GDP growth rate for the first six months of the year is estimated to reach 7.9 percent, the highest level achieved over the past five years.

The Ministry of Planning and Investment (MPI) said the construction-industry and service sectors have greatly contributed to the GDP growth rate. However, some major products with high production values have only slightly increased and in some cases, even decreased. For example: electricity (up 13.6 percent), crude oil (down 2.3 percent), and chemical fertilizers (up 3.6 percent). The price of goods including oil and gas, electricity, coal, steel and fertilizers for production and business has increased, sending the import surplus rate rising remarkably to account for 17.1 percent of export turnover for the first six months of the year. The implementation and disbursement of investment projects has remained low while the price of construction materials keeping increasing sharply. In the reviewed period, disbursement of state budget reached only 30 percent of the yearly plan while the disbursement of government bond capital and state credit capital for investment and development was 11.6 percent and 20 percent respectively.

Minister Phuc said the government will instruct relevant agencies to take drastic measures to overcome difficulties to facilitate activities of enterprises, ensure marco-economic stability and to curb the inflation rate.

He added that it is necessary to find solutions for developing the industrial and service sectors rapidly, with a focus on the building of power, cement and oil refinery plants. It is also important to mobilize forces for investment and development, attract major foreign investment projects and speed up the disbursement of capital sources.