The Government convened its regular monthly meeting on March 2 under the chair of Prime Minister Nguyen Xuan Phuc.

Prime Minister Nguyen Xuan Phuc (middle) chairs the Cabinet meeting,
Ha Noi, March 2, 2021. Photo: VGP

At the meeting, the cabinet members will further evaluate the implementation of the socio-economic development plan in 2020 and discuss the implementation of the 2021 plan among other issues.

The country’s socio-economic situation saw positive changes despite the prolonged Lunar New Year holiday and the complicated development of the COVID-19 pandemic.

Inflation was controlled at a low level, with the average consumer price index (CPI) in the first two months of 2021 decreasing by 0.15% over the same period last year and core inflation increasing by 0.64%.

However, the CPI in February rose by 1.5% from the previous month, which is the highest February CPI growth recorded in the last eight years. 

Import-export activities during the January-February period recorded high growth, with the total trade revenue estimated at US$95.8 billion, up 24.5% year-on-year.

Of the figure, export turnover reached US$48.6 billion (up 23.2%) and import revenue stood at US$47.3 billion (up 25.9%), resulting in a trade surplus of US$1.3 billion.

Industrial production continued to see positive change, as the index of industrial production (IIP) grew by 7.4% year-on-year, with the manufacturing industry expanding by 10.4%, higher than the 7.1% level recorded in the same period of 2020.

Many products reported strong growth, such as televisions (up 61.5%), phone components (up 55.7%) and rolled steel (up 47.3%). 

Agro-forestry and fishery production in February was relatively favorable. The afforestation and the implementation of the spring tree planting festival were substantively organized in many localities.

Total retail sales of goods and revenue from consumer services increased by 5.49% over the same period last year, and by 5.52% if the price factor was excluded.

Positive signals were also recorded in business registration. A total of 18,100 new enterprises were established nationwide with a combined registered capital of VND334.8 trillion (US$14.5 billion), employing 172,800 workers, up 4% in terms of the number of businesses and up 52.2% regarding the registered capital.

At the meeting, cabinet members will discuss solutions to achieve the most urgent goals of effectively combating the pandemic, ensuring people’s health and safety, and creating favorable conditions for socio-economic development.