Prime Minister calls for further measures to stabilise production

July 05, 2023 - 07:36
Discussion topics included reviewing the socio-economic situation in the first half of 2023, public investment capital disbursement, key national projects, and administrative reforms.
Prime Minister Phạm Minh Chính chairs the regular Government meeting yesterday in Hà Nội. VNA/VNS Photo Dương Giang

HÀ NỘI — Prime Minister Phạm Minh Chính yesterday chaired the Government's regular meeting, which focused on maintaining macroeconomic stability and facilitating production. 

Discussion topics included reviewing the socio-economic situation in the first half of 2023, public investment capital disbursement, key national projects, and administrative reforms.

PM Chính said: “The government has promptly issued and proposed many mechanisms and policies to address challenges and promote recovery, business and production. 

“Tasks and missions have been carried out in sync and comprehensively, in a correct and practical manner, which have been welcome by businesses, people and international organisations. 

“They also have clear effects with increasingly better figures from month to month and quarter to quarter.”

The government leader also pointed out the current shortcomings and challenges. 

The gross domestic product (GDP) growth rate is lower than expected at 3.72 per cent in 6 months, compared to the goal of 6.2 per cent. 

The international market remains challenging, while credit balance saw little increase. Many businesses have difficulty accessing credit and the lending interest rate is still high. 

Foreign direct investment (FDI) continued to be affected with a decrease of 57.1 per cent compared to the same period last year, while the issues with corporate bond, insurance and real estate markets have only been addressed at the initial level. 

Way forward

PM Chính ordered that ministries, departments and localities focus on the remaining tasks, aiming for macroeconomic stability, inflation control, and ensuring the major balances of the economy. 

The priority is to facilitate business and production, and proactively and flexibly implement monetary policies. 

Fiscal policies must also be carried out in sync and appropriately, with clear focus and effectiveness to enhance the economy’s production capacity.  

The three growth drivers are identified as are investment, consumption and exports. 

Other focuses include social welfare, job security, livelihoods, as well as culture, health, education, science and technology, environmental protection, green growth, circular economy, anti-corruption, socio-political stability, national security and defence, as well as foreign affairs and international integration. 

Provincial and municipal People’s Committees must proactively implement their plans, recovery and development programmes and administrative reforms. 

They must also have specific measures to promote industrial, construction, real estate and commercial projects; coordinate to address issues related to corporate bonds in their localities, and adopt support policies for businesses, social security and labourers’ well-being. 

The PM added: “Cities and provinces must strengthen discipline and handle cases of civil servants who avoid responsibilities due to fear of violations.”

The State Bank is directed to continue reducing interest rates and ensure access to credit. 

The Ministry of Finance must effectively implement policies related to fee and tax reduction and extension and accelerate value added tax (VAT) refunds. 

The Ministry of Construction is expected to take measures to mitigate challenges in the real estate market while also focusing on firefighting and prevention work. 

The Ministry of Transport will focus on key transport projects, especially expressway projects and the Long Thành International Airport under construction. 

The Ministry of Commerce is tasked with developing the domestic markets and expand export markets, and work on negotiation for new free trade agreements. 

The Ministry of Natural Resources and Environment will address issues regarding land, environment and related administrative procedures. 

The Ministry of Education and Training will continue to implement the plan for this year’s university entrance process, and organise public bidding for textbook printing. 

Companies and enterprises are expected to effectively carry out their production plan, disburse investment capital, and focus on new large-scale projects in the latter half of 2023. — VNS