The National Assembly discusses socio-economic issues and the budget.

The National Assembly will spend the entire day today (June 13) discussing these issues.Earlier, reporting to the National Assembly, Prime Minister Nguyen Xuan Phuc emphasized that the Government had directed the comprehensive prevention and control of the Covid-19 epidemic according to the scenarios set forth, in line with the evolving situation. With the involvement of the entire political system and the solidarity and unity of the people nationwide in seriously and effectively implementing the measures, we have now basically controlled the epidemic.

In a supplementary assessment of the socio-economic situation in 2019, the Prime Minister stated that we had achieved important and comprehensive results in all areas. All 12 key indicators were met or exceeded; many indicators exceeded the figures reported to the National Assembly. GDP growth reached 7.02% (reported at over 6.8%), placing us among the fastest-growing economies in the region and the world.

However, the impact of the Covid-19 pandemic on socio-economic development in the first months of the year was significant. Despite facing major difficulties and challenges, thanks to the efforts of the entire political system, all levels and sectors, the business community, and the people nationwide under the leadership of the Party and the Prime Minister, "we still have bright spots in economic development."

According to the head of government, Vietnam has maintained a stable macroeconomic foundation and major economic balances, creating favorable conditions for socio-economic recovery and development after the pandemic. The consumer price index (CPI) in April decreased by 1.21% compared to December 2019. Monetary policy has been managed proactively and flexibly. The government has focused credit on production and business and priority sectors. Policies on restructuring debt repayment terms, waiving or reducing interest rates, maintaining debt classifications, and supporting customers affected by the Covid-19 pandemic have been implemented promptly.

All levels and sectors have decisively directed the acceleration of public investment disbursement; investment capital implemented from the state budget increased by 12.9% compared to the same period last year. Total social investment in the first quarter increased by 2.2%; of which non-state investment increased by 4.2%. State budget revenue in the first four months reached 32.5% of the projected amount...

Despite a significant decline compared to the same period last year, GDP growth in the first quarter still reached 3.82%, ranking among the highest in the region and the world. Despite the difficulties, many localities still achieved relatively high growth rates. We maintained production and business activities, avoiding recession; while most countries and major partners experienced negative growth. Energy and food security were ensured, providing sufficient necessities for the people, especially during the social distancing period.

The government has also outlined nine major groups of solutions to successfully implement socio-economic tasks in 2020. In the remaining months of 2020 and beyond, along with effectively controlling the epidemic, the government will direct the synchronized and decisive implementation of tasks and solutions for socio-economic recovery and development. This includes developing specific mechanisms and policies in the new situation, submitting them to competent authorities for approval, and promptly implementing them amidst numerous difficulties and challenges.

The government also proposed that the National Assembly consider extending the period of state budget stability from 2017 to 2020 to 2021; and in 2021 issue allocation norms for state budget expenditure estimates for the period 2022-2025 to suit the practical situation and requirements…

During group discussions, National Assembly deputies generally agreed with the Government's report and noted that, despite many difficulties, Vietnam's socio-economic development in 2019 achieved many important results, relatively synchronously meeting all the goals set by the National Assembly.

The delegates also focused on assessing the implementation of the National Assembly's Resolution on the Socio-Economic Development Plan and State Budget for 2020, including a clear analysis of the international situation, the impact of the Covid-19 pandemic on the economy and society; and the emerging issues of the socio-economic situation and state budget in the first four months of the year.

The discussions also focused on solutions to stabilize the macroeconomic situation, restructure the economy in each region, ensure social security, protect the environment, increase the disbursement of public investment capital, and prevent losses in public investment... in the context of the impact of the Covid-19 pandemic on production and business./.