The responsibility of state agencies must be even higher when people and businesses encounter difficulties.

Prime Minister Pham Minh Chinh emphasized at the Government meeting: The responsibility of State agencies must be even higher when people and businesses face difficulties. Photo: VGP/Nhat Bac

On the morning of December 1, under the chairmanship of Prime Minister Pham Minh Chinh, the Government held its regular meeting for November 2022. Attending the meeting were Deputy Prime Ministers; leaders of ministries, ministerial-level agencies, and government agencies. Vice President Vo Thi Anh Xuan and Comrade Dinh Van An - Assistant to the General Secretary also attended the meeting.

At the meeting, the Government assessed the socio-economic situation in November and 11 months of 2022; the implementation of the socio-economic recovery and development program; the disbursement of public investment capital in 11 months of 2022; the implementation of 3 National Target Programs; the draft Resolution of the Government on key tasks and solutions to implement the socio-economic development plan and the State budget estimate for 2023.

The report and opinions at the meeting unanimously agreed that in November and 11 months of 2022, the socio-economic situation improved in most areas with many bright spots. Accordingly, the macro economy remained stable; inflation was controlled, the average consumer price index for 11 months increased by 3.02%. Major balances were ensured, in which the State budget revenue for 11 months was estimated to exceed 16.1% of the estimate, trade surplus of 10.6 billion USD, labor supply basically met the demand. Industrial production continued to recover, the monthly IIP index increased by 8.6% over the same period. In 11 months, nearly 195,000 enterprises were newly established and returned to operation, an increase of 33.2% over the same period, 1.47 times the number of enterprises withdrawing. Total registered capital added to the economy in 11 months was nearly 4.5 quadrillion VND, up 21.5%; FDI capital realized in 11 months reached 19.68 billion USD, up 15.1% - the highest in 11 months in the past 5 years...

In addition, regular issues, especially those related to social security, culture, society, foreign affairs, national defense and security, have been focused on and achieved many outstanding results: Effective prevention and control of the COVID-19 epidemic and other epidemics; from July 2021 to now, over VND 87,500 billion has been supported for over 55.3 million workers and nearly 851,300 employers; cultural and sports activities continue to take place vibrantly; many events have been successfully and meaningfully organized...

Regarding the Socio-Economic Recovery and Development Program, up to now, 16/17 documents have been issued to specify policies under Resolution 11/NQ-CP; disbursement reached nearly 71,500 billion VND; development investment expenditure reached 176,000 billion VND. For the 3 National Target Programs, 69 documents on management, operation and implementation have been issued; 63/63 localities have completed the provincial steering committee; 52/52 localities have completed the assignment of capital plans.

Vietnam's socio-economic development results continue to be positively evaluated by many international organizations and forecast optimistically about growth in 2022 and 2023. In particular, the IMF assessed Vietnam as a bright spot in the "gray picture", forecasting that in 2022 Vietnam will grow by 7% - a miraculous growth rate and the top in ASEAN; Fitch Ratings maintains Vietnam's rating at BB positive outlook and forecasts Vietnam's growth in 2022 at 7.4%...

However, there are still difficulties and limitations such as: Stabilizing the macro economy, controlling inflation, ensuring major balances of the economy still have potential risks; disbursement of public investment capital has only reached 58.33% of the plan; many enterprises have narrowed production and business, cut working hours, taken turns off work, laid off workers; the shortage of medicine, equipment, and medical supplies in some hospitals and localities has not been completely resolved; crimes are complicated, especially gambling during the World Cup...

Vietnam's socio-economic development results continue to be positively assessed by many international organizations, with optimistic forecasts for growth in 2022 and 2023. Photo: VGP/Nhat Bac

Besides discussing and evaluating the results and limitations in socio-economic development in November and 11 months of 2022, Government members discussed opportunities and challenges in the coming time, especially solutions to handle and respond to emerging issues such as capital market, securities, real estate, public investment disbursement, gasoline and oil management, improving the quality of exported goods, promoting production and business, handling smuggling, trade fraud, preventing and fighting crimes, especially at the end of the year, with the Lunar New Year approaching... In addition, continue to handle fundamental issues such as institution building, digital transformation, energy transformation, database integration between ministries and branches...

The more difficult, complicated, and sensitive it is, the more calm, united, and unified we must be.

