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GOV'T DISCUSSES DRAFT SOCIO-ECONOMIC DEVELOPMENT PLAN FOR 2020
PM Nguyen Xuan Phuc presides over the Cabinet meeting on Wednesday to discus socio-economic performance in the first eight months as well as measures to achieve set targets for the “breakthrough” year 2019.
>>> Infographics: Socio-economic performance in first 8 months
>>> Trade in goods projected to reach US$500 bln in 4th quarter this year
The Cabinet members will also debate and comment on report on implementation of Resolution No.01/NQ-CP, draft socio-economic development and state budget plan for 2020.
According to the Ministry of Planning and Investment, the country's socio-economic situation remained positive over the past eight months despite ongoing China-US trade tensions.
The consumer price index in August slightly increased by 0.28%, raising the average CPI in eight months to 2.57%, the lowest figure recorded over the past three years.
The foreign direct investment (FDI) disbursement reached US$12 billion, up 6.3% against the same period last year.
Nearly 90,500 new firms, worth VND1.15 trillion were set up in eight months, up 3.5% in the number of enterprises and 31% in terms of capital. The number of firms stopping operation decreased by 7% while the number of re-operated firms rose 21.8%.
The index of industrial production (IIP) in August was estimated to pick up 9.5%. The total retail sales and service revenues in August hit more than VND3.2 trillion, a year-on-year increase of 11.5%. As many as 11.3 million foreign arrivals were recorded in eight months, up 8.7%.
The nation gained nearly US$170 billion from exporting, up 7.3%. The traded surplus in eight months attained US$3.4 billion.
Industry, especially the processing and manufacturing industries are playing leading role as automobile production, iron, oil refinery and electricity are creating a push for economic growth in the third quarter of this year.
Besides stimulation policies, other policies on enhancing investment in infrastructure, particularly key and large-scale projects and acceleration of public investment disbursement are critical to promoting high growth.
At the meeting, delegates will discuss specific measures to mobilize all resources to pave the way for economic growth in the coming months.
U.S. News & World Report has just released the ranking of the best economies to invest in this year, showing large changes, with three new faces among the top five. In particular, Vietnam surpassed its Southeast Asian neighbours including Malaysia, Indonesia, and Singapore to rank eighth, massively boosting its 23rd position last year.
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1. Crisis cycle is coming, operating rates need to be further cut 2. HSBC Vietnam appoints new CEO 3. State domestic revenue reaches 34.8 billion USD in eight months 4. Vietnam's coffee exports plummet in eight months 5. VSA opposes hike in import duties on HRC steel ----and more news
Despite promises that the $3 billion industrial complex proposed by the Lee & Man-Hokuetsu joint venture will create a breakthrough in foreign investment attraction for Ha Tinh province, authorities are mulling over environmental pollution risks.
Under the draft, tourism; culture and sports; telecommunications infrastructure; infrastructure for science and technology development; infrastructure at industrial parks, economic zones, industrial clusters, and high-tech parks; and infrastructure for rural areas and agriculture would be banned from running PPP projects.
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