Prime Minister Nguyen Tan Dung underscored the need to continue containing inflation below a double-digit figure and maintaining macro-economic stability at the cabinet’s monthly meeting in Hanoi on September 27.

“With drastic, uniform measures, we have to realise the goal of controlling inflation and safeguarding macro-economic stability, not only for 2012 but also for the following years for national sustainable development,” PM Dung told his juniors.

At the meeting, the cabinet members agreed that socio-economic performance moved positively in September and in the first nine months of the year, yielding initial results in inflation control, macro-economic stabilisation, and social welfare.

Monetary and financial policies were strictly managed in harmony with fiscal policy, contributing significantly to inflation controlling and macro-economy stabilising work, they said.

Lending interest rate has fallen sharply with an annual rate of 5-8 percent. The nine-month export value rose 18.9 percent year-on-year and trade surplus was equivalent to 0.04 percent of the total export value while GDP is estimated at 4.73 percent.

In the past nine months, around 1.13 million jobs were created and 60,000 people were sent abroad to work.

However, the cabinet members pointed to difficulties and challenges faced by the nation’s macro-economy, referring to unstable macro-economy, consumer price index facing a possible hike, slower-than-expected economic growth and slow-moving settlement of bad debts.

Addressing the meeting, PM Dung noted that tasks for the remaining months of the year are extremely tough as the national economy is dealing with inner difficulties while the world’s economy is encountering unforeseen, sophisticated fluctuations.

He asked ministries and relevant agencies to enhance their forecasting capacity so as to propose orientations and measures for socio-economic development to advance effectively.

Regarding inflation control, the PM laid stress on increasing credit growth, controlling means of payment, and stabilising exchange rates.

Budget overspending should be kept at 4.8 percent, he said, adding that ensuring the balance of goods supply and demand, especially in yearend months, should be combined with price control.

To achieve the growth rate of over 5 percent this year, PM Dung asked greater attentions to be paid to removing difficulties for business and production and real estate market and boosting the production of competitive exports, including rice, aqua-products, textiles and garments, and footwear.

The development of such competitive services as tourism, banking, telecommunication, and aviation should be cared for, he noted.

The Government chief also urged ministries and agencies to accelerate the economic restructuring, with the focus on public investment, State-owned enterprises and the banking system.

Regarding social welfare, the PM requested ministries, agencies and localities ensure job placement for labourers, reduce poverty and ensure financial sources for poor students.

Fighting social crimes, ensuring social order, control traffic accidents and settling people’s petitions should be continued, he said.

At a press conference following the meeting, Minister and Chairman of the Government Office Vu Duc Dam said restructuring the banking system will include the rearrangement of weak joint stock commercial banks and strict punishment of violations in the banking sector.

This will help the banking sector develop in a stable and sustainable manner in accordance with the law, he said.

He added that when doing so, the Government has taken into account the issuance of measures to safeguard the banking sector’s stable performance especially the legitimate rights of depositors.

Source: VNA