MPI leader highlights principles for economic recovery solutions

Minister of Planning and Investment Nguyen Chi Dung at the session (Photo: VNA)

Hanoi – The building of economic recovery solutions will depend on the development of COVID-19, the progress of vaccination and the capacity of supplying COVID-19 treatment medicine when the country switches to the new normal situation, said Minister of Planning and Investment Nguyen Chi Dung.

Appearing before the National Assembly for a question-and-answer session on November 12, Minister Dung said that the measures will be built in an open direction, leaving room for making flexible adjustments to suit the reality's demands of needy groups in each specific point of time.

The measures should support the fast recovery in a short term, while being integrated into five-year and long-term strategies and plans, he said.

At the same time, such measures must ensure the completion of highest goals of macro-economic stability and major balances of the economy, and cover both demand and supply as well as other economic and social aspects. They should be tailored to suit the country's capacity of capital mobilisation and payment, and keep close control and supervision of implementation, said the official.

At the session, he also answered many questions regarding the State budget resources for economic stimulation packages, public debt ceiling and over-expenditure.

As for solutions and scenarios to respond to complicated developments of COVID-19, manage risks and ensure macro-economic stability and major balances in the time to come, the minister said that the MPI is building two scenarios, one with recovery programme and one without, thus defining the levels of public debt, over-expenditure and inflation for each scenario.

The minister was of the view that we should be bolder in order to recover and boost economic development while ensuring safety in public debt and budget over-spending at the same time.

The most important thing is to keep a close watch on developments in prices and bad debts, and flexibility manage the supply of money to reduce pressure on inflation, and ensure the supply sources of materials, fuels and necessary goods, he stressed.