Prime Minister Pham Minh Chinh speaks at the meeting

During the meeting, cabinet members assessed the socio-economic situation in November and during the opening 11 months of the year. This includes the programme on socio-economic recovery and development, the disbursement of public investment capital during the review period, and the performance of three national target programmes.

As part of his address, the Government chief touched upon complicated and unpredictable developments in relation to the global situation which has seen increasing risk factors have a great impact worldwide.

He also mentioned some major domestic problems occurring in November such as a shortage of petrol, as well as difficulties in dealing with shortage of drugs and biological products.

In this context, the Government chief directed all sectors and localities to properly assess the situation, set out appropriate tasks, goals, and solutions to minimise the impact on the country. The Government has therefore established up a number of working groups relating to capital, corporate bonds, real estate, and the market under the direct direction of Deputy PMs.

“With the above efforts, we have controlled the situation, with the macro-economy being basically stable, coupled with controlled inflation, and ensured major balances and budget deficit, while economic growth continued to be promoted,” PM Chinh said.

There remains plenty of room to resolve major issues, such as raising wages, investing in strategic infrastructure, achieving a trade surplus of more than US$10 billion, ensuring food security, and exporting many agricultural products and food.

Furthermore, the political situation remains stable, social order and safety have been ensured, whilst national defence, security, independence, sovereignty, and territorial integrity were all maintained, with external activities being implemented both comprehensively and effectively, PM Chinh went on to say.

“The upcoming situation will still be difficult and complicated, especially external influences, which require us to firmly grasp the situation and learn from experience in management to fulfill our tasks in December, the final month of 2022, towards accomplishing all targets assigned by the National Assembly,” he continued.

He called for greater efforts to be made in order to thoroughly overcome the shortage of petroleum, drugs, and biological products, as well as going ahead with vaccination schemes to control the pandemic. This will ensure a safe, healthy, and sustainable market, whilst providing enough essential items and improving the material and spiritual life of local people during the Lunar New Year.

According to a report issued by the Ministry of Planning and Investment, in November and the past 11 months of the year, the socio-economic situation enjoyed great improvements in most fields, with plenty of bright spots. Macro-economy remained stable with inflation being brought under control and the average consumer price index in 11 months expanded by 3.02%.

Major balances that guaranteed state budget revenue in the reviewed period exceeded 16.1% of the estimate, up 17.4%. Indeed, import-export turnover reached over US$673.8 billion, up 11.8%, with the trade surplus hitting US$10.6 billion.

Food security was ensured, with 11-month agricultural exports reaching more than US$49 billion, up 11.8%, in which rice exports stood at over US$3.2 billion, up 6.9% on-year.

Moreover, the money market adapted to faster and stronger fluctuations of the international market, with the exchange rate being managed appropriately, thereby ensuring the domestic foreign currency demand.

By November 16, credit had surged by 11.82% compared to the end of 2021, while trade and services saw recovery in all industries and total retail sales of goods and services maintained their uptrend, up 2.6% in November compared to the previous month.

International visitors in November also increased by 23.2% compared to October, with three million guests being recorded, up 21 times over the same period from last year.

Most notably, US$19.68 billion in FDI capital was disbursed during the reviewed period, up 15.1%, the highest figure in 11 months over the past five years, contributing to reducing pressure on the balance of payments in the short term and increasing new production capacity.

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