PM orders more timely, precise, effective policy response

October 30, 2022 - 11:28
Cabinet members shared that the economy continued recovering in the first ten months of 2022, inflation has been kept under control, and macro-economic stability has been maintained.


Prime Minister Phạm Minh Chính chaired the Government’s monthly meeting on Saturday. — VNA/VNS Photo Dương Giang

HÀ NỘI — Socio-economic policy responses need to be more precise and effective, Prime Minister Phạm Minh Chính told the Government's monthly meeting on Saturday.

Cabinet members shared that the economy continued recovering in the first ten months of this year, inflation has been kept under control, and macro-economic stability has been maintained. This has generated room for resolving difficulties, responding to external challenges, and attracting resources for national development.

Pointing out the considerable difficulties and challenges ahead, as well as mounting internal and external economic pressure, they underlined the need for more flexible and proactive governance measures that adapt to the new context and match both domestic situations and common policy trends in other countries.

In his remarks, PM Chính said many socio-economic positives appeared in October and the year's first ten months. For example, the 10-month consumer price index (CPI) has risen 2.89 per cent, trade turnover topped US$616 billion (up 14.1 per cent) with a surplus of $9.4 billion, major balances have been guaranteed, and industrial production continued rebounding.

Social security has continued to receive attention. In addition, cultural, social, sports, diplomatic, defence, and security affairs have also seen outstanding results. Notably, the monetary policy has been implemented in a prudent, steady, proactive, and flexible manner and harmoniously coordinated with the fiscal policy, according to the Government leader.

He attributed the above mentioned results to the clear-sighted leadership by the Party Central Committee, Politburo and Secretariat; the State's important decisions, including the National Assembly's resolutions; the Government's strong and focus-driven actions; active and effective engagement by the Việt Nam Fatherland Front, socio-economic organisations, and the entire people; efforts by the whole political system and the business community; assistance from international friends; and especially the unanimity and support from all people nationwide.

The PM also noted certain difficulties and shortcomings related to macro-economic stability; inflation control; the stock, corporate bond, real estate, labour, and science-technology markets; the implementation of the socio-economic recovery and development programme, and the national target programmes; and public investment disbursement.

Regarding tasks for the time ahead, he demanded ministries, sectors, and localities stay proactive, coordinate closely with one another to handle obstacles, and quickly and effectively carry out solutions to achieve set targets.

Stressing the need for a more timely, precise, and effective policy response, he repeated the overall goal is to stabilise the macro-economy, promote growth, and guarantee major balances.

He added that monetary and fiscal policies must be prudent, flexible, effective, and harmoniously combined with other macro policies.

The Government leader ordered providing sufficient capital for the economy, especially the three growth driving factors of consumption, investment, and import-export; ensuring security and safety in terms of the currency, credit, finance, public debt, food, energy, and information; strongly boosting growth in terms of both supply and demand; and accelerating the performance of tasks and solutions identified in the socio-economic recovery and development programme.

PM Chính told ministries, sectors, and localities to speed up public investment disbursement, facilitate production and business activities, keep a close watch on supply-demand and price changes to take appropriate actions, continue diversifying export markets, step up administrative procedure reforms, boost comprehensive and substantive digital transformation, devise appropriate support policies to guarantee social security and improve people's living standards, and gear up response plans in anticipation of natural disasters.

He also underlined the tasks of maintaining social security and order, preparing for diplomatic activities of Party and State leaders, resolutely fighting corruption, and increasing communications to disseminate the Party's guidelines and the State's policies and actively deal with fake news and hostile viewpoints. — VNS