Prime Minister Nguyen Tan Dung says the national economy has grown visibly since the beginning of the year. Of 15 goals set by the National Assembly for this year, 13 are likely to be met, while the goal of creating 1.6 million jobs is almost achieved and only one goal cannot be met, which is raising the ratio of skilled workers to 51 percent of the workforce.

Prime Minister Nguyen Tan Dung says the national economy has grown visibly since the beginning of the year.

Almost all economic sectors have rebounded. The third quarter recorded an economic growth rate higher than in the previous quarters and GDP growth in 9 months was estimated at 5.62%. Industrial production, especially in manufacturing and processing has increased sharply. The industrial production index since the beginning of this year has risen 6.7% and is projected to reach an annual rate of 7 to 7.2%. The agricultural sector has handled natural disasters and epidemics to obtain a high overall growth rate. Inflation was controlled, the consumer price index was stable, and social welfares, social security, and safety continued to be ensured. Despite production difficulties, an increasing number of companies were profitable.

Trade expanded in volume and rate. Total export revenues for 9 months were 110 billion USD, up 15%. 21 commodities earned 1 million USD from exports. The results have rebalanced export and import values and increased the national foreign currency reserve. Prime Minister Dung said: "Visible growth has been recorded in agriculture, industry, and services. Ministries and sectors say it’s feasible to achieve a GDP growth rate of 5.8% this year. On this stable macro-economic basis, we will exert greater efforts to obtain GDP growth of 6%"

In the reviewed period, 90 state-owned enterprises were reformed. Equitization plans for about 200 enterprises are expected to be approved by the end of this year.

Actively resolving bad debts

Vietnam has implemented several measures to resolve bad debts including via the Vietnam Assets Management Company (VAMC). Credit organizations have gotten involved in resolving bad debts by establishing risk reserve funds. Between January and July the banking sector accumulated 3.9 billion USD in its reserve fund. VAMC bought 2.3 billion USD with of bad debts and is scheduled to buy 3.5 billion with of bad debts this year.

Besides these positive signs, there remain problems which need to be resolved including weak demand, obstacles to production and trade, growing public debt, and low business competitiveness. Vietnam aims to effectively reform public investment, state-owned enterprises, the banking sector, and agricultural production. The Finance Ministry has been asked to expand credit to improve the business environment and national competitiveness. Prime Minister Nguyen Tan Dung talked about mechanisms to attract investment. "We need to find ways to increase domestic and foreign resources for public services, industry, agriculture, and infrastructure. I’m asking the Deputy Prime Ministers and Ministers to work out mechanisms and policies to attract investment."

The positive signs of the last 9 months are due to the government’s effective management and the efforts of businesses and society. The government will focus on resolving problems in the coming months to ensure sustainable economic growth.