Vietnam's economic recovery trend irreversible

Vietnam's economic recovery trend is irreversible as the country's production and trade activities have witnessed various positive signals in the first two months of 2014, said a Vietnamese official on Wednesday. The positive signals included hikes in indexes of industrial production, manufacturing, processing consumption, export revenue and domestic purchasing power, Vo Van Quyen, head of Department of Domestic Market under Vietnam's Ministry of Industry and Trade ( MoIT) was quoted by its online newspaper as saying on Wednesday. Cited the latest report of MoIT, Quyen said that industrial production index went up 5.4 percent year-on-year while manufacturing and processing consumption indexes hiked 3.4 percent year-on-year. Concerning imported commodities for domestic production, the latest MoIT's statistics showed that import revenue of these commodities rose sharply and accounted for 87.8 percent of the total import revenue. This indicated that the recovery trend of Vietnamese economy is irreversible, said Quyen. In January-February period, Vietnam's purchasing power increased 6.3 percent year-on-year, according to Quyen, adding that after the Lunar New Year holiday, Vietnam managed to stabilize market prices and kept it from rising as usual. In the coming time, MoIT will continue to build and implement measures to support companies and farmers during production, trading process, control prices of essential commodities as well as boost exports, and restrain trade deficit, the ministry said on its website.