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PM Nguyen Xuan Phuc at the Government conference with local leaders on socio-economic performance and State budget, Ha Noi, December 28, 2016 - Photo: VGP/Quang Hieu
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Cabinet convenes meeting with local leaders
PM Phuc was presiding over a Government conference with local leaders on socio-economic performance and State budget in 2016 on December 28 in Ha Noi.
Top 10 outstanding achievements
Firstly, the macro-economy was basically stable with major balances ensured. The economy expanded relatively with CPI hiting 4.74%, and GDP grwoing 6.21%, which was higher than the average rates of other Asian developing country with 5.5% and ASEAN member states of 4.5%. The outcomes were encouraging amidst difficulties facing mining and agricultural production (due to maritime environmental incident, natural disasters, and crude oil output drop around 1 million tone). Credit growth was around 17%. Foreign reserve hit US$ 41 billion, the ever record high. State budget collection met set target. Total social investment accounted for 33% of GDP. Export picked up 8.6%. Trade surplus valued at US$ 2.68 billion.
Secondly, business performance was thriving. For the first time in history, over 110,000 firms were founded in 2016 with a total registered capital of over VND 891 trillion, up 16.2% in number and 48.1% in value. Nearly 27,000 firms resumed operation.
Thirdly, FDI attraction also set a new record. As of December 26, Viet Nam had 2,556 new FDI projects with US$ 15.18 billion of registered capital. Generally, the amount of newly-registered and additional capital fetched US$ 24.4 billion, up 7%. Meanwhile, US$ 15.8 billion of FDI was disbursed, up 9% against the same period last year, making a record high.
Fourthly, the service and tourism sector progressed positively. The service sector grew 6.98%. Viet Nam welcomed over 10 million foreign guests, which was the highest number so far.
Fifthly, the business environment was improved. Viet Nam ranked 82th out of 190 countries and territories in terms of the business environment, up 9 steps in comparison with 2015.
Sixth, the new rural area building was optimistic. So far, 30 district-level units and 2,235 communes met new rural area standards. They made up over 25% of the total.
Seventhly, social affairs advanced significantly. The poverty rate in line with the multidimensional standards dropped to around 8.5%. Over 1.6 million jobs were created. Health insurance coverage reached an unprecedented rate of over 81%. In sports area, Viet Nam won two Olympic medals for the first time.
Eighthly, law making received due attention. In 2016, 162 decrees were introduced to provide guidelines for important laws, especially on investment and business.
Ninthly, the prevention and response to natural disasters, climate change and environmental protection were focused. Under the leadership of the Government and PM, the whole political system joined to prevent natural disasters, droughts, saltwater intrusion; respond to climate change; and protect the environment.
Tenthly, pressing issues were timely handled especially the maritime environmental incident in the four central provinces, food hygiene, anti-corruption.
Nine shortcomings
However, besides the positive achievements, PM Phuc also pointed out nine weaknesses in 2016.
Firstly, the mining industry declined sharply. Export turnover of crude oil dropped by 36.7% due to falling crude oil prices;
Secondly, natural disasters, droughts, saltwater intrusion, and floods happened seriously;
Thirdly, the maritime environmental incident caused severe consequences, especially in coastal area in the four Central provinces;
Fourthly, economic losses of some VND 32.2 trillion (US$ 1.44 billion) of five major projects;
Fifthly, weak commercial banks with high risks were sold to the SBV at zero dong;
Sixthly, serious fire and transport accidents;
Seventhly, extremely serious criminal cases;
Eighthly, wrongdoings in personnel work, like the Trinh Xuan Thanh case;
Ninthly, Viet Nam dropped four places in the WEF’s Global Competitive Report to the 60th position and sixth in ASEAN. The country ranked 59th in the Global Innovation Index (GII) 2016, down seven notches compared to last year, out of 128 countries and territories and was positioned at fourth place in ASEAN./.
By Kim Loan
