Vietnam Affirms Dual Goal amid Covid-19

In the context of Covid-19 and the difficulties and challenges facing the world and Vietnam economies, the current central task of ministries, branches and localities is to effectively implement the "dual goal" of containing the pandemic outbreak and keeping the economy on track.

Reporting on the implementation of Resolution 01/NQ-CP and the socio-economic situation in February and the first two months of 2021 at the regular meeting of the Government of Vietnam in February 2021, Minister of Planning and Investment Nguyen Chi Dung raised many recommendations to continue promoting socio-economic development.

Minister Nguyen Chi Dung emphasized that amidst the evolving difficulties and challenges that Covid-19 presents to the world and domestic economy, the current key tasks of ministries, sectors and localities are to effectively realize the "dual goal" of both preventing and combating the pandemic, protecting the people's health, and at the same time resuming socio-economic development in a new normal state; completing the socio-economic development plan and State budget estimate set by 2021; in which it is necessary to raise determination and focus strongly on the implementation of the tasks and work according to the set objectives. It is necessary to overcome stagnation in performing tasks, especially the slow progress due to Tet holidays, speed up work and progress related to production, business and investment activities of businesses and people.

In addition, March is the last month of the first quarter, the month to focus and actively implement the tasks and solutions set out to promote production, economic growth, and completing at the highest level the socio-economic development tasks of the first quarter and the whole year.

In this spirit, Minister Nguyen Chi Dung proposed a variety of tasks and solutions. First of all is strictly implementing instructions on prevention and control of the pandemic, raising awareness and responsibility to promote adequate communication on epidemic prevention measures.

It is necessary to promulgate guidelines and processes for the unified production and circulation of goods and means between pandemic and pandemic-free regions; take measures to support the distribution and consumption of pandemic-free goods, especially for agricultural products in the short term. It is needed to promote cooperation and negotiation to buy vaccines and research into vaccines in the country; and accelerate the implementation of vaccination, especially for priority areas and groups of people.

It is also necessary to continue implementing a rational expansion of fiscal and monetary policies to promote economic growth and control inflation. It is expected that the Covid-19 pandemic will still cast a shadow on the world economy for at least the first half of 2021 and until vaccination is widely available.

Therefore, it is necessary to maintain an open monetary and fiscal policy; improve the effectiveness of coordination between monetary, fiscal and price policies in order to control inflation, support production and business activities. Ministries, branches and localities actively monitor the situation, and analyze and propose supporting policies for those facing difficulties caused by the pandemic, especially the service, tourism and transport sectors.

The country also needs to focus on supporting production and business, especially developing the domestic market. For agriculture, forestry and fishery, it is necessary to closely monitor weather changes, especially in the case of drought and saltwater intrusion, in order to have solutions to ensure water storage to serve production and daily life of the people, strengthen the implementation of measures to prevent and control the pandemic on livestock, poultry and aquatic animals, to completely handle the pandemic and prevent new outbreaks from arising.

We also need to focus on development and application of high technology, digital transformation in activities of social life; develop e-commerce, increase support for businesses to implement goods distribution on e-commerce platforms and electronic payment application in the online environment.

Ministries, central and local agencies, especially the heads of all levels, need to lead, direct and firmly implement the disbursement of public investment capital as outlined in the Decrees of the Government.

It is necessary to step up the diversification of import and export markets on the basis of continuing to closely monitor the Covid-19 pandemic developments in partner markets; reviewing and identifying types of goods that countries are in need of import; take advantage of opportunities to promote the restructuring of export and import markets, gradually reduce the dependence on one market. We also need to proactively study trade policy changes of major partners and impacts on import and export activities of Vietnam.

It is urgent to promote effective and selective attraction of foreign investment, proactively reviewing mergers and acquisitions, especially businesses operating in core and strategic fields that have a great impact on the economy and society, to ensure favorable conditions for attracting foreign investment capital, while proactively protecting domestic enterprises, preventing investment to avoid taxes, affecting the reputation of Vietnamese goods.

Source: Vietnam Business Forum