Vietnam’s PM emphasized to stabilize macro economy

Hanoi, The Gulf Observer: Vietnam PM, Pham Minh Chinh stressed the need to ensure the stability of the macro-economy, markets, politics, and people’s material and spiritual life while chairing the regular Government meeting on Wednesday.
He also urged intensifying preventive and grassroots health care and vaccinations, adding that greater efforts are needed to step up production, business, and public investment disbursement.
Unnecessary spending must be cut and the administration done concertedly and smoothly, the leader emphasized.
Chinh pointed out uncertainties in the first seven months of this year, such as the conflict in Ukraine, soaring oil and gas prices, high inflation in many countries, and epidemics.
But he did note that the domestic economy has shown limited resilience to external shocks.
Among pending problems were inflation pressure and risk, price fluctuations and low public investment disbursement, he said, adding that some socio-economic recovery and development targets have yet to meet expectations.
Chinh said that although the world and regional situations were developing complicated and unpredicted, which greatly affected the domestic socio-economic performance, the results Vietnam achieved in July and the first seven months of this year were very positive, which were reflected through socio-economic indicators.
“In general, the macro-economy is stable, major balances are ensured, inflation is controlled, creating confidence and an important foundation for further recovery and sustainable socio-economic development,” Chinh said.
According to the Prime Minister, many prestigious international organizations and experts have highly appreciated Vietnam’s achievements and development prospects.
For example, Standard Chartered bank forecasts that Vietnam’s GDP will increase by 10.8 per cent in the third quarter and 3.9 per cent in the fourth quarter, reaching 6.7 per cent for the whole year; VinaCapital Fund forecasts that GDP in the third quarter will increase by 10 per cent and 7.5 per cent for the whole of 2022.
HSBC raised its growth forecast for Vietnam in 2022 to 6.9 per cent, replacing the previous rate of 6.6 per cent; ADB maintains the country’s growth rate at 6.5 per cent this year and 6.7 per cent next year.
The PM said the results were thanks to the leadership of the Party Central Committee, the Politburo, the Secretariat, headed by General Secretary Nguyen Phu Trong, and the resolutions of the National Assembly.
Efforts of the whole political system and the business community, the consensus and support of the people and international friends contributed to the great achievements, Chinh said.
He asked ministries, branches and localities to focus on implementing socio-economic recovery and development programmes, renovate the economic structure and growth models, improve the resilience of the economy, and attach importance to cultural development and environmental protection.