Prime Minister: Respond promptly to the situation in the Middle East, firmly pursue growth targets

The Prime Minister directed to continue to innovate and strengthen traditional growth drivers such as investment, export, and consumption; and make breakthroughs in new growth drivers such as science, technology, and innovation.

Prime Minister Pham Minh Chinh chaired a meeting to assess the impact of conflicts around the world on the domestic socio -economic situation. (Photo: Duong Giang/VNA)

On the afternoon of June 23, Prime Minister Pham Minh Chinh chaired a meeting of the Government Standing Committee with ministries and branches to assess the situation and propose solutions to respond to the developments of the conflict in the Middle East and recent developments in the world affecting Vietnam's economic development.

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

Delegates said that after the conflict in the Middle East, specifically the mutual attacks between Israel and Iran and the US attack on Iran, it has directly affected the economic situation and many other aspects in the world; in which oil and energy prices increased; transportation and world trade were affected; and there was a risk of increased inflation.

In that context, Vietnam's economy is inevitably affected, especially in terms of transportation and import and export of goods, although trade and investment relations between Vietnam and the Middle East, directly with Israel and Iran, are not large.

Prime Minister Pham Minh Chinh chaired a meeting to assess the impact of conflicts around the world on the socio-economic situation in the country. (Photo: Duong Giang/VNA)

After the delegates discussed and concluded the conference, Prime Minister Pham Minh Chinh said that the complicated and unpredictable developments in the world situation could continue to impact the global economy, including Vietnam, especially affecting growth targets, transportation of supply chains, production chains, logistics, narrowing consumption, and exchange rates.

The Prime Minister affirmed that although the situation is difficult, this is also an opportunity and advantage for Vietnam to restructure the economy in a green, fast and sustainable direction; promote market restructuring, product restructuring, production restructuring towards market diversification, product diversification, and supply chain diversification.

Remind ministries, branches, units, people and businesses to continue to promote experience in responding to the situation since the beginning of the term and promote achievements, stay calm, steadfast, and persevere in achieving the set goals; continue to monitor and grasp the situation, proactively propose timely, appropriate and effective countermeasures according to functions, tasks and powers; if exceeding authority, report to competent authorities, the Prime Minister directs to continue to innovate and strengthen traditional growth drivers such as investment, export and consumption; make breakthroughs in new growth drivers such as science, technology, innovation, digital transformation and green transformation.

Emphasizing the Party and State's policy on building an independent, self-reliant, proactive economy, actively integrating deeply, substantially and effectively into the international community, the Prime Minister directed the implementation of fiscal policies such as tax, fee and charge exemptions and deferrals, creating favorable conditions for people and businesses; continuing to increase revenue, reduce expenditures, promote savings; promote disbursement of public investment capital, especially focusing on investment in strategic infrastructure; cut unnecessary expenditures, ensuring expenditure efficiency; strengthen control over prices and markets.

Along with that, operate monetary policy flexibly, firmly, tightly control and flexibly exchange rates; control inflation flexibly, appropriately, promptly and effectively, pay attention to interest rates to ensure more favorable access to capital; share difficulties with the country and businesses, avoid speculation in gold and foreign currencies; expand controlled credit, prioritize deep processing production, agriculture, export, especially credit support for farmers.

“Fiscal policy and monetary policy must be closely coordinated; monetary policy supports fiscal policy and vice versa,” the Prime Minister pointed out.

The Head of Government requested to ensure major balances of the economy, especially ensuring food security and energy security; control the market, especially food, ensuring sufficient demand for food and for export; agriculture must be the pillar of the economy in any circumstances; control the market, ensuring stable prices, especially for petroleum and electricity; ensure information security, especially telecommunications waves.

The Prime Minister requested to continue expanding negotiations on new FTAs; exploit all advantages of signed FTAs; step up trade promotion, logistics, customs reform, support businesses to reduce input costs and compliance costs; and persevere and adhere to the goals in tariff negotiations with the United States.

Along with that, developing the domestic market, especially domestic consumption, contributes to supporting overcoming market disruptions; promoting e-commerce, electronic tax collection, promoting the Campaign for Vietnamese people to prioritize using Vietnamese goods; developing tourism, and effectively developing the cultural and entertainment industry.

Prime Minister Pham Minh Chinh chaired a meeting to assess the impact of conflicts around the world on the socio-economic situation in the country. (Photo: Duong Giang/VNA)

Direct the People's Committees of provinces and centrally run cities to quickly stabilize the two-level government; ministries and branches actively decentralize and delegate power; leave no gaps in operations; actively fight against counterfeit goods, fake goods, and goods of unknown origin, focusing on fake medicines and fake foods; strengthen inspection and examination work; contribute to stabilizing the market, expanding production, business, developing enterprises, mobilizing enterprises to effectively implement Resolution 68 of the Politburo, Resolutions of the National Assembly and the Government; review budget reserve resources to stimulate consumption; cut unnecessary administrative procedures, strengthen the handling of procedures in the digital environment, organize supply-demand connections, attract investment, promote trade and tourism in a systematic and organized manner.

Ministries and sectors must strengthen close and harmonious coordination; increase propaganda about the country's achievements, create consensus in public opinion, reassure investors, avoid creating panic, speculation, and hoarding; overcome all challenges, achieve the set goals./.

According to VNA

Source: https://baothanhhoa.vn/thu-tuong-ung-pho-kip-thoi-tinh-hinh-trung-dong-kien-dinh-muc-tieu-tang-truong-252991.htm