First-quarter economy sees positive changes

09:09 | 19/04/2015 Economy- Society

(VEN) - The macroeconomic situation in the first quarter of 2015 saw positive changes, paving the way for the government to continue to pursue economic restructuring, and improvements to the business environment and the country’s competitiveness.

First-quarter economy sees positive changes

Sharp rebound
According to the General Statistics Office (GSO), in the first quarter of 2015, Vietnam experienced a gross domestic product (GDP) growth of 6.03 percent, 0.97 percent higher than the same time in 2014; total retail sales and service revenues increased 10 percent; total investment soared 9.1 percent and export revenues rose 6.9 percent compared to the same period in 2014.
At a meeting of the inter-ministerial steering committee on coordination in macroeconomic management and administration which looked at the results during the first quarter, economist Cao Viet Sinh from the Ministry of Planning and Investment said that the figures reflected the economy’s recovery.
According to the Agency of Business Registration of the Ministry of Planning and Investment, 19,049 businesses were established with total registered capital of VND111.218 trillion in the first quarter of 2015, up 3.8 percent in terms of the number of businesses and 13.5 percent up in registered capital over the first quarter in 2014; these businesses created 265,000 new jobs, up 3.6 percent from the same time last year.
The first quarter also saw 2,565 businesses close, down 0.6 percent compared to the same period last year, while other 5,094 businesses resumed operations, up 10.2 percent from the same period in 2014.
Prime Minister Nguyen Tan Dung assessed that the economy was gradually recovering, and that the macroeconomic situation had become more stable, GDP had grown at a faster rate, industrial production rose relatively sharply, agriculture and service sectors achieved positive results, exchange rates were stable, foreign reserves increased, and social welfare continued to be ensured.
These achievements, along with a series of recent moves by the government, especially Resolution 19 on improving the business environment, have helped improve people’s trust in institutions and policies.

Favorable conditions to achieve 2015 targets
At the meeting, the prime minister said that positive changes in the first quarter will create more conditions for 2015’s socioeconomic development targets to be reached.
According to forecasts by ministries and agencies, the macroeconomic situation in the second quarter and 2015 would be stable, inflation would continue to be maintained at a low level and GDP growth is expected to be higher than the same period last year.
The prime minister asked ministries and sectors to continue to concentrate on providing good forecasting and analysis in order to introduce efficient, flexible solutions, take the initiative in proposing mechanisms and policies for development, promote exports, ensure a trade deficit ratio below five percent of export revenue and increase competitiveness especially in terms of farm produce, forest products and seafood.
He told the Ministry of Industry and Trade to continue solutions to expand the market for farm produce, forest products and seafood, including rice, control the export of raw materials and semi-finished products and increase the processing of fuel and mineral commodities.

The prime minister asked ministries and sectors to implement measures in order to achieve or exceed the 6.2 percent growth target, the 10 percent export growth target and other targets. 

                                                                                                                                                                      By Phuong Nguyen