GOVT CONFIDENT OF OBTAINING ALL ECONOMIC TARGETS FOR THIS YEAR

With the positive socioeconomic performance in January-November, the Government is optimistic about the possibility of achieving all the targets set for this year, Minister and Chairman of the Government Office Mai Tien Dung said at a press briefing in Hanoi on December 3.

Dung said that the country had achieved impressive socioeconomic results last month and in the 11-month period as a whole, such as stabilizing the macroeconomy and keeping inflation under control. In particular, the consumer price index in November dropped 0.29% month-on-month to its lowest in nine years.

In addition, the industrial production index maintained its high growth rate, at 10.1%, between January and November. Of which, the processing and manufacturing sector posted an impressive growth rate of 12.2%.

Also, the service sector continued to develop significantly. Total retail sales of goods and services went up by 11.5% in the 11-month period.

The country attracted 14.12 million international tourists in the period, up 21.3% year-on-year, so the target of 15 million foreign visitors this year is achievable. Moreover, the country exported US$223.63 billion worth of products and enjoyed a record trade surplus of US$6.8 billion in the period, Dung remarked.

January-November saw more than 121,000 enterprises established with registered capital of some VND1.2 quadrillion, marking respective increases of 4.5% and 9.1% from a year earlier. Meanwhile, operational companies registered an additional VND2.2 quadrillion to fund their expansion plans, raising the total newly pledged capital to more than VND3.4 quadrillion in the period.

In addition, the number of companies resuming business rose by some 30.9% year-on-year to nearly 32,000.

Besides achievements, the country still faces shortcomings and challenges, such as natural disasters and a shortage of coal for thermo-power plants. Natural disasters have seriously affected the agriculture sector and people’s lives in some localities and caused losses of some VND9 trillion in January-November.

The disbursement of State capital for development projects remained lower than expected, meeting only 59.9% of the target set by the National Assembly.

Further, the period witnessed a 49.3% rise in the number of business suspensions, reaching more than 83,100. Over 14,800 companies have already completed procedures for dissolution, a year-on-year rise of 37.4%.

Meanwhile, Prime Minister Nguyen Xuan Phuc has decided to set up a special working group, led by Deputy Prime Minister Truong Hoa Binh, to address issues of public concern. The Government leader also asked the Ministry of Public Security to make every effort to curtail the activities of loan sharks.

The prime minister also required the power sector to ensure sufficient supply of electricity next year and has called for heavy sanctions against State officials responsible for any shortage of power for production and business activities and local people’s daily lives.

At the press conference, Deputy Minister of Industry and Trade Do Thang Hai said in October, the Ministry of Industry and Trade had worked with Vietnam Electricity Group (EVN) to work out an electricity supply plan for next year. The electricity output will reach 242 billion kilowatt hours next year.

He also called on local households and manufacturing establishments to use electricity economically.

Responding to questions on the lack of coal for thermo-power plants, Hai cited a report by Vietnam National Coal and Mineral Industries Group (Vinacomin) and Dong Bac Coal Mineral Investment Corporation, the two main suppliers of coal for electricity generation, as saying that the coal volume provided by these two firms so far this year has almost matched their committed volume.

Vinacomin and Dong Bac expected to extract 28.9 million and 5.8 million tons of coal, respectively, this year, up 22% and 15% over last year and reaching 98% of the volume committed by the two coal suppliers.

The ministry will propose the Government allow the import of coal if the locally exploited coal volume cannot meet the demand.

Last year, EVN earned nearly VND290 trillion from the sale of electricity, while generation costs amounted to VND291.3 trillion, so the firm suffered losses, Hai pointed out.

This year, the ministry has not hiked the electricity price, Hai said, adding that the plan to control the electricity price next year will be drawn up in line with the law. The ministry will coordinate with the Ministry of Finance and the General Statistics Office to assess the possible effects of electricity price hikes.

The Ministry of Industry and Trade will submit the electricity price control plan for next year to the Steering Committee for Price Management this month.

Source: The Saigon Times