SOCIALIST REPUBLIC OF VIET NAM
Independence - Freedom - Happiness
Hanoi, April 10, 2019
The Government’s regular meeting on March 2019
Pursuant to the Law on Organization of the Government dated June 19, 2015;
Pursuant to the Government’s Decree No. 138/2016/ND-CP dated October 01, 2016 promulgating the working regulation of the Government;
Based on the discussion of the Cabinet members and the conclusion of the Prime Minister at the Government’s regular meeting in March 2019, held on April 04, 2019,
1. Regarding the socio-economic situation in March and the first three months of 2019, the implementation of the Government’s Resolutions No. 01/NQ-CP and 02/NQ-CP
The Government agreed that the socio-economic situation in March and the first quarter of 2019 achieved positive results in the context the world and the country facing many difficulties. Gross domestic product (GDP) in the first quarter of 2019 was estimated to increase by 6.79% over the same period last year. Industry and construction sector augmented by 8.95% compared with the same period last year, mainly fueled by processing and manufacturing growth. Total demand continued to rise; total retail sales of goods and consumer services increased by 12%; the number of international visitors to Viet Nam reached over 4.5 million people, a rise of 7% compared with the same period last year. Macroeconomic conditions were relatively stable; inflation was kept under control, the average consumer price index increased by 2.63% over the same period. Key economic balances were guaranteed; interest rates, exchange rates and foreign exchange markets were relatively stable; foreign exchange reserves continued to augment; the stock market witnessed positive developments. State budget revenue recorded decent results, up 13.2% compared with the same period last year. Total social investment capital upsurged by 8.8%; foreign direct investment inflows valued at US$ 10.8 billion, up 86.2% compared with the same period last year, reaching the highest recorded registered investment capital in the last three years, of which total contributed capital and/or share purchase reached US$ 5.68 billion. Export maintained growth momentum and trade surplus was maintained. Business investment environment continued to improve, the number of newly registered enterprises increased by 6.2%, total registered capital increased by 34.8%; the number of enterprises returning to operation increased by 78.1% compared with the same period last year. The fields of culture, society, labor, employment, poverty reduction, social security, sports, ethnic minorities affairs, and communication received due attention. Unemployment rate dropped to about 2%. People's lives continued to improve. Defense, security, social order and safety were maintained. Foreign affairs received due attention and were implemented effectively, affirming Viet Nam's position in the international arena.
In addition to the above positive results, there remained internal and external potential risks, difficulties and challenges, posing adverse impact on the socio-economic development of the country. Global economy was forecasted with lower growth than expected along with ongoing trade tension, complicated Brexit process, complicated developments of the world commodity prices, and sharp decline of the global trade, etc. In the country, the agricultural sector faced with diseases and unfavorable weather conditions, especially African swine fever, hot weather and droughts in the Central Highlands and Southeast region; slower growth of industrial and service sectors. Inflation was under great pressure; disbursement of public investment capital remained slow; business environment had many barriers; enterprises were subject to many informal costs; the number of dissolved or decommissioned enterprises was still large. A number of law provisions were still not close to reality, difficult to implement, and the promulgation was still pending. Some cadres and civil servants still lacked a sense of responsibility, creating delays and stagnation to their duties; many ministries and agencies had not yet either drastically implemented nor had specific solutions to implement the Resolutions No. 01/NQ-CP and 02/NQ-CP of the Government; coordination among a number of ministries, branches, localities, agencies and units remained weak. There were no strong measures to promote the effective adoption of the Fourth Industrial Revolution. Traffic accidents, fire and explosion, false information and a number of outstanding cases in the fields of culture and education raised concerns among the people.
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