The report said that at the beginning of this year, the Government issued and has directed implementation of resolution 01 on major tasks and measures of the 2014 socio-economic development plan and estimated state budget. The measures have focused on stabilizing the macro-economy, removing obstacles in business and production, ensuring social security, and improving people’s living conditions.

Positive socio-economic results in the first 4 months of the year

The report said the macro-economy has been stabilized and major balances of the economy have been controlled. The Consumer Price Index in April rose 0.88% above the CPI in December, 2013. The average interest rate has continued to decrease and the foreign exchange rate has been stable. Deputy Prime Minister Phuc said: “GDP in the first quarter increased 4.96%, more than in the previous 2 years. Agro-forestry and fisheries, industry and construction, and services have recorded higher growth rates than last year. 27 companies were equitized and 238 companies have established steering committees for equitization. 12 companies launched initial public offerings (IPOs). Banking reform, especially of poorly performing commercial banks, and settlement of bad debts have achieved remarkable results. Many good models have been built in agricultural restructuring and new rural development.”

Over the last 4 months 487,000 jobs were generated, an increase of 2.4% against the same period last year. Deputy Prime Minister Phuc said the government has harshly punished extremists who took advantage of protests against China’s placing of an oil rig in Vietnam’s exclusive economic zone and continental shelf to vandalize public and private property and confront law enforcement. Social order and security has been maintained and nearly all the vandalized companies have resumed normal operations.

7 key tasks for the rest of the year

Confronting a slow economic recovery, high demand for development investment and social welfare, limited national resources, and great challenges to political security, social order, national sovereignty, and territorial integrity, the government has placed top priority on ensuring the macro-economy. Mr. Phuc said: “The government will flexibly manage the monetary policy and other policies to stabilize the macro-economy and ensure an appropriate growth rate. The government will handle exchange rates to maintain the value of the VND and increase foreign currency reserve. Proper measures will be applied to ensure steady growth of the securities market to raise capital for businesses. State budget expenditures will be kept within the level set by the National Assembly. Public debt, government debt, and national foreign debt will be kept within safe limits.”

The government will resolve problems in business and production, bad debts, and capital access. Economic reform and growth model restructuring will be enhanced. The government will push ahead business equitization, withdrawal of capital from non-core activities of state-owned enterprises, and reorganization of poorly performing commercial banks, while improving credit quality.

Vietnam will continue to adjust social security policies and exert effort on natural resources management, environmental protection, and climate change response.

Regarding the implementation of the 2013 Constitution, Deputy Prime Minister Phuc said the government will revise the law on Organization of the Government and Local Administrations.

Mr. Phuc mentioned tasks in national security and defense, external relations, and international integration: “Peaceful measures will be implemented to defend national sovereignty and interests in the East Sea based on international law, including the 1982 UNCLOS and the Declaration on the Conduct of Parties in the East Sea (DOC). Communications will be enhanced to create consensus and the gain support of Vietnamese people inside and outside Vietnam and foreigners. Measures will be imposed to prevent and strictly deal with law infringements to maintain political security and social order. Necessary measures in line with Vietnam’s law and international commitments will be applied to ensure the ultimate safety of foreign organizations, businesses, and individuals in Vietnam.”

The government report acknowledged difficulties in the remaining months of the year which will require strong determination, consensus, and unity in awareness and actions of the political system, people, and soldiers under the Party leadership to make drastic changes to achieve this year’s socio-economic development plan.