Prime Minister Nguyen Xuan Phuc: Quick economic response to 'turn defeat into victory'

Speaking at the opening session of the first session of the New Year of the Rat 2020, Prime Minister Nguyen Xuan Phuc reviewed some main features of the work of serving Tet for the people; highly appreciated the efforts and drastic direction of ministries, branches and localities, and in fact, we had a warm, joyful, safe and economical Lunar New Year of the Rat 2020.

Prime Minister Nguyen Xuan Phuc. Photo: VGP

Regarding some problems and difficulties during Tet such as firecrackers and hail in some localities, the Prime Minister said that right from the first day of Tet, he immediately directed the Ministry of Agriculture and Rural Development to organize a working group to visit the affected areas to find solutions. The Prime Minister requested the Ministry of Agriculture and Rural Development to have a summary report on this situation so that the Ministry of Finance can arrange and allocate resources to support the people. Regarding firecrackers, statistics will be compiled to draw lessons on "why the situation has not decreased yet".

Regarding the situation of acute respiratory infections caused by the new strain of Corona virus (nCoV), the Prime Minister said that we have established a National Steering Committee early, with many different actions to proactively, comprehensively and strongly direct epidemic prevention and control with the spirit of "fighting the epidemic like fighting the enemy", and can sacrifice part of the growth to protect the lives and health of the people. Vietnam's solutions are highly appreciated by WHO and UNICEF, thereby minimizing the spread of the epidemic in the context of our country having a long border and large trade with China. There are 10 cases of nCoV positive in our country and 3 people have been cured, including Chinese citizens, and no one has died.

“Fire tests gold, hardship tests strength,” the Prime Minister said that in such difficult times, the implementation of epidemic prevention instructions to the people is quite drastic.

However, according to the Prime Minister, we cannot do without strong solutions to ensure development because this year, we are committed to organizing and implementing well the tasks assigned by the Central Government and the National Assembly. The Prime Minister asked the Government members to discuss carefully the impact of the nCoV epidemic on the completion of this year's targets.

According to some statistics, during the 7 days of Tet, China's service industry decreased by 144 billion USD, GDP may decrease by several percent. In the world, many stock markets decreased. In Vietnam, the aviation, tourism, agriculture, and export industries decreased.

In the first quarter of 2020, we may see a decrease in growth, first of all in January, the month with the long Tet holiday, which according to research and initial estimates, may reduce GDP growth in the first quarter of 2020 by about 1%. If China's economy declines deeply, it will also continue to affect Vietnam.

“In such a context, what is our spirit and attitude? That is the question raised at today's Government meeting,” the Prime Minister said, emphasizing that there is no question of adjusting the 2020 growth target.

The Prime Minister requested ministries and branches to continue to propose solutions to strongly restructure production. “It can be said that those who fight the epidemic are the shock troops protecting people's health. Those who produce and do business to increase compensation for the shortage of the economy are also brave and advanced people. We are determined and have strong measures not to reduce growth deeply under possible conditions.” The Prime Minister stated that we have established rapid response teams to fight the nCoV epidemic, so we must also respond quickly in terms of economy, finance, and production to compensate for the economic decline caused by the epidemic. Therefore, adapting to the current situation in economic development to "turn defeat into victory", overcoming difficulties spectacularly, moving the economy forward, and meeting people's expectations is a requirement to discuss at the meeting.

The Prime Minister asked the Government members to come up with better solutions in the spirit of moving forward, not backward, not adjusting the growth target but striving from the first day, the first month of the year, "not leaving today's work for tomorrow". The delays of this ministry, that sector, of this province, that city must be overcome sooner to promote development.

It is necessary to overcome shortcomings and problems such as disbursement of public investment capital, implementation of large-scale construction projects, market redirection, import-export market structure, tourism market, restructuring of the aviation industry, etc. “We see the image of domestic and foreign investors being very enthusiastic in economic development. Ho Chi Minh City has a project worth nearly 1 billion USD. In Hai Duong, there have been solutions to develop supporting industries for large corporations. The total amount of foreign investment in Vietnam has reached a record. Many enterprises have been established…”, the Prime Minister stated, that gives us strong confidence in the progress of the Vietnamese economy.m in the context of many difficulties and challenges.

A positive anti-epidemic atmosphere and a strong movement to develop production and business in the new context need to be discussed at the meeting. The Prime Minister emphasized that we must fight the epidemic resolutely but without panic or hesitation.