New Zealand Free Trade Agreement, which officially came into force on January 1, he said.

International organisations expressed optimism about the country's economic growth rate in the near future, which helped spur investor confidence in Viet Nam's business environment, he added.

However, ministers also agreed that Viet Nam should develop more effective measures to improve the investment environment and use foreign investment capital more efficiently.

The industrial sector, which showed the fastest and strongest recovery, should foster its development towards improving capacity, quality and competitiveness, Hung said.

According to the Ministry of Planning and Investment, the industrial production value in January was 28.4 per cent higher than the same period last year.

In the agriculture sector, authorities must focus on helping farmers deal with difficulties, ensure adequate water supply for the Winter-Spring crop and treat any plant and animal diseases.

He also asked all ministries, sectors and localities to speed up the completion of State budget estimates for 2010 and to continue carrying out the Prime Minister's Project 30 on streamlining administration procedures.

On the threshold of the Lunar New Year festival, Hung urged related authorities to ensure the sufficient and timely supply of essential and quality goods for the people at reasonable prices, and to pay special attention to preventing speculation, and ensuring food safety and hygiene.

"Each locality must take responsibility for caring for the lives of the people, both materially and spiritually; particularly beneficiaries of social welfare policies and the poor, who should not be left to suffer from food shortage between harvests," Hung said.



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