 Prime Minister Pham Minh Chinh speaks at the meeting |
Speaking at the government’s monthly meeting for May, the Prime Minister stressed the importance to fine-tune institutions and policies to tackle obstacles to boost national development, maintain macro-economic stability, control inflation, and ensure economic balances. Prime Minister Chinh said it’s important to save regular expenses, implement flexible monetary and fiscal policies, promote interest incentives for businesses, relax taxes, tighten financial disciplines, stimulate consumption, promote logistics services, restructure the market, and enhance tourism.
The Prime Minister asked for special attention at 3 national target programs on socio-economic development in ethnic minority and mountain region, new rural development, and poverty reduction. At the same time, it’s necessary to focus on the national socio-economic recovery and development program and accelerate the disbursement of public investment, ODA capital, and foreign preferential loans.
According to a report presented at the meeting on Saturday, Vietnam witnessed positive signs in socio-economic development in the first five months which have won international praise. The 31st Southeast Asian Games was successfully held. Vietnam’s macro-economy was stable while inflation was under control despite a lot of pressures. The CPI increased 2.5% while the financial and monetary market was stable with credit increasing 7.73% against 2021.
S&P Global rating has upgraded its long-term credit ranking on Vietnam to BB+ and forecast Vietnam’s GDP this year to rise to 6.9% and from 6.5% to 7% beyond 2023.