The target was determined at a meeting on the nation's economic situation, chaired by Party General Secretary Nguyen Phu Trong on April 26.
Inflation appears to be cooling
At the meeting, Minister of Planning and Investment, Bui Quang Vinh, reported that the economy has made gains in development early this year and that fiscal strategies are proving effective.
In April, the CPI increased by just 0.05%, 2.6% higher than the end of 2011. Businesses are also growing, with an export turnover of 22% higher than the same period last year.
However, the Politburo also mentioned a number of challenges, such as the fact that economic growth in early 2012 was only at 4%, down from the year before. Interest rates are highly subsidised, but remain high, and the level and the ability to absorb capital of Vietnamese enterprises is low. Live of many people, especially mountainous ones are in hardships.
The Politburo said that the causes for such shortcomings are the slow economic recovery that caused budget deficits in many countries. However, the main reason is the fiscal policies' effect on businesses. Unfavourable weather and disease have also dampened economic growth.
The Politburo said that Government should focus on making suitable adjustments to the new economic situation.
Assisting enterprises in difficult times, creating favourable conditions to boost production in accordance with economic restructuring and maintaining a growth rate of 6% are to be prioritised. Changing growth models, restructuring the economy towards higher efficiency and competitiveness, promoting policies to ensure social security, natural disaster management, natural resources and environment preservation are also important tasks.
