Cabinet meeting reviews socio-economic targets and efforts in COVID-19 fight

November witnessed a host of important events, such as the 10th session of the 14th National Assembly (NA), the 37th ASEAN Summit, and other related meetings.

During the 10th session, the NA passed several laws, issued resolutions, considered, and decided a range of important issues relating to socio-economic development, finance, State budget, and national target schemes.

Last month also saw the nation in its role as ASEAN Chairman, successfully host the 37th ASEAN Summit and other related Summits, with over 20 high-level meetings organised, along with over 80 documents published and approved, representing a record number for such events.

Most notably, the signing of the Regional Comprehensive Economic Partnership (RCEP) with the participation of 10 ASEAN member states and five partner countries, has served to create a vast market of 2.2 billion people. Indeed, the trade deal accounts for approximately 30% of the world's population, with GDP being approximately US$26.5 trillion, thereby making up about 30% of global GDP. Through this agreement, ASEAN is poised to become the largest free trade area in the world.

With regard to the domestic socio-economic situation, in the context of the complicated developments relating to the novel coronavirus (COVID-19) pandemic, the nation is viewed as a bright spot that has been able to maintain positive growth momentum, with many socio-economic indicators yielding positive results.

November witnessed the macro economy remaining stable, with inflation being controlled at a low level whilst the consumer price index (CPI) fell by 0.01% from the previous month. On average, CPI during the past 11 months saw an increase of 3.51% from the same period last year.

Furthermore, the nation’s trade surplus hit a record high of US$20.1 billion, while export value reached US$254 billion. Indeed, there were 31 items with an export turnover of over US$1 billion, making up 92% of total export turnover, in which there were six items with over US$10 billion in export turnover, constituting 64.3%.

Disbursement of public investment also accelerated, thereby fulfilling 79.3% of the plan, a rise of 34% from last year and marking the highest increase throughout the 2011 to 2020 period.

Industrial production has shown a number of positive signs throughout the reviewed period, with the manufacturing sector surging by 11.9%, whilst the index of industrial production (IIP) of the whole industry saw a boost of 9.2%.

Trading activities and consumer services during November continued to see a trend of recovery, with total retail sales of consumer goods and services rising by 8.5%. In addition, newly established enterprises increased by 6.7%.

In particular, this year has seen the economy still able to achieve growth of between 2.5% and 3%. According to the Ministry of Finance, it is estimated that this year will see VND380 trillion collected, equal to 91.3% of the overall estimate and higher than the 86% rate reported to the NA.

November also saw the Government submit 74 documents to the NA with the NA also issuing many important resolutions, including those relating to the socio-economic development plan for 2021. During the 10th session, the NA also issued a resolution approving three cabinet members, including the Minister of Science and Technology, the Minister of Health, and the Governor of the State Bank of Vietnam (SBV).

Amid the complicated developments relating to the pandemic, PM Phuc underlined the need to take tougher measures in an effort to halt the spread of the novel coronavirus (COVID-19) among the wider community following the resurgence of locally transmitted cases in Ho Chi Minh City.

During an earlier meeting held on December 1, the Government leader consented to suspend commercial international routes whilst only running flights carrying home Vietnamese citizens that are able to meet specific requirements. He therefore directed the Ministry of Defence and Ministry of Public Security to closely manage the border along with entry-exit activities.  

Various ministries, agencies, and localities have suspended activities involving the gathering of large numbers of people, imposed social distancing measures in high-risk areas, while the media must continue to remind the public about the imminent danger of the pandemic and guide them to follow prevention measures.

At the meeting, cabinet members also discussed a number of urgent issues that need to be addressed in the final month of the year in a bid to help the national economy achieve the best results possible, as well as debating other important issues.

At the end of December, the Government is scheduled to hold a National Socio-Economic Conference in an effort to review the implementation of tasks for the year. Various ministries and sectors must raise their sense of responsibility and contribute their opinions to the Government’s draft resolution.