PM Chaired a Meeting to Discuss Economic Governance Following Global Interest Rate Hikes

Prime Minister Pham Minh Chinh speaks at the meeting. (Photo: baochinhphu.vn)

The meeting took place after the US Federal Reserve (FED) raised interest rates by 0.75 percentage points on July 27, while central banks in many countries have also repeatedly hiked interest rates in response to soaring inflation.

According to many ministries, sectors as well as domestic and international organizations, amid a global situation full of difficulties and uncertainties, especially the conflict in Ukraine and the unpredictable Covid-19 pandemic, the Government has maintained reality-based, flexible and effective governance. As a result, Vietnam has proved to be a bright spot in controlling inflation, stabilising the macro-economy, ensuring major balances of the economy, and posting a strong growth recovery.

Prime Minister Chinh stressed that the top priority now is to continue macroeconomic stability, control inflation, guarantee major balances, promote economic recovery and growth, and fight Covid-19.

He also stressed the importance of pressing on with economic restructuring, growth model reforms, scientific and technological application, digital transformation, green and circular economic development, energy transition, and climate change response, thereby creating the foundation for sustainable development.

He demanded monetary and fiscal policies be coordinated with other macro-economic policies in a harmonious, reasonable, flexible, and effective fashion; public investment be strongly disbursed, and the socio-economic recovery and development program be carried out fruitfully.

The Prime Minister also ordered the development of the domestic market; diversifying markets and boosting exports; intensifying the fight against smuggling and trade fraud; ensuring power supplies; guaranteeing food security; fostering the labor market; developing the capital, corporate bond, and real estate markets in a safe, transparent, effective and sustainable manner; and maintaining strict control of prices, especially prices of strategic and essential goods.

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