Government leader underscores analyzing impacts of domestic situation

PM Chinh chaired the Government’s February regular meeting on March 3, during which he emphasized that 2023 represents a pivotal year in carrying out the five-year plan in the 2021 to 2025 period.

In the first two months of the year the regional and global situation continued to witness complicated and unpredictable developments, thereby affecting various aspects of the domestic situation, especially in terms of the country's economic development, he said.

Cabinet members also discussed advantages and opportunities, as well as difficulties and challenges, in devising proper solutions.

They also assessed the socio-economic situation, the implementation of the programme on socio-economic recovery and development, the allocation and disbursement of public investment, and the implementation of three national target programmes in February and the first two months of the year. This is along with discussing a score measures to ameliorate the business and investment environment, as well as tasks and solutions to develop the domestic market and promote exports in the time ahead.

A report presented by the Ministry of Planning and Investment indicated that in the first two months of the year, the consumer price index (CPI) grew by 4.6% on-year; the State budget's revenue was estimated to hit 22.4% of the estimate, up 10.6% year-on-year; newly-registered foreign direct investment (FDI) reached US$1.76 billion, a 2.8-fold increase compared to the same period from last year; and trade surplus stood at US42.82 billion.

Most notably, social security has been guaranteed and the COVID-19 pandemic and other epidemics have been competently controlled during the reviewed period.

Also at the meeting, PM Chinh stressed that priority should continue to be given to maintaining macroeconomic stability, controlling inflation, spurring growth, and ensuring the major balances of the economy,

The PM urged ministries, sectors, and localities to focus on planning work, whilst also promoting the disbursement of public investment capital and land clearance for major projects, especially those relating to key national projects. This should be done alongside pushing ahead with the implementation of the socio-economic recovery programme and three national target programmes, and removing difficulties faced by production and business, while bolstering cultural, social development, and, environmental protection; as well as ensuring social security.

The Government chief duly assigned tasks to various ministries and agencies, urging them to continue to drastically and concertedly implement tasks and targets which have been set for the year in line with the Government's Resolution 01. 

He also underlined the need for State-owned enterprises to seek to enhance development investment, especially new projects which are done on a large scale, and apply modern technologies and those related to digital transformation, green transformation, the circular economy, and climate change adaptation.

Government members agreed that the socio-economic recovery had continued in February, with positive signs in production and business, such as the PMI increasing to 51.2 points in February and the Index of Industrial Production rising by 5.1% from January. However, difficulties and challenges are growing, thereby requiring proactive, strong, accurate, and timely governance solutions.