Gov’t officials discuss macro-economic, fiscal, and monetary policies

In his remarks, the PM said despite numerous difficulties and challenges, especially pressure from the global situation, economic recovery has been sustained with many encouraging outcomes thanks to the Party’s leadership, the National Assembly’s supervision and assistance, joint efforts by the entire political system and people nationwide, along with support from international friends.

He pointed out that the global situation has still witnessed complex and unpredictable developments over the last 11 months. Some economies have shown signs of recession, inflation remains high around the world, and interest rates and currency depreciation are on the rise in many countries. Meanwhile, the COVID-19 pandemic, geopolitical tensions, and strategic competition are still complicated.

A decline in the world market intertwined with the unsettled supply chains disruptions has strongly affected trade, production, and business activities in many countries, especially highly open economies like Vietnam, he said, adding energy security, food security, natural disasters, and climate change continue to be issues needing attention.

In Vietnam, over the two years of combating COVID-19, the health of the economy has been eroded while the country has also had to cope with external shocks and rectified operations of the stock, real estate, and corporate bond markets to ensure their transparency, safety, and sustainability.

The Government and PM have ordered ministries, sectors, and localities to grasp the situation, take measures to tackle difficulties facing the economy, and keep a close watch on the enterprise, labour, and employment situation to give timely support, PM Chinh said.

For the last over one month, the Government and PM have issued more than 40 documents giving directions on macro-economic, fiscal, and monetary policies. Three working groups were set up to resolve emerging issues related to finance, real estate, and corporate bond. Ministries and sectors have also shown strong engagement.

As a result, he noted, the situation has been stabilised, with macro-economy remaining stable, inflation kept under control, growth boosted, and major balances guaranteed.

He requested Government officials, ministries, and sectors review their performance of the Cabinet and PM’s instructions, step up situation analysis and forecasting, propose tasks and measures for fulfilling the targets for 2022, and prepare for the implementation of duties next year.