Prompt action needed to deal with global market fluctuations in 2023, says PM

VOV.VN - Prime Minister Pham Minh Chinh has asked ministries, sectors and localities to take prompt actions to address global market fluctuations in 2023 so as to minimize their impact on the national economy.

Addressing the fifth Vietnam Economic Forum in Hanoi on December 17, Chinh noted challenges are forecast to outplace opportunities next year, requiring Vietnam to stay ready to respond appropriately to all risks and challenges, have stronger resolve and greater efforts, and act more decisively and effectively.

“We do not panic, nor are we complacent, but we have to stay calm and grasp the situation to come up with a solution. Of course, there is no perfect solution or perfect choice, but there is the best option and we must have appropriate priorities…,” said the PM.

Given global complications in 2023, he asked ministries, sectors and localities to keep a close watch on market fluctuations and have timely, appropriate and decisive policy responses, taking into account the government’s ultimate goal of maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy.

He emphasized the need to continue to implement a firm, flexible and effective monetary policy, and ensure a reasonable balance between exchange rates and interest rates, between inflation control and economic growth, in line with the actual situation.

It’s imperative to completely address shortcomings and limitations related to the corporate bond and real estate markets, capital provision for businesses, development of the labour market, and improvement of workers’ lives, he ordered.

Along with that, the Government leader underlined the need to promote innovation, digital transformation, green transformation, circular economy, energy security, food security, information security.

It’s important to mobilize and effectively use all resources, increase social investment through the public-private partnership, accelerate disbursement of public investment capital, and diversify markets, products, and supply chains, he said.

Initial reports show Vietnam has stabilized the macro-economy, and ensured the major balances of the economy this year.

By the end of 2022 year, the Vietnamese economy is projected to expand by 8% - the highest growth rate since 2011 and the highest in the region.

About 14 out of 15 economic targets have been met while the country’s foreign trade has exceeded the US$700 billion mark for the first time to hit US$750 billion (estimation).

The number of newly established businesses and those returning to operation has increased. Inflation has been kept at less than 4%.

Many international organisations and financial institutions have highly appreciated the country’s economic development gains in 2022.

However, in 2023, the world economy is predicted to fall into recession. In addition, other global complications, including changing geopolitical landscape, strategic competition between major powers, energy crisis in Europe, the protracted Russia-Ukraine conflict are likely to exert a big impact on development policies and financial markets as well as energy and food security of counties, including Vietnam.

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VOV.VN - The fifth Vietnam Economic Forum is scheduled to take place in Hanoi on December 17 to examine ways to stabilize the macro-economy, ensure major balances, and firmly overcome challenges in 2023.

Vietnam economic forum examines ways to deal with global turbulence in 2023

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