Growth target of 6.5% remains big challenge: Deputy PM

1:57:14 PM | 5/24/2022

The targets set for 2022, including the growth target of 6-6.5 percent, remain a huge challenge given the domestic and international situation, Deputy Prime Minister Le Van Thanh said at the third session of the 15th National Assembly in Hanoi on May 23.

Deputy Prime Minister Le Van Thanh addresses the 15th NA's third session on May 23. (Photo: VNA)

The Deputy PM reported that the macro economy has been maintained, major economic balances ensured, and inflation brought under control, with the consumer price index (CPI) in the first four months of this year up 2.1 percent.

The monetary market and interest rates have also remained stable, he said, adding that the credit balance by the end of April has increased by 7.18 percent compared to late 2021.

In the four-month period, State budget revenue hit 657.4 trillion VND (28.37 billion USD), equivalent to 46.6 percent of the estimate and up 15.4 percent year-on-year.

Export turnover reached 122.4 billion USD, a rise of 16.4 percent, while import value was 119.8 billion USD, up 15.7 percent, resulting in a trade surplus of over 2.5 billion USD.

The country’s gross domestic product (GDP) in the first quarter of this year grew 5.03 percent, higher than the figures recorded in the same periods in 2020 and 2021.

Between January and April, the industrial production index expanded 7.5 percent. Agricultural production also developed stably, with rice output reaching 10.8 million tonnes.

Vietnam's total revenue from retail sales of goods and services exceeded 1.7 quadrillion VND, up 6.5 percent. Services and tourism have shown a quick recovery.

According to the Deputy PM, the government has launched an action programme on the implementation of the NA’s Resolution on economic restructuring in 2021-2025, with priorities given to developing strategic infrastructure, especially transport infrastructure.

Total social investment in the first quarter was valued at 562.2 trillion VND, up 8.9 percent. As of May 15, 2022, the disbursement of public investment fulfilled 20.27 percent of the plan, and more than 7.71 billion USD in foreign direct investment (FDI) was disbursed in the five months, an increase of 7.8 percent.

At the working session, the Government has submitted investment plans for Chau Doc-Can Tho-Soc Trang, Bien Hoa-Vung Tau, and Khanh Hoa-Buon Ma Thuot expressways, Ring Road No. 3 of Ho Chi Minh City, and Ring Road No. 4 of Hanoi.

Deputy PM Thanh said the Government will continue to effectively and synchornously implement resolutions and conclusions of the Party Central Committee, the NA and the Government, and focus on pandemic prevention and control, and rapid, sustainable socio-economic recovery, while urgently realising resolutions adopted at the fifth plenum of the 13th Party Central Committee, especially those on land, collective economy, cooperatives, agriculture, farmers and rural areas.

He asked ministries, agencies and localities to closely combine monetary and fiscal policies and others to maintain macro-economic stability, ensure major economic balances, control inflation and increase State budget revenue.

The Government will continue economic restructuring in tandem with growth model reform, and boost the digital and circular economy development, while promoting domestic production.

Mechanisms and policies will be rolled out to encourage enterprises to invest in agricultural processing and exports through official channels, Deputy PM Thanh noted.

At the meeting, President of the Vietnam Fatherland Front Central Committee Do Van Chien presented a report on opinions of voters and the public.

The report showed they are absolutely confident in the leadership of the Party, the management of the State, the effective and efficient operation of the legislative body, and the monitoring of the Government and the Prime Minister.

They expressed concern over issues, including difficulties caused by COVID-19, especially mental health post pandemic, health insurance for COVID-19 treatment, and those regarding oil and gas prices, public investment disbursement, the stock market, the labour market, and education.

The voters said attention should paid to personnel training, inspections and supervision over the purchase of medical equipment, and the settlement of land-related petitions and denunciations.

Socio-economic recovery programmes should be carried out in parallel with keeping a close watch on inflation and prices of major goods like oil and gas, and agro-forestry materials.