Vietnam makes macro-economic stability a top priority
VOV.VN - Amid global uncertainties Vietnam will continue to pursue the goal of maintaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major balances of the economy, said Deputy Prime Minister Le Minh Khai while addressing lawmakers at the ongoing session of the National Assembly in Hanoi on May 22.
Presenting a government report, Khai pointed out that the national macro economy in the first months of 2023 was stable, with inflation brought under control. Vietnam secured a GDP growth rate of 3.32% in the first quarter; the consumer price index increased by 3.84% in the first four months; and the trade surplus hit US$7.56 billion in the reviewed period.
Reputable international credit organizations have constantly had a positively outlook for the Vietnamese economy in 2023 and beyond, with the International Monetary Fund (IMF), World Bank (WB) and Organisation for Economic Cooperation and Development (OECD) forecasting that the Vietnamese economy would grow by 5.8%, 6.3% and 6.5% this year respectively, said Khai.
However, the government admitted in its report that production and business activities are in difficulty, especially in the fields of industry, construction, and operations of small and medium enterprises. Vietnam’s large export markets have been shrinking due to rising inflation and economic recession. The number of newly established and returned businesses has decreased, while the number of enterprises suspending operations and filing for dissolution has increased.
To iron out the snags, the government will continue to reduce lending interest rates, ensure the liquidity of the credit institutions system, strictly control credit quality, limit bad debts, and promote cashless payments, said the Deputy PM.
In addition, he said the government will accelerate the disbursement of public investment capital, striving to raise the disbursement rate to at least 95% this year. Along with that, the government will also promote economic restructuring in association with renovating the growth model, and improving productivity, quality, efficiency and competitiveness of the economy.
The government will continue to perfect the organizational apparatus, streamline the staffing and implement the salary reform roadmap. It will soon submit to competent authorities a roadmap for salary policy reform according to Resolution No. 27-NQ/TW of the seventh Plenum of the 12th Party Central Committee in 2018.
The 2018 Resolution stated that the new salary policy for officials, civil servants, public employees and armed forces was scheduled to take effect in July 2021. However, this policy was not materialized due to the COVID-19 pandemic. At its year-end session in November 2022, the National Assembly requested the Government to submit to competent authorities a roadmap for salary policy reform in 2023.