Regular Cabinet meeting focus on socio-economic recovery, public investment, State budget

April, 05/2022 - 08:02
Prime Minister Phạm Minh Chính on Monday presided over the regular Cabinet meeting, reviewing progress on socio-economic recovery, public investment and the State budget. 
Road construction is under progress in the Nha Trang-Cam Lâm stretch of the North-South Expressway, which goes through the south-central province of Khánh Hòa. Set to be completed in the first quarter of 2023, the road is considered an important project serving the socio-economic development. — VNA/VNS Photo Huy Hùng

HÀ NỘI — Prime Minister Phạm Minh Chính on Monday presided over the regular Cabinet meeting, reviewing progress on socio-economic recovery, public investment and the State budget. 

The delegation included deputy prime ministers Phạm Bình Minh, Lê Minh Khái, Vũ Đức Đam and Lê Văn Thành, as well as ministers, heads of ministerial-level departments and Government agencies. 

The socio-economy has seen positive signs, with growth reported across all sectors in the first quarter of 2022, with the macro-economy remaining stable and inflation under control. 

The Government has been pursuing a multiple-objective strategy, which aims to control the COVID outbreak, recover the economy, ensure social security, enhance national defence, and maintain social safety and order. 

Pandemic control and prevention now focus on risk mitigation, lowering severe cases and fatalities and keeping the outbreak within the capacity of the healthcare system. 

The GDP of the quarter has risen by 5.03 per cent, growing from the 4.72 per cent of 2021 and 3.66 per cent of 2020 and is inching closer to the pre-pandemic level of 6.85 per cent in 2019. 

Manufacturing and processing industries continue to be a major contributor to economic development. The tourism industry has shown positive signs this quarter with nearly 91,000 international arrivals, which means an increase of 89.1 per cent.

The number of new businesses and those re-entering the market reached a record-high of 60,000, equivalent to a three-fold increase compared to the same period last year. 

Meanwhile, the average consumer price index in the quarter has increased by 1.92 per cent.

State budget revenue and expenditure have reached 32.6 per cent and 23.4 per cent of the estimates, respectively.

Addressing the meeting, PM Phạm Minh Chính said that the COVID-19 outbreak remains complicated, while global conflicts causing fuel price hikes and energy crisis put a strain on domestic production and business.

However, the situation is under control and the country continues to reopen, especially in regard to the economy, tourism, and education, said the Prime Minister.

The above achievements are thanks to the joint efforts from the Government agencies, and support from the people, international partners and investors. 

In the future, heads of ministries and departments are required to accelerate the disbursement of public investment and official development assistance (ODA) funds, and continue reviewing and solving issues related to public investment policies. 

The Prime Minister also urged more strong actions towards economic recovery and sustainable development programmes, fighting corruption and misconduct, especially in the stock and real estate market.

PM Chính also noted that solutions are needed for import-export issues at the border gates, the vaccination drive for children aged 5 to 12, and booster shot roll-out.

Outlining the key missions for the future, PM Chính highlighted the need to maintain the stability of the macro-economy, while keeping a close eye on the changes in the domestic and global markets to ensure economic balances. 

He also reminded ministries and local authorities to stay vigilant in controlling COVID outbreaks, following the Government’s resolution on safe and flexible adaptation and effective control of the pandemic. 

It is a must to protect the country’s sovereignty, independence and territory, strengthening internal unity, while also implementing a diverse and multilateral foreign policy and global integration. — VNS