October 3, 2022
HANOI — Prime Minister Phạm Minh Chính has said the final quarter of 2022 must be a sprint to the finish line for the country to create economic momentum for 2023, as GDP growth in the last three months reached double figures.
The Prime Minister ordered more vigorous efforts be made to achieve the best possible socio-economic development results in 2022 while addressing a Government teleconference with the 63 provinces and cities nationwide and the Cabinet’s regular meeting for September on Saturday.
The Ministry of Planning and Investment reported positive signs in most socio-economic aspects in the year’s first nine months. The macro-economy remained stable, inflation was under control, major balances were ensured, and monetary and fiscal policies were implemented proactively, flexibly, and effectively.
Year-on-year GDP growth was estimated at 13.67 per cent in the third quarter and 8.83 per cent in the first nine months, the fastest nine-month rate in the 2011 – 2022 period. Production and business activities have gradually regained momentum and the Government’s socio-economic recovery and development policy has proved effective.
The consumer price index (CPI) posted a year-on-year increase of 3.32 per cent in Q3 and 2.73 per cent in nine months, while core inflation rose 1.88 per cent.
Between January and September, State budget collection reached 94 per cent of the target, up 22 per cent from a year earlier; total social investment topped VNĐ2.1 quadrillion (nearly US$88 billion), up 12.5 per cent; and foreign trade turnover reached $558.52 billion, up 15.1 per cent, with a trade surplus of about $6.52 billion. In addition, implemented foreign direct investment grew 16.3 per cent to $15.43 billion, the highest nine-month figure over the last five years.
The ministry said that cultural, social and environmental issues and natural disasters and climate change responses have also received due attention.
PM Chính said that despite considerable, fast, complex, and unpredictable changes in the global situation, thanks to efforts by the entire political system, people, and businesses, Việt Nam has obtained encouraging socio-economic results. International organisations also made positive assessments of the country’s socio-economic situation. As a result, they issued optimistic forecasts for its economic growth, which is expected to be among the highest in Southeast Asia in 2022 and 2023.
However, he also pointed out latent risks to macro-economic stability and inflation control; sluggish implementation of the national target programmes and public investment disbursement; high input costs for production and business activities; the shortage of medicine and medical supplies in some hospitals and localities; the complex COVID-19 situation and slow vaccination; difficulties facing certain groups of people, especially in remote and ethnic minority areas; and increasing damage caused by natural disasters.
The PM underlined the importance of the last quarter, calling on Government, sectors, and all-level authorities to show strong determination to carry out their tasks to achieve the best possible socio-economic results for 2022 and create a driving force for next year.
He ordered the COVID-19 prevention and control programme to be pushed ahead, with vaccination sped up and the shortage of medicine and medical supplies to be addressed.
He asked for persistence in sustaining macroeconomic stability, controlling inflation, promoting growth, and ensuring major economic balances. PM Chính said it is also necessary to tighten the management of essential goods and services and keep a close watch on the regional and international situation while boosting analysis and forecasting to take timely and appropriate actions.
The Government leader highlighted the need to continue perfecting regulations, step up administrative reforms, ramp up the fight against corruption and negative phenomena, train high-quality human resources, and encourage scientific and technological application. He also highlighted innovation, digital transformation, green and circular economy development, and energy transition, which he said will create the foundation for improving the economy’s productivity, quality, efficiency, competitiveness, and sustainable development.
He also told ministries, sectors, and localities to pay due attention to cultural, social and environmental issues, natural disaster and climate change response, defence and security safeguarding, diplomacy, and communications to promote consensus in public and refute wrong and hostile viewpoints.