Concluding the meeting, Prime Minister Pham Minh Chinh emphasized that in November, the world situation continued to change rapidly, complicatedly, and unpredictably with increasing risk factors, having a major impact on a global scale; strategic competition between major countries became increasingly fierce and profound; global inflation was high; many countries raised interest rates for a long time and tightened monetary policies; many currencies continued to depreciate; financial and monetary risks, the risk of losing energy and food security; some economies were at risk of recession...

Domestically, the authorities have taken measures to rectify a number of markets such as the stock market, real estate, corporate bonds, capital markets, etc. so that the markets operate in their true nature, in a healthy, safe, open, transparent, and sustainable manner, but this has also affected these markets. In addition, there has been a local shortage of gasoline and oil; the scarcity of drugs and medical supplies has been gradually overcome but has not been completely resolved. Capital for production and business activities is also difficult. Some ministries and branches have detected the problem but policy responses have not been timely and effective.

Minister of Public Security To Lam. Photo: VGP/Nhat Bac

In that context, the Government has resolutely directed tasks and solutions according to its functions, tasks, and powers, established working groups to promote public investment disbursement and handle emerging issues such as capital market, real estate, stock market, corporate bonds, shortage of drugs, medical biological products, gasoline, oil, etc. Thanks to that, the socio-economic situation in the first 11 months of 2022 achieved very basic, positive, and commendable results in difficult conditions.

Many long-standing internal problems of the economy have now become more evident and are being focused on and resolved, and through that, we have grown more mature, gained more experience and courage to continue solving these problems.

Institutional reform and improvement of the investment and business environment were focused on; during the month, the Government and the Prime Minister issued 10 normative documents (6 decrees and 4 normative decisions of the Prime Minister). Anti-corruption was promoted, strengthening the trust of people and businesses, and was highly appreciated by international friends. Social order and safety were ensured; national defense and security were maintained; foreign affairs and integration were expanded and promoted appropriately. Information and communication were strengthened; many fake, bad, toxic, offensive, and anti-Party and State information were prevented, removed, and refuted.

The results achieved are due to the wise leadership of the Party Central Committee, the Politburo, the Secretariat, headed by General Secretary Nguyen Phu Trong; the resolute, strong, focused and key direction of the Government; the efforts of the entire political system and the business community, the support of international friends, and the consensus and support of the people of the whole country.

The Prime Minister emphasized that the lesson learned is that the more difficult, complicated, and sensitive the situation is, the more calm, clear-headed, persistent, steadfast, united, unified, closely coordinated, shared, responsible, and devoted to work must be to complete the task; problems must be detected quickly, and policy responses must be quick, timely, and effective.

Focus on solving difficulties for businesses and people

It is forecasted that in the coming time, the situation will continue to develop rapidly, complicatedly, unpredictably and face more difficulties and challenges due to external impacts and internal problems of the economy being exposed. Analyzing the existing problems and limitations that need to be handled and overcome, the difficulties and challenges that need to be overcome, the Prime Minister requested members of the Government and heads of agencies to closely follow the policies, resolutions and directions of the Central Committee, the National Assembly and the Government; proactively carry out assigned tasks according to their functions, tasks and powers; monitor and grasp the situation and promptly respond with specific policies and organize effective implementation.

The Head of Government proposed to strengthen solidarity, unity, discipline, order, strictly implement the Government's working regulations, strictly maintain discipline in speaking; further promote decentralization and delegation of power, pay attention to fully using assigned powers; at the same time, promote the spirit of flexibility and creativity, promptly detect, report and discuss arising problems; for issues with different opinions, ministers should preside and directly discuss.

Minister, Head of the Government Office Tran Van Son. Photo: VGP/Nhat Bac

Ministries, branches and localities focus on solving difficulties for businesses and people, including removing capital, expanding markets, supporting production and business; promoting and ensuring that the stock market, corporate bonds, real estate and credit institutions operate openly, transparently, healthily, safely and sustainably; ensuring the legitimate and legal rights and interests of people, businesses and related subjects in any circumstances.

The Prime Minister requested to continue to consistently achieve the goal of maintaining macroeconomic stability, controlling inflation, promoting growth, ensuring major economic balances; maintaining political stability, social order and security; promoting foreign affairs and integration, and diversifying markets and products.

