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Vietnam PM asks for economic recovery's effective solutions in coming years

14:02 | 21/08/2020

Prime Minister Nguyen Xuan Phuc on August 19 chaired a meeting of the Government's permanent members to discuss draft development plans for coming years. He asked for effective and feasible solutions to minimise COVID-19-caused losses and recover the economy in both short and medium terms.

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vietnam pm asks for economic recoverys effective solutions in coming years
(Photo: Da Nang News)

The event looked into the draft socio-economic development plan and State budget estimates for 2021, the draft financial State budget plan for 2021-2023, along with the draft medium term socio-economic development plan and public investment plan for 2021-2025, according to Nhan Dan.

PM Phuc stressed that economic development must be ensured amid the Covid-19 pandemic so as to provide jobs and guarantee people's livelihoods.

He also underlined the need for staying proactive in governance and plan making, noting that facing serious impacts of Covid-19 effective and feasible solutions are necessary to ease losses and spur economic development in both 2021 and the medium term of 2021-2025. He asked Government members to be unanimous to exert efforts to support socio-economic recovery this year, as well as the following years.

Noting countries around the world have taken measures like large-scale aid packages to minimise impacts of Covid-19 especially on people and businesses, the PM asked ministries and sectors, especially the Ministry of Finance, the Ministry of Planning and Investment, the Ministry of Labor, Invalids and Social Affairs, and localities, to devise timely support solutions that are strong enough to help affected people and enterprises.

Those solutions must be proactive, flexbile and match the new normal. Significantly, the fiscal and monetary policies should be more flexbile to stimulate demand, create jobs and promote growth while still maintaining macro-economic stability, by CafeF.

vietnam pm asks for economic recoverys effective solutions in coming years
(Photo: Nhan Dan)

According to the Ministry of Planning and Investment, 5 ministries, central agencies and 19 localities have disbursement rate of above 60%. However, the number of ministries, central agencies, and 6 localities with disbursement rates below 35% is 29. Of which, 15 ministries, central agencies and 1 locality have disbursement rates below 15%.

Meanwhile, the State budget plan for 2021 should include funds for social security policies for workers facing job losses and those in the informal sector, and for vocational training to help laborers adapt to changes in supply chain.

PM Phuc also requested continued assistance for certain sectors heavily affected by the pandemic like transportation, tourism, textile-garment, health care, and education, along with policies to encourage rational consumption.

He demanded priority be given to the development investment, especially in developing socio-economic infrastructure, including transport facilities by using every possible resource. The public investment plan for 2021-2025 needs to include projects and programmes important to national development like the ones on North-South Expressway, coastal roads, and digital economy, he added.

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