Deputy PM demands appropriate moves be made to avoid economic shocks

Addressing a teleconference on July 7 to review the six-month implementation of financial - budgetary tasks, the Deputy PM highlighted the year-on-year GDP growth of 6.42% in the first half of 2022, compared to 5.74% in the same period last year, with the second-quarter pace of 7.72% being the fastest since 2011.

Macro-economic stability was sustained while major balances kept and inflation under control, he said, noting that the consumer price index (CPI) rose 2.96% in Q2 and 2.44% in H1, relatively low compared to the same periods of pre-pandemic years.

This was the result of enormous efforts amid surging inflation in many countries, he added.

Thanks to achievements in the socio-economic recovery and development process, Vietnam was one of the two Asian-Pacific economies to have its long-term sovereign credit rating raised to “BB+” with a “stable outlook” by S&P.

Khai applauded the financial sector’s contributions to those accomplishments, saying not so many fiscal policies have been carried out like during the COVID-19 pandemic and H1 this year, helping tackle difficulties facing businesses and people and facilitate socio-economic recovery and development.

Pointing out challenges to the economy, he asked the sector not to rest on its laurels but keep a close watch on the situation and make timely response to fast changes in order to surpass development targets for 2022, including an economic growth rate of 6.5%, inflation kept under 4%, and macro-economic stability maintained.