Cabinet meeting discusses five-month socio-economic development

Prime Minister Pham Minh Chinh speaks at the meeting. (Photo: VNA)

Hanoi - The Government convened its monthly meeting on June 4, discussing the socio-economic situation in May and the first five months of 2022 and reviewed the implementation of the government’s socio-economic recovery and development programme and the allocation and disbursement of the State budget this year.

Speaking at the meeting, Prime Minister Pham Minh Chinh pointed out limitations and challenges facing the Government, ministries and local administrations in the coming time and potential solutions for them.

He urged ministries, sectors and local administrations to keep a close watch on the COVID-19 situation, global strategic competition, prices of fuel and inputs, inflation risks and the development of the global and regional economies to come up with effective responses.

The PM requested them to further accelerate COVID-19 vaccine rollout, provide instructions for virus control in the new context and remove legal and policy barriers to planning, public investment, socio-economic recovery and national target programmes.

He also asked for the stablisation of macro-economy; effective control of inflation; transparency of the security, bond and real estate markets; acceleration of green growth, energy transition, and digital transformation; and restructuring of the monetary market, among others.

Greater attention must be paid to the disbursement of public investment as it is the key task of ministries, sectors and local administrations in the coming time, the leader said.

The PM ordered the Ministry of Education and Training to address concerns over new textbooks, saying the ministry must consider factors like feasibility, convenience and cost-efficiency to bring benefits to people and the society.

Reports showed that despite the global uncertainties caused by the Russia - Ukraine conflict, rising costs and potential risks of security and food crisis, Vietnam saw progress in socio-economic development in May and the first five months of this year.

The five-month CPI rose by 2.25 percent year on year. State budget revenue expanded 18.7 percent compared to the same period last year and made up 57.1 percent of the estimate.

The country’s import-export turnover surged 15.6 percent year-on-year. Industrial Production Index (IIP) edged up 8.3 percent, with manufacturing picking up 9.2 percent.

According to Nikkei Asia, Vietnam jumped 48 places to 14th in the COVID-19 Recovery Index for May.

With more than 80 percent of the population fully vaccinated and 60 percent got booster doses, Vietnam received a score of 27 out of a possible 30 for inoculations, Nikkaei said.

It also said Vietnam is also the first country in Southeast Asia to exempt foreign travelers from all testing, vaccination and quarantine requirements.