Socio-economic situation in first four months under Cabinet meeting’s review

As part of his speech, PM Chinh reviewed the global situation in April, saying that the situation remained complicated and unpredictable amid strategic competition between major countries becoming increasingly fierce. Prices of essential commodities, especially oil, have not been stable, with global inflation cooling down but remaining high.

The monetary policies of other countries continued to be tightened, while the Federal Reserve Board (Fed) raised its benchmark interest rate for the 10th consecutive time. Financial risks have increased, especially following the recent collapse of a number of US and Swiss banks.

The purchasing power from major Vietnamese export markets decreased, whilst the COVID-19 pandemic remains complicated and its consequences require a lot of time to deal with. Energy security, food security, cyber security, and climate change are increasingly unpredictable, PM Chinh went on to say.

Braving numerous difficulties and challenges both domestically and internationally, the country has achieved its major targets, said the Vietnamese Government chief, saying that that the macro-economy has remained stable, major balances have been maintained, inflation has been kept under control, and growth has been promoted.

In the first four months of the year, the state budget collection hit 39.8% of this year’s target, with the trade surplus standing at US$6.35 billion, nearly three million tonnes of rice was exported, energy security was ensured, the labour market recovered, and social security was guaranteed. In addition, defence, security, and national sovereignty were safeguarded firmly, diplomatic and integration activities were boosted, and the fight against corruption intensified.

Furthermore, the economy also suffered from the impact of external factors, including high inflation occurring worldwide, a global growth slowdown, and unpredictable changes in terms of the international situation. In the nation, there remained a number of challenges to macro-economic stability, while the corporate bond and real estate markets continued to face latent problems, the Government leader pointed out.

Many policies and solutions aimed at tackling difficulties since the beginning of the year’s began to prove effective in April. Services, especially tourism, have also been promoted since last month. As a result, improvements have been recorded in fields such as the corporate bond and real estate markets, public investment, and the facilitation of money flows in the economy.

Reputable international organisations such as the IMF, WB, and OECD continued to forecast a positive growth outlook for the Vietnamese economy this year, according to the PM.

PM Chinh underlined the need to remain calm and objective in assessing the situation, showing stronger determination, making greater efforts, responding more quickly and effectively, and taking appropriate solutions to ramp up works over the coming months.

At the meeting, officials also touched upon the implementation of the socio-economic recovery and development programme, the public investment disbursement, and the three national target programmes.