Government evaluates socio-economic development at monthly meeting

Notably, Government members are to give opinions on important reports to be submitted to the Political Bureau for consideration, including reports on socio-economic situation, public investment, and state budget for 2023, 2024 and the past two and a half years.

In his opening speech, Prime Minister Pham Minh Chinh pointed out major domestic and external factors that have impacted national development in recent times. Among the external factors are the lingering impact of the COVID-19 pandemic, increased strategic competition, the complicated conflict in Ukraine, global slow economic growth, and adverse weather conditions due to climate change.

Meanwhile, due to its limited capacity, the national economy is highly vulnerable to global market fluctuations, along with shortcomings and limitations that have persisted for years.

In this context, prompt measures introduced by the Government and efforts by sectors and localities have helped Vietnam stabilize its macro-economy, spur economic growth, and keep inflation, foreign debts, inflation and spending in check. At the same time, the country’s role and position has been elevated globally, with many countries wishing to upgrade relations with Vietnam.

However, the PM reminded that the national economy still reveals shortcomings regarding the inefficient operation of the corporate bond market, the real estate market, and some commercial banks. Though the leather, footwear, and textile sectors have received more orders, industrial growth is still facing difficulties. Businesses still find it hard to access credits for production.

The Government leader asked delegates to make an indepth analysis of causes and learned lessons, and propose solutions for better results in September and the following months.