The shortfall could be compensated for by ceasing business with China.

This was the assessment of Deputy Prime Minister Vu Van Ninh during a working session with the leaders of the Ho Chi Minh City People's Committee on the socio-economic situation in the first five months of 2014, which took place on the morning of May 27th.

According to the report, in the first five months of 2014, Ho Chi Minh City's economy achieved continuous growth. Compared to the same period last year, the industrial development index of Ho Chi Minh City increased by 5.3%, total retail sales and service revenue increased by approximately 12%, and export turnover was estimated at nearly US$11.7 billion (accounting for 20% of the country's total export turnover), an increase of 5.4%. Total state budget revenue in the first five months was estimated at VND 105,563 billion, reaching 46.65% of the projected target, higher than the same period last year.

Regarding the restructuring of state-owned enterprises, the city has identified a deadline for the equitization of 30 wholly state-owned enterprises and is focusing on directing this work within the period from now until 2015. Concerning policies on price stabilization and capital stimulus, the city has so far disbursed approximately 12,000 billion VND in capital to enterprises participating in the stimulus and price stabilization program.

Scene from the working session

Reporting at the meeting, the leaders of the Ho Chi Minh City People's Committee stated that since the beginning of May 2014, the situation in the East Sea has become complicated. Several industrial zones with foreign investors in Ho Chi Minh City were affected by extremist protesters. According to statistics from the Management Board of Export Processing Zones and Industrial Parks, 32 businesses suffered damage to their infrastructure. However, to date, all businesses in the industrial parks and export processing zones have resumed operations, and political security and social order have been stabilized. Ho Chi Minh City leaders affirmed that the recent instability has not affected the city's ability to attract foreign investment.

Speaking at the meeting, Deputy Prime Minister Vu Van Ninh highly appreciated Ho Chi Minh City's efforts in the past period. As the leading economic hub of the country, the Deputy Prime Minister requested Ho Chi Minh City to continue closely monitoring the security, political, economic, and social situation. Regarding the situation in the East Sea, Ho Chi Minh City needs to anticipate the most urgent scenarios to respond to, but also needs to fulfill its trade commitments.

"Vietnam has trade relations with many other countries around the world, so there's no need to be overly pessimistic about this issue. Vietnam can compensate for this shortfall," said Deputy Prime Minister Vu Van Ninh.

Deputy Prime Minister Vu Van Ninh also requested Ho Chi Minh City to continue focusing on resolving difficulties, not only for foreign-invested enterprises but also for domestic enterprises, in accessing loans, expanding markets, and streamlining administrative procedures…

According to dantri.com