During the meeting, cabinet members discussed the socio-economic situation in May and the first five months of the year, as well as tasks and solutions which can be implemented moving forward.
Their discussions also touched upon COVID-19 pandemic prevention and control efforts, economic recovery, the disbursement of public investment, and other important issues.
According to a reporting detailed by the Ministry of Planning and Investment, the socio-economic situation in May and the opening five months of the year continued to show positive signs, duly achieving many important results across a variety of fields. Indeed, these received international appreciation and serve to boost the confidence of people, businesses, and investors.
Macro-economic stability and inflation control were maintained throughout the reviewed period, despite suffering from various pressures. The consumer price index (CPI) in May soared by 2.86%, while the average of five months increased by 2.25% over the same period.
The financial and currency market remained stable, with credit expanding by 7.73% on-year, while major balances, food, and energy security were guaranteed.
The state budget revenue met 57.1% of the estimate, an increase of 18.7%, thereby showing the joint efforts amid increases in inflation, interest rates, oil prices, and many essential global commodities.
Stability and recovery were also seen in industrial and agricultural production, forestry, trade, and service activities, of which accommodation, catering, and tourism services have witnessed strong recovery. Total retail sales of consumer goods and services grew by 22.6% over the same period to drive those of the five- month period up by 9.7%.
Furthermore, social welfare, national defence, and security were maintained, while foreign affairs and international integration were promoted. This can be seen through the hosting of SEA GAMES 31 which was organised thoughtfully, safely, and successfully.
Most notably, the nation was one of only two countries in the Asia-Pacific region to have its long-term credit upgraded to by Standard & Poor's (S&P) since the beginning of the year.
This is based on the solid recovery of the Vietnamese economy, impressive vaccination rates, and a flexible shift in COVID-19 control policy, according to S&P.
Moving forward, S&P forecasts that Vietnamese GDP growth this year will be at around 6.9% and with a long-term trend of 6.5% to 7% from 2023.
At the meeting, the cabinet members attributed these results to the correct leadership of the Party, the co-ordination and support of the National Assembly, the strong involvement of the entire political system, the drastic, methodical, timely, and effective direction and administration of both the Government and the PM.
They also pointed out the various difficulties and challenges faced in ensuring macroeconomic stability, large balances, and potential risks to the stock market, corporate bonds, and real estate.
Speaking at the conclusion of the meeting, PM Chinh affirmed that the results achieved in May and the first five months of the year are very encouraging, creating confidence and a solid foundation for a rapid recovery and sustainable socio-economic development.
Regarding tasks which will be taken in the future, the Government leader underlined the necessity of focusing on fine-tuning institutions, mechanisms, and policies to clear bottlenecks in a bid facilitate the national development process.
It is therefore necessary to focus on carrying out the three national target programmes and the scheme on socio-economic recovery and development, along with implementing solutions to accelerate the disbursement of public investment, ODA, and foreign concessional loans, especially national key projects, he concluded.
