He said the government will intensify economic recovery efforts, speed up economic restructuring, and increase investment, production and trade. It will introduce a flexible monetary and financial policy and boost social welfare, education-training, scientific-technological development and environmental protection while minimising the effects of natural disasters and climate change.

The PM asked cabinet members to raise high sense of responsibility in implementing their entrusted tasks to realise Party, National Assembly and Government directives, resolutions and policies.

He said leaders of ministries, sectors and localities to look at their local needs, make accurate forecasts and put forward immediate and long-term solutions. He also asked for close and effective cooperation between ministries and localities to fulfil tasks, with a focus on intensifying information dissemination.

It was reported at the meeting that in the face of the global economic recession, early last year the government proposed that the Party’s Political Bureau and the National Assembly adjust the overall target shifting from controlling inflation to preventing an economic downturn and maintaining the economic growth at a reasonable rate.

The government introduced a number of economic stimulus solutions, including carrying out an interest subsidy package, reducing and/or exempting taxes and extending the deadline for tax payment, and reducing import taxes on input materials. It also delayed revoking the advance capital programme and injected State capital into urgent projects.

The government promptly shifted from a tight monetary policy to a proactive and flexible one to iron out snags in the financial market. It authorised a 4-percent interest subsidy for medium- and long-term loans to encourage investment.

As a result, the national economy grew at 5.32 percent, construction and industrial production 5.52 percent, services 6.63 percent, and agro-forestry and fisheries 1.83 percent. Total social development investment capital made up 41 percent of the country’s GDP, the consumer price index was kept at 6.88 percent and 1.6 million jobs were created.

The government earmarked VND10.7 trillion for 62 poorest districts – 1.8 times higher than the previous year’s figure. The number of poor households fell to 12.3 percent. Progress was also made in administrative reform, thrift practice, waste prevention ad the fight against corruption.  

During the meeting, the government praised the press, especially Vietnam News Agency, Radio the Voice of Vietnam, Vietnam Television and Nhan Dan newspaper for disseminating Party and the State policies and guidelines to the people, thus creating a high consensus in implementing development tasks.