Implement synchronous solutions to remove difficulties in the financial and monetary markets.

On May 9, at the meeting of the National Assembly Standing Committee, presenting the report on the supplementary assessment of the results of the implementation of the 2022 Socio-Economic Development Plan and the implementation situation in the first months of 2023, Chairman of the National Assembly's Economic Committee Vu Hong Thanh said: In 2022, our country faced many rapid, complicated and negative changes in the world situation. However, under the leadership and direction of the Party, the National Assembly and the Government, there were correct and timely decisions, mobilizing the strength of the entire political system, the support of the people and the business community, along with the shift in the strategy of epidemic prevention and control to "safe and flexible adaptation, effective control of the epidemic", contributing to effective control of the epidemic and reopening the economy.

Implementing the difficult synchronization solutions of the financial market figure 1 — Overview of the 23rd session of the National Assembly Standing Committee, morning of May 9.

However, in addition to the achieved results, there are still many limitations, shortcomings and weaknesses that need to be overcome. Two important indicators reflect the quality of growth that did not meet the set target, and an additional reported indicator was the proportion of processing and manufacturing industry in GDP. The labor productivity growth rate indicator only reached 4.8% compared to the target of about 5.5%. GDP growth slowed down significantly in the fourth quarter due to a decline in exports and low industrial production growth when business conditions deteriorated and global demand declined sharply, orders decreased while input costs for production remained high and there was a shortage of raw materials.

Regarding the implementation of the Socio-Economic Development Plan in the first months of 2023, the Chairman of the Economic Committee said that the macroeconomic situation remained stable, inflation was controlled, and major balances of the economy continued to be ensured. Trade and services continued to increase. The monetary and credit markets were basically stable. Many solutions were deployed to remove difficulties and obstacles for the corporate bond and real estate markets. The work of ensuring social security, labor, employment, and improving people's lives was well implemented.

Implementing the difficult synchronous solutions of the financial market figure 2 — Chairman of the National Assembly's Economic Committee Vu Hong Thanh presented a report on the supplementary assessment of the results of the implementation of the 2022 Socio-Economic Development Plan and the implementation situation in the first months of 2023.

In addition to the achieved results, the socio-economic situation in the first four months of 2023 also revealed difficulties and challenges that have continued since the fourth quarter of 2022, causing great pressure on macroeconomic management and the ability to complete the growth target for the whole year of 2023.

Specifically, GDP growth in the first quarter of 2023 was low, and the country's major industrial production and export centers had a decrease or insignificant increase, indicating that achieving the annual growth target is extremely difficult. Enterprises still face many difficulties related to state management, affecting production and business activities. Many long-standing problems that have been slow to be resolved have created bottlenecks for the economy.

Implementing the difficult synchronous solutions of the financial market figure 3 — 23rd session of the National Assembly Standing Committee.

It is forecasted that from now until the end of 2023, the socio-economy will still face many challenges, achieving the growth target will be very difficult. The Chairman of the National Assembly's Economic Committee proposed that the Government persistently implement the goal of stabilizing the macro economy, controlling inflation, and enhancing the adaptability and resilience of the financial and banking systems. Implement synchronous solutions to remove difficulties in the financial and monetary markets, corporate bond markets, and real estate markets. Operate fiscal policies with focus and key points, sharing the role of supporting economic growth recovery with monetary policies. It is necessary to transfer and use capital flexibly, and limit the issuance of government bonds when the old mobilized capital has not been disbursed.

Implementing the difficult synchronous solutions of the financial market figure 4 — Delegates attending the meeting, morning of May 9.

In addition, it is necessary to proactively, flexibly and effectively operate monetary policy, closely coordinate with fiscal policy and other macroeconomic policies; accelerate the disbursement of public investment capital; closely monitor and proactively respond to, prevent, combat and effectively control the Covid-19 pandemic; focus on removing difficulties, promoting the export of goods, promoting development, exploiting traditional markets, and diversifying export markets.

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