During the meeting, cabinet members discussed the country’s socio-economic status in November and in the last 11 months and drastic measures to control inflation, stabilise the national economy and prices. They also touched upon how to deal with complaints and denunciations, anti-corruption and administrative reform.

In the previous months of this year, people’s lives have faced difficulties such as natural disasters and price fluctuations. However, positive socio-economic results have been obtained and the production value of agriculture, forestry, fishery, industry, services and tourism has achieved a relatively high growth.

In November, the industrial production value soared by 14.3 percent, budget revenues fulfilled 98.7 percent of the yearly plan and the total retail turnover rose by 25 percent over the same period last year. In the reviewed period, export turnover hit US$6.5 billion, 3.6 percent more than the corresponding period last year while the number of foreign arrivals increased by 36.5 percent.

Remarkable progress has been made in social welfare, healthcare, culture and other social issue. However, cabinet members pointed out difficulties and challenges that the national economy needs to overcome, especially when global prices are rising sharply and the soaring exchange rate of foreign currencies on the free market has pushed the price of consumer goods up.

In the face of such thorny problems, the Government proposed incentives to create favourable conditions for businesses to ensure a sufficient supply of goods for consumers at the year’s end. The relevant agencies need to consider the monetary policies and continue to carry out flexible measures to overcome the consequences of the floods, Mr Dung said.

PM Dung asked cabinet members to make greater efforts to control inflation and stabilise prices by effectively implementing the resolutions and decrees issued this year by the Government to ensure the balance of goods supply and demand and boost production.

To cope with unpredictable fluctuations in the price of gold and the US dollar, Mr Dung asked the State Bank of Vietnam (SBV) to flexibly manage the monetary policy, strictly control the exchange rate of foreign currencies and gold prices and work together with the provincial people’s committees to deal with speculation, illegally hoarding gold and foreign currencies for price rigging.

PM Dung underlined the need for the media agencies to disseminate updated information on finance, money, the market and prices to help the people, businesses and the Government reach unanimity in a combined effort to stabilise prices and avoid insecurity and panic among the people.

He asked the relevant agencies to double check their plans to ensure food security, provide investment capital for the flood victims in the central region, boost exports, deal with transport law violations and denunciations, enhance administrative reform, and combat corruption.

During the meeting, cabinet members also discussed a government resolution on orientations for sustainable poverty reduction for 2011-2020, reports on the State administrative reform programmes for 2001-2010 and 2011-2020.