Việt Nam targets GDP growth rate of 7 per cent in 2022

July 05, 2022 - 07:45
Việt Nam will strive to gain a GDP growth rate of 7 per cent for the whole year, 0.5 per cent higher than the target set by the Government and the National Assembly, creating a driving force for economic development in 2023, said Minister of Planning and Investment, Nguyễn Chí Dũng.

Prime Minister Phạm Minh Chính chairs the meeting. — VNA/VNS Photo Dương Giang

HÀ NỘI — Việt Nam will strive to gain a GDP growth rate of 7 per cent for the whole year, 0.5 per cent higher than the target set by the Government and the National Assembly, creating a driving force for economic development in 2023, said Minister of Planning and Investment, Nguyễn Chí Dũng.

He told the regular Cabinet meeting on Monday to review the socio-economic situation over the past six months, the implementation of the socio-economic recovery and development programme, the disbursement of public investments, and the implementation of key national transport projects and the national target programmes.

In the first six months of the year, the country posted a GDP growth rate of 6.42 per cent, higher than the set target of 5.1-5.7 per cent.

The recovery has been seen in all industries and sectors with the macro-economy kept stable and the inflation kept under control, minister Dũng said.

Speaking at the meeting, Prime Minister Phạm Minh Chính said Việt Nam reaped significant socio-economic achievements in the first half of this year despite global uncertainties and domestic difficulties.

He pointed out that the world situation has developed complicatedly with strategic competitiveness, the conflict in Ukraine, soaring fuel prices, escalating inflation in many countries, and the ongoing COVID-19 pandemic, among others.

The pressure of high inflation, surging commodity prices and disrupted supply chains could be felt in Việt Nam, the PM continued.

However, under the sound leadership of the Party led by General Secretary Nguyễn Phú Trọng, and with the support of the National Assembly and the drastic management of the Government, the engagement of ministries, agencies, localities, people and businesses, and the support of international friends, Việt Nam has brought the pandemic under control and ensured macro-economic stability and major economic balances.

The country has also worked to safeguard its independence, sovereignty and territorial integrity; maintain social security, order and safety; intensify external relations; step up administrative reform and anti-corruption; and improve people’s living standards, PM Chính said.

Minister Dũng also reported that Việt Nam fulfiled 72.6 per cent of tasks assigned by Government Resolution No 01/NQ-CP on the main tasks and solutions for implementing the socio-economic development and State budget plans for 2022.

Since the early year, many important political, economic, cultural and social events were successfully organised, particularly the fifth plenum of the 13th Party Central Committee and the third session of the 15th National Assembly which decided many important policies that have positive impacts on economic recovery and development, according to Dũng.

At the same time, the Government has had effective and resolute direction and management with many tasks and solutions to cope with complicated, unexpected and rapid changes in domestic, regional and world situations.

In spite of the achievements, the country still faces many difficulties and challenges, urging ministries and sectors at all levels to stay alert, closely watch the situation and prepare plans to cope with domestic and international situations and support businesses and people, according to minister Dũng.

Public investment

Public investment disbursement reached 27.86 per cent of the set target as of June 30, according to minister Dũng.

In order to increase the disbursement, he proposed ministries, agencies and localities to focus on six key tasks:

Directing and implementing measures to handle shortcomings and limitations, creating a breakthrough in public investment disbursement in the last six months of the year.

Heads of ministries, agencies and localities must directly guide to handle related difficulties and obstacles and must bear responsibility to explain about the disbursement results and investment efficiency.

Improving capacity and responsibility to carry out tasks, particularly for project management boards at all levels, with the assessment of task completion to be linked with the disbursement progress of public investment projects and strictly punish officials who failed to fulfil their tasks.

Improving project preparedness quality to limit changes and adjustments of projects; strengthening land management to prevent adjustment of compensation plans to help ensure the progress of projects.

Publicising prices of construction materials monthly in line with the market.

Regarding the issuance and implementation of support policies following the socio-economic recovery and development programme, minister Dũng said support policies were carried out with a total fund of more than VNĐ48 trillion (over US$2 billion), including nearly VNĐ8.9 trillion worth of support policies implemented by the Vietnam Bank for Social Policies; VNĐ7.4 trillion worth of policies to extend payment of value added tax (VAT), corporate tax, personal income tax and land leasing fee; and around VNĐ32.4 trillion worth of reduction of VAT and environment protection tax for petrol and oil products. — VNS