PM urges resolving for economic recovery amid Covid-19 pandemic hitting areas

Prime Minister Nguyen Xuan Phuc on August 2 again called for resolve to perform the dual tasks of continue taking measures to control the COVID-19 pandemic while preventing negative economic developments.
August 04, 2020 | 08:33
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Prime Minister Nguyen Xuan Phuc speaks at the meeting. (Photo: VNA)

At a meeting on statistics and socio-economic development held in Hanoi on Sunday, PM Phuc said to ensure the highest possible growth rate, it was essential to continue disbursing public investment capital, improving monetary and financial policies to create conditions for businesses to develop and promote private and social investment.

With free trade agreements like the EU-Vietnam Free Trade Agreement (EVFTA), the Comprehensive and Progressive Agreement for Tran-Pacific Partnership (CPTPP), Vietnam needs to enhance exports and expand the market, he suggested, asking the Ministry of Industry and Trade to put forth more specific measures on domestic consumption stimulation.

The PM noted that with the return of the pandemic, stimulus measures need to be adjusted in accordance with the priority of preventing the disease from spreading. He urged ministries and agencies to firstly adopt measures to ensure socio-economic security and safety, protect very economic sector, especially businesses, and prevent widespread unemployment.

pm urges resolve to prevent negative growth
PM Nguyen Xuan Phuc has called for resolve to perform the dual tasks of containing COVID-19 and preventing negative economic growth. (Photo:nhandan)

Ministries need to map out suitable growth scenarios and better coordinate in the statistics work, he said.

PM Phuc singled out limitations in statistics work, citing as an example the gap in export-import statistics provided by difference agencies, partially due to the inefficient coordination between the General Department of Vietnam Customs, the General Statistics Office, the Ministry of Industry and Trade and the Ministry of Finance, said the nhandan.

He also requested the Ministry of Finance and the State Bank of Vietnam to update monetary, credit and State budget statistics more quickly.

The PM stressed that statistical data must be accurate and complete, in accordance with the law.

The Government leader repeated his request that ministries review and update growth scenarios for the third quarter, the whole year and 2021, along with measures to support the national economy, enterprises, cooperatives, business households and labourers.

At the meeting, the General Statistics Office reported the disbursement of public investment sourced from the State budget in July and in the past seven months increased its highest rate in the past four years.

State budget sourced public investment disbursement was estimated at VND45.7 trillion (US$1.97 billion) in July, up 51.8 per cent against the same period last year.

The disbursement of public investment totalled VND 203 trillion in the past seven months, equivalent to 42.7 per cent of the yearly target and up 27.2 per cent over the same period in 2019.

Export revenue in July reached US$23 billion, up 0.3 per cent compared with the same period last year.

The US remains the biggest importer of Vietnam in July with revenue of $37.9 billion, a year-on-year rise of 15 per cent. It was followed by China, the EU, ASEAN, Japan and the Republic of Korea.

The import turnover of goods in July was estimated at $22 billion, down 2.9 per cent in comparison with the same period last year.

The national consumer price index (CPI) in July grew by 0.4 per cent against June and 3.39 per cent year-on-year. The CPI rose in July on the back of higher prices of petrol, gas, electricity and water due to increasing demand, according to the VNS.

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