The Head of Government emphasized the viewpoint of operating monetary policy firmly, proactively, flexibly and effectively; closely and synchronously coordinating monetary, fiscal and other macroeconomic policies; finding a balance between interest rates and exchange rates, between controlling inflation and promoting growth. Implementing a reasonable, focused and key expansionary fiscal policy, concentrating on removing difficulties for businesses and people, increasing revenue, and saving unnecessary expenses.

"We follow the market economy, we follow the laws of supply and demand, competition, but when the situation is abnormal, we must analyze the causes and have timely intervention tools, that is the socialist orientation. When we see people and businesses facing difficulties, state agencies must not ignore them, but must have higher responsibility, avoiding the situation where people and businesses think that state agencies have no opinion or ignore them," the Prime Minister noted.

Assign key tasks to each ministry and branch

Emphasizing a number of key tasks for each ministry, branch and agency, Prime Minister Pham Minh Chinh assigned the Ministry of Planning and Investment to closely monitor the situation to advise on macroeconomics and public investment disbursement; promptly issue the Government's action program to implement the Politburo's Resolution on socio-economic development, ensuring national defense and security in the Red River Delta; focus on promoting planning work; review key targets, tasks and solutions to build the Government's Resolution 01 of 2023.

The State Bank accurately assesses the situation to have an appropriate and effective credit growth rate; researches, reviews, and carefully calculates where to increase credit, which sectors and enterprises to put credit into, focusing credit on the three growth drivers: investment, export, and consumption; promptly amends circulars related to credit sources, contributing to removing difficulties for enterprises in terms of capital; calls on commercial banks to actively participate in the spirit of harmonious benefits and shared risks. In particular, ensuring liquidity, maintaining stability and safety of the monetary, credit, and banking systems; promoting the 2% interest rate support policy through the commercial banking system.

The Prime Minister assigned the Ministry of Finance to preside over handling issues related to corporate bonds, urgently review and amend the decree regulating corporate bonds, and work with agencies to amend relevant circulars. The Ministry of Construction urgently reviews and amends decrees on the development and management of social housing. The Ministry of Industry and Trade thoroughly resolves the problem of gasoline and oil; promotes the piloting of the direct electricity purchase and sale mechanism. The Ministry of Agriculture and Rural Development promotes production, prevents food shortages, contributes to controlling inflation, promotes exports, and expands the market.

Governor of the State Bank Nguyen Thi Hong. Photo: VGP/Nhat Bac

The Ministry of Labor, War Invalids and Social Affairs pays attention to ensuring social security. The Ministry of Culture, Sports and Tourism focuses on organizing a joyful, safe and economical Tet holiday for people; promoting the recovery and development of tourism; coordinating with relevant agencies to propose and amend regulations on entry and exit. The Ministry of Health must overcome the shortage of drugs, biological products and medical supplies; coordinate with the Ministry of Education and Training to promote vaccination for students to ensure safety, science and effectiveness; and not let one epidemic overlap another.

The Prime Minister requested the Ministry of Science and Technology to coordinate with ministries and branches to propose to the Government solutions to improve labor productivity. The State Capital Management Committee at Enterprises promotes the effective and lawful use of VND4 trillion in capital at State-owned enterprises. The Government Inspectorate promptly concludes inspections; organizes inspections of newly emerging issues. The Ministry of Justice advises on amending decrees in a shortened order, and works with agencies to develop and complete draft laws to submit to the National Assembly at the next session. The Ethnic Committee focuses on promoting the implementation of National Target Programs. The Ministry of Public Security launches a peak campaign to suppress crime and reduce social evils, especially during Tet. The Ministry of Foreign Affairs focuses on implementing Directive 15 of the Secretariat on economic diplomacy. The Ministry of Information and Communications directs to step up communication and refute false and hostile information.

Ministries and branches promote public investment disbursement; prepare well the contents for the upcoming extraordinary session of the National Assembly to ensure progress and quality; organize a year-end review of 2022, develop plans, and deploy tasks for 2023; coordinate the implementation of Project 06 on developing applications of population data, identification and electronic authentication to serve national digital transformation.

The Prime Minister emphasized that ministries and branches must do well all three things at the same time: Effectively carry out regular tasks; focus on handling long-standing issues; and promptly respond to newly arising issues.

Ha Van