Government focuses on rapid, sustainable socioeconomic recovery

10:00 | 18/06/2022 Economy

(VEN) - Deputy Prime Minister Le Van Thanh delivered a report assessing the implementation of the socioeconomic development plan and state budget in 2021 and early months of 2022 at the third session of the 15th National Assembly. He emphasized that the government will continue economic restructuring in tandem with renewing the growth model, while boosting the development of the digital and circular economy.

government focuses on rapid sustainable socioeconomic recovery
The third session of the 15th National Assembly

Export-import turnover rises nearly 23 percent

According to the report, Vietnam fulfilled seven out of 12 key targets for 2021, with total export-import turnover increasing by 22.6 percent and trade surplus reaching US$4 billion.

So far, Vietnam is one of the top six countries in terms of COVID-19 vaccination coverage. Macroeconomic stability has been maintained, major economic balances ensured, and inflation brought under control. However, input prices, especially gasoline and oil, have risen sharply, while the shortage of human resources has affected trade and production activities. Export turnover is dependent heavily on foreign-invested enterprises, while stock, corporate bond and real estate markets are potentially risky.

Vu Hong Thanh, chairman of the National Assembly’s Economic Committee, presented a verification report on this issue, praising the results in the context of unprecedented difficulties and challenges facing the country. In particular, he praised the government’s effective efforts in pandemic prevention and control and socioeconomic recovery and development.

Restructuring credit institutions

Deputy Prime Minister Thanh said the targets set for 2022, including the economic growth target of 6-6.5 percent, remain a huge challenge. The government is determined to continue building an independent and self-sufficient economy associated with active international integration, requiring ministries, departments and localities to resolutely carry out 12 groups of key tasks to create strong progress in socioeconomic development.

The government will focus on pandemic prevention and control and rapid and sustainable socioeconomic recovery, while urgently realizing resolutions adopted at the fifth plenum of the 13th Party Central Committee, especially those on land, collective economy, cooperatives, agriculture and rural areas.

Deputy Prime Minister Thanh asked ministries and departments to closely monitor monetary, fiscal and other policies to maintain macroeconomic stability, ensure major economic balances, control inflation and increase state budget revenues, while promoting the restructuring of credit institutions associated with handling bad debts. He also urged stronger management and supervision of stock, corporate bond and real estate markets, close oversight of the market and prices, trade and export-import activities, and supply chain stability.

The government should pay special attention to imported inflation and develop scenarios to further reduce excise taxes in response to major fluctuations in world oil prices, according to a verification report assessing the implementation of the socioeconomic development plan and state budget in 2021 and early months of 2022.

Quynh Nga & Lan Anh