The minister reported that the socio-economic situation in the first six months of this year was stable and that the economy had grown proportionally.

The agriculture, forestry and fisheries sector grew by 3.4 percent; the industry and construction sector increased by 9.5 percent and the service industry rose 8 percent over the last six months. The country's GDP in the second quarter is expected to double that of the first quarter.

To increase the annual GDP growth rate of 8 percent, Mr Phuc said all economic sectors in the last six months of this year should focus on expanding business activities and revenues.
It is necessary to develop and carry out 2007 socio-economic plans because the coming year will be of particular importance to the country.

He explained that 2007 will be the first year of Vietnam's integration into the global economy and also the first year of what is sure to be fierce competition on both the domestic market and international market.

The next year's economic growth rate must rise between 8-8.2 percent to compensate for the difficulties experienced in the years of international economic integration, he stressed.

Mr Phuc further said if Vietnam is unable to attain a growth rate of more than 8 percent, the national economy will lag behind regional neighbours.
To reach the target, the ministry has worked out six solutions, including attaching greater importance to managing investment (both State and private); more closely supervising investment and official development assistance funds; strengthening inspection, particularly in transport and irrigation projects; and reforming administration and fighting corruption. Mr Phuc reported that the effectiveness of supervision of investment and ODA projects was only 71 percent, and a lack of supervision in ODA disbursement had caused a number of weakness in ODA management, creating waste.

Over the last six months, ministry inspectors were engaged in 98 inspection projects, of which 38 were related to construction management.
Phuc said the inspectors should focus on key projects managed by the ministry, as well as ODA projects concerning transport and irrigation.