This figure was released at the Government’s regular meeting in July to review the socio-economic situation over the past seven months and approve management measures for the five remaining months of the year. This is the last regular meeting of the Government's 12^th tenure.

The Ministry of Planning and Investment reported that the socio-economic situation in July and the past seven months has remained stable. Some industries have achieved positive results; exports reached more than US$51 billion in 7 months, triple the set target, and the industrial production index in July was up by 9.6 percent. Total retail sales and services rose sharply compared to the same period last year. The CPI in July rose 1.17 percent, much lower than previous months.

PM Dung agreed that the socio-economic situation in July showed significant progress, especially with industrial production up 9.6 percent compared to the same period last year and a trade deficit of around US$200 million, about 2.4 percent of the export value and the lowest figure so far this year.

The Government also approved key management measures for the remaining months of this year.

Curbing inflation

PM Dung asked ministries, departments and localities to aim for the target for curbing inflation, stabilize the macro-economy, ensure social welfare and maintain a reasonable growth rate of 6 percent for 2011. The State Bank will continue to implement the monetary policy according to Resolution 11, focusing on ensuring the safety of the banking system. The Government will implement its fiscal policy to keep budget overspending below 5 percent of the national GDP and cut 10 percent of its regular spending.

He urged ministries, departments and localities to pay more attention to promoting industrial and agricultural production, as well as services and exports.

The PM also directed the Ministry of Agriculture and Rural Development to promote livestock breeding, provide enough food staples for the public, and control food exports. He asked the Ministry of Industry and Trade to ensure enough electricity for production and daily life and to build key electricity complexes soon.

Ministries, departments and localities should continue to carry out social welfare policies to the best of their abilities and businesses were called on to care for workers’ lives.

The Ministry of Public Security and the Ministry of Transport should deal with “black spots” where traffic accidents commonly occur and impose strict fines on those who violate traffic laws.

At the meeting, Government members gave their opinions on a report reviewing the working regulations of the Government's 12^th tenure.

PM Dung emphasized that the 12^th tenure Government followed its working regulations strictly and made great efforts to fulfill its duties, despite facing many challenges and difficulties. He also pointed out some limitations the next tenure of the Government must deal with such as the unclear functions of some ministries, a weak macroeconomic forecast, low quality lawmaking, and weak management of land, minerals, state-owned enterprises, energy, environmental protection, and climate change.

On behalf of the Government, Prime Minister Nguyen Tan Dung congratulated Deputy Prime Minister Nguyen Sinh Hung who has been elected as Chairman of the 13th National Assembly (NA); Minister of Labour, Invalids and Social Affairs Nguyen Thi Kim Ngan elected as Vice Chairperson; and Governor of the State Bank Nguyen Van Giau elected as Chairman of the NA Economic Committee. PM Dung praised their responsibility and contributions to the Government's management activities.

NA Chairman Nguyen Sinh Hung said the position is a great honour and a noble and heavy responsibility assigned by the Party, State and people. He affirmed that he will use his 15-years of experience in the Government to fulfill his new duties.