The meeting, under the chairmanship of Prime Minister Nguyen Tan Dung, reported that over the past 11 months, Vietnam has attracted a record volume of over US$15 billion in foreign investment.

This represented a 38.4 percent year-on-year increase, surpassing this year’s target by 15 percent.

The figures included US$13.4 billion as capital from 1,283 newly-licensed projects and a total of US$1.638 billion in additional capital from operational projects.

Industrial production maintained a high growth rate of 17 percent, in which the state-owned businesses recorded a growth rate of 10.4 percent, the non-State sector recorded 20.9 percent, and the foreign invested sector took 18 percent.

The import value in November was estimated at US$5.75 billion, a 2.4 percent increase over October, and is expected to reach US$54.11 billion over the past 11 months, a 31.1 percent year-on-year increase.

The trade deficit in the past 11 months stood at US$10.472 billion, accounting for 24 percent of the export revenue and doubling the same period last year. However, the trade deficit has not affected the economy.

PM Dung said that in November the country faced three challenges - inflation, floods in the central region and the spread of acute diarrhea in 13 northern provinces and cities, but continued maintaining stable socio-economic development.

He praised the efforts of ministries, services, localities and the whole political system in minimising damage caused by the natural disasters and the diarrhea epidemic.

The PM called all branches and agencies to focus on implementing cabinet-approved directives and official dispatches to obtain the targets and tasks of the 2007 plan, especially measures to contain inflation and prepare goods to ensure a stable market and prices by the end of this year.

He asked the Ministry of Agriculture and Rural Development to cooperate with relevant sectors and local authorities to direct measures to overcome the aftermath of the recent floods, help people return to normal life and production, ensure food for flood victims, and prevent any further outbreaks of epidemics.

The PM assigned the Ministry of Construction to propose a plan on building residential projects for people in flood-prone areas in the central region like those in the Mekong Delta.

The Ministry of Resources and Environment was also tasked to cooperate with relevant ministries and sectors and encourage local and foreign scientists to develop a research project on climate change and its impacts on Vietnam and propose preventive measures.

On administrative reform, the PM asked ministries to conduct inspections to reduce worrisome infrastructure construction procedures and continue the fight against corruption, particularly in the field of land and project management.