Vietnam’s socio-economic development in June and during the second quarter of the year exhibited positive signs compared to May and the first quarter, according to Prime Minister Pham Minh Chinh.

Major targets were basically achieved, the macro economy was stabilized, inflation was brought under control, growth was enhanced, and major economic balances were ensured, the Prime Minister said while chairing a teleconference between the government and localities and the regular cabinet meeting in Hanoi on July 4.

In particular, Vietnam’s GDP increased 3.72 per cent in the first half.

Trade turnover reached over $316 billion, with export turnover estimated at $164.45 billion and import turnover $152.2 billion.

However, the PM added, difficulties and obstacles remain, such as lower-than-expected economic growth, challenges faced by businesses, job losses, and reduced working hours. Discipline and regulations were yet to be strictly enforced while many officials and civil servants showed a fear of making mistakes and taking responsibility.

He asked meeting participants to clearly identify achievements and shortcomings that need to be fixed as well as lessons learned in socio-economic development in June and the first half. Based on this, they are to propose solutions and breakthrough measures for tasks in July and the second half of the year.

Priority should be given to tackling difficulties in production and trade, stabilizing the macro-economy, and ensuring people’s living conditions, he said. Managing tasks should be given attention to ensure harmonization between interest rates and exchange rates, growth and inflation, supply and demand, and monetary and fiscal policies, while keeping a close watch over both the internal and external situation.