Prime Minister Pham Minh Chinh: Respond promptly to the situation, firmly pursue growth targets

Photo caption — Prime Minister Pham Minh Chinh chaired a meeting to assess the impact of global conflicts on the socio -economic situation in the country. *Photo: Duong Giang/VNA.*

Attending the conference were: Standing Deputy Prime Minister Nguyen Hoa Binh ; Deputy Prime Ministers Tran Hong Ha, Bui Thanh Son, Ho Duc Phoc, and Mai Van Chinh; Ministers and heads of ministerial-level agencies; leaders of ministries, branches, and central agencies; and major economic corporations.

Delegates stated that following the conflicts in the Middle East, specifically the mutual attacks between Israel and Iran and the US attack on Iran, the global economy and many other aspects have been directly affected. These include rising oil and energy prices; disruptions to global transportation and trade; and increased inflation. In this context, the Vietnamese economy has inevitably been impacted, particularly in transportation and import/export activities, despite relatively small trade and investment relations between Vietnam and the Middle East, particularly with Israel and Iran.

Following the delegates' discussions and concluding the conference, Prime Minister Pham Minh Chinh stated that the complex and unpredictable global situation could continue to impact the global economy, including Vietnam, particularly affecting growth targets, transportation, supply chains, production chains, logistics, reduced consumption, exchange rates, etc.

The Prime Minister affirmed that, despite the difficult situation, this is also an opportunity for Vietnam to restructure its economy towards a green, rapid, and sustainable direction; to accelerate the restructuring of markets, products, and production towards market diversification, product diversification, and supply chain diversification.

The Prime Minister reminded ministries, agencies, units, citizens, and businesses to continue to build upon the experience gained from responding to the situation since the beginning of the term, and to maintain calmness, steadfastness, and perseverance in pursuing the set goals; to continue to closely monitor the situation, proactively devise timely, appropriate, and effective countermeasures according to their functions, duties, and powers; and to report to higher authorities if exceeding their authority. The Prime Minister directed the continued renewal and strengthening of traditional growth drivers such as investment, exports, and consumption; and breakthroughs in new growth drivers such as science, technology, innovation, digital transformation, and green transformation…

Emphasizing the Party and State's guidelines on building an independent, self-reliant, proactive, and actively integrating deeply, substantively, and effectively into the international community, the Prime Minister directed the implementation of fiscal policies such as tax and fee exemptions, reductions, and deferrals to facilitate people and businesses; continuing to increase revenue and reduce expenditure, promoting savings; accelerating the disbursement of public investment capital, especially focusing on investment in strategic infrastructure; cutting unnecessary expenditures and ensuring spending efficiency; and strengthening price and market control.

Furthermore, the monetary policy should be managed flexibly and firmly, with tight and flexible exchange rate control; inflation should be controlled flexibly, appropriately, promptly, and effectively, paying attention to interest rates to ensure easier access to capital; difficulties should be shared with the country and businesses, avoiding speculation in gold and foreign currency; credit should be expanded in a controlled manner, prioritizing deep processing, agriculture, and exports, especially providing credit support for farmers.

"Fiscal policy and monetary policy must be closely coordinated; monetary policy must support fiscal policy and vice versa," the Prime Minister emphasized.

The head of government requested ensuring the major balances of the economy, especially food security and energy security; controlling the market, especially food, to ensure sufficient food supply for domestic needs and for export; agriculture must be the pillar of the economy under any circumstances; controlling the market to ensure stable prices, especially for petroleum products and electricity; and ensuring information security, especially telecommunications signals.

The Prime Minister requested continued expansion of negotiations for new FTAs; leveraging all advantages of already signed FTAs; promoting trade and logistics, reforming customs procedures, supporting businesses in reducing input costs and compliance costs; and persistently and steadfastly pursuing objectives in tariff negotiations with the United States.

In addition, developing the domestic market, especially domestic consumption, contributes to overcoming market disruptions; promoting e-commerce, electronic tax collection, and the campaign "Vietnamese people prioritize using Vietnamese goods"; developing tourism, and effectively developing the cultural and entertainment industries.

Directing the People's Committees of provinces and centrally-administered cities to quickly stabilize the two-tiered government system; ministries and agencies to actively decentralize and delegate power; avoiding gaps in operations; actively combating counterfeit goods, imitation goods, and goods without clear origin, focusing on counterfeit medicines and food; strengthening inspection and supervision; contributing to market stability, expanding production and business, developing enterprises, and mobilizing enterprises to effectively implement Resolution 68 of the Politburo, and resolutions of the National Assembly and the Government; reviewing budget reserves to stimulate consumption; cutting unnecessary administrative procedures, increasing the processing of procedures in the digital environment, organizing supply and demand connections, attracting investment, and promoting trade and tourism in a systematic and organized manner.

Ministries and agencies must strengthen close and coordinated cooperation; enhance the dissemination of information about the country's achievements, create consensus in public opinion, reassure investors, and avoid creating panic, speculation, and hoarding; overcome all challenges and achieve the set goals.

Source: https://hanoimoi.vn/thu-tuong-pham-minh-chinh-ung-pho-kip-thoi-tinh-hinh-kien-dinh-muc-tieu-tang-truong-706487.html