|Prime Minister Nguyen Xuan Phuc addresses the meeting with the National Financial and Monetary Policy Advisory Council (Photo:VGP)
During a meeting with the National Financial and Monetary Policy Advisory Council in Hanoi on February 25, PM Phuc, who is the Chairman of the council, said coronavirus outbreak has caused a decline in the global economy and an interruption in trade between Vietnam and its trading partners.
“Vietnam is a safe country with a stable macro-economy, growing production and exports. Inflation is not a big problem while major economic balances have been maintained with an enhanced quality of life," the cabinet leader said.
"The government is carrying out a double goal of curbing the spread of the epidemic and ensuring people’s health while fulfilling targets assigned by the National Assembly. With aggressive coordinated measures, Vietnam is confidently moving forward. There is no plan to adjust our growth and macro-economic targets,” he added.
The government chief underscored the primary task of preventing the spread of the coronavirus and to protect people’s health which he added, will help Vietnam realize its set targets.
"We need to stay consistent with the targets of keeping inflation in check, ensuring macro-economic stabilization as well as economic balances to secure sustainable growth. We need to create open mechanisms, and favorable financial and monetary policies with a focus on exports, boosting domestic consumption, and mobilizing more social resources,” he noted.
PM Phuc urged agencies and localities to build their own scenarios on the realisation of tasks amidst COVID-19 concerns and increase analysis and forecast activities to cope with external impacts.
At the meeting, experts suggested paying greater attention to curbing inflation over virus fears, optimizing fiscal policies, speeding up the disbursement of public investment, especially in health care, education and environment.
They also recommended bolstering exports to the EU after the EU-Vietnam Free Trade Agreement (EVFTA) comes into force, and diversifying import markets given the high rate of materials imported from China.
Council members laid stressed on continued administrative reform, and drastic measures taken to boost production and trade as well as domestic demand.
They proposed credit support for businesses which are adversely affected by the COVID-19 epidemic, and projects on energy, infrastructure, processing, high-tech agriculture and information-technology.