Cabinet spokesman: Home economy enjoying progress Head of the Government Office Nguyen Van Nen has noted that the domestic economy is in good shape, evidenced by upbeat data about the recent socio-economic performance. Taking centre stage at a press conference following the monthly Cabinet meeting in Hanoi on December 2, Nen said in the past 11 months the country made progress in curbing inflation and stabilising the macro-economy. During the period, the consumer price index was up a modest 5.5 percent while in November alone it rose by 0.34 percent, the lowest over the past 10 years. The rate is estimated at over 6.8 percent this year, lower than last year. Exports were projected at over 121 billion USD, up 16.2 percent while imports surged 16.5 percent to 121.1 billion USD. The registered foreign direct investment hit some 21 billion USD, with 10.6 percent being disbursed, a year-on-year rise of 5.5 percent. The disbursement of official development assistance also posted an annualised 13.5 percent increase to over 4 billion USD. Factory activity is recovering, especially in the processing and manufacturing sectors. The index of industrial production registered a respective rise of 5.7 percent and 5.6 percent in November and the 11-month period. Despite natural disasters, the agro-forestry-fisheries sector remains stable. The area of forest coverage has spread a further 8.5 percent. Meanwhile, retail sales rose 12.56 percent while foreign arrivals hit 6.85 million, a 10.2 percent rise. The number of newly-established firms grew by 9.5 percent and some 12,700 returned to the market. However, Nen also acknowledged challenges ahead, with risks of inflation returning, delayed settlement of bad debts and stagnating business activities. During this month and early next year, relevant ministries and agencies will continue implementing a range of result-oriented measures as approved. They will also work hard to achieve this year’s goals and abide by the National Assembly’s Resolution on the socio-economic development plan and the 2014 State budget estimate. Deputy State Bank Governor Nguyen Dong Tien said the Government and banking sector are restructuring debts and extending or waiving deadline payments from storm-hit victims in the central region, who are also being supported in recovery efforts. Deputy Prime Minister Vu Duc Dam also thanked media outlets at home for their support for the Government’s operations over the past time, saying that this favourable attitude has resulted in socio-economic successes. Source: Vietnam Plus