Vietnam has signs of economic recovery

Prime Minister Pham Minh Chinh stated that Vietnam has signs of economic recovery despite unexpected situations in the world and big inflation pressure locally and globally.
Vietnam has signs of economic recovery ảnh 1 Prime Minister Pham Minh Chinh makes a statement while chairing the regular cabinet meeting on April 4 
On April 4, Prime Minister Pham Minh Chinh made the statement while chairing the regular Government meeting for the first quarter of 2022.
Following the meeting's plan, participants focused on discussing the implementation of the socio-economic development plan, the state budget estimates and public investment in 2022, the socio-economic situation in March and the first quarter of 2022, and the important guidance for the coming time, especially on the implementation of Resolution 01.
Additionally, the program of socio-economic recovery and development; report on updating results of the implementation of the socio-economic development plan, state budget estimate, public investment plan in 2021, and a number of other important contents on institutional improvement were discussed at the meeting.
In his opening speech, Prime Minister Pham Minh Chinh stated that the government has forecasted the situation in the first quarter of the past year relatively closely. Responsible agencies have exactly predicted advantages, opportunities, difficulties and challenges.
According to the forecast, challenges are intertwined but difficult, challenges are more than opportunities and advantages and the country experiences new and unpredictable development in January, February and March.
In the first quarter, the conflict between Russia and Ukraine affected many aspects of the global economic, social, political, defense and security situation; worse, it also affected the energy and financial markets and the supply and demand of goods leading to continued power competition, increased prices of input materials in the world and increased inflation in many countries.
The epidemic has developed complicatedly in the country because of new variations such as Omicron. Moreover, Vietnam has also seen a surge in prices of raw materials and inflation in the world has put great pressure on the Southeast Asian country.
In the context of complicated and unexpected new developments, the Party, the Central Committee of the Communist Party of Vietnam, the Politburo, the Secretariat, the companionship and supervision of the National Assembly, the Government's efforts, the participation of the entire machinery of state, the consent of residents and businesses, Vietnam has signs of economic recovery.
The Prime Minister informed that international organizations have lowered their forecast of world economic growth in 2022 compared to the previous forecast. According to international organizations’ forecast, the world economy will be more difficult to recover, but Vietnam's economy showed a positive recovery signal with GDP growth in the first quarter reaching more than 5 percent while inflation was below 2 percent despite great domestic and foreign inflation pressure.
According to the Prime Minister, the monetary and financial markets are stable and major balances are basically guaranteed. Furthermore, political stability, security, social order, and safety are maintained and people, friends, international partners, and investors put their trust in the government’s leadership.
Ministries, sectors, agencies and localities have implemented socio-economic recovery and development programs according to their assigned functions. The epidemic situation is still under control nationwide with a decrease in the number of new cases, severe cases, and deaths from March.
However, the socio-economic situation still has limitations that need to be seriously analyzed and evaluated to have solutions to overcome. They are slow disbursement of public investment, several recovery programs which have not been implemented according to the set schedule in addition to potential risks in the stock market and real estate market. More residents in remote areas still lead difficult lives. Last but not least, the implementation of vaccination for children from 5 to 11 years old hasn’t been on schedule.
Therefore, the Prime Minister suggested that meeting participants should analyze and evaluate more deeply the advantages and disadvantages with a focus on the analysis of the causes as well as give more opinions on key tasks and solutions in the coming time.

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