PM underscores promoting three growth drivers of exports, investment and consumption

the PM chaired a monthly cabinet meeting with localities on June 3 to review the socio-economic situation in May and that of the first five months of the year.

Cabinet members also assessed the implementation of the socio-economic recovery and development programme, the allocation and disbursement of public investment capital, and three national target programmes.

Reporting at the meeting, Minister of Planning and Investment Nguyen Chi Dung outlined that the socio-economic situation in May witnessed positive improvements with many areas improved compared to April amid inflation keeping an upward trend over the months, whilst production, business, and agricultural production activities were stable.

In general, during the five-month period the socio-economic situation recorded many bright spots coupled with controlled inflation, whilst the average CPI increased by 3.55% over the same period from last year.

State budget revenue stood at an estimated VND769.6 trillion, equaling 47.5% of the estimate, with the trade surplus hitting US$9.8 billion.

Nearly 3.9 million tonnes of rice worth close to US$ 2.1 billion was exported during the reviewed period, up 40.8% in volume and 52% in value. Food and energy security were ensured, while labour supply basically met demand.

In particular, trade and services continued to witness an upward trend, with the total retail sales of consumer goods and services during the past five months expanding by 12.6% on-year.

Tourism recovered quickly, attracting nearly 4.6 million international visitors, 12.6 times higher compared to the corresponding period last year, fulfilling 57.5% of the yearly plan.

International organisations have positively evaluated the country’s economic prospects, with the nation also being among the top 10 emerging logistics markets.

Within the framework of the UN Economic and Social Council session, the country was highly appreciated for its implementation of sustainable development goals (SDGs), which serves as a successful lesson in effective co-ordination between the country and the UN.

At the meeting, leaders of ministries, sectors, and localities said that, despite being affected by the complicated developments of the world situation, under the drastic management of the Government and the PM the country has continued to achieve the overall goal of stabilising the macro-economy. This is along with other notable achievements such as controlling inflation, promoting growth, and ensuring major balances of the national economy throughout the reviewed period.

Concluding the meeting, the Government chief pointed out the achieved results, shortcomings, and analysed the international and domestic situation. The major focus should therefore be on promoting disbursement of public investment and national key projects, stabilising interest rates, accelerating debt restructuring and offering tax extensions, removing difficulties faced by the stock market, as well as corporate bonds and the real estate market, boosting administrative reform, and handling difficult issues relating to procurement of drugs and medical supplies.

This should be done alongside implementing the action programme to implement the Politburo's Resolution to develop six socio-economic regions, organising national conferences on planning, exports, and economic diplomacy, as well as dealing with pending issues, he added.

Moving forward, PM Chnh has requested that ministries, sectors, and localities focus on implementing tasks and solutions aimed at removing difficulties for production and business and cutting administrative procedures. This should be done whilst supporting businesses in terms of administrative procedures, interest rates, expanding into new markets, and promoting the three growth drivers of exports, investment, and consumption.