Prime Minister: Boosting the economy to 'bounce back strongly' when the Covid-19 pandemic ends

On the morning of April 10, Prime Minister Nguyen Xuan Phuc chaired an online conference between the Government and localities on urgent tasks and solutions to remove difficulties for production and business; promote disbursement of public investment capital; support workers, ensure social security and order in the context of the impact of the Covid-19 pandemic. Photo: VGP

"TURN DANGER INTO OPPORTUNITY"

Speaking at the opening of the online conference, Prime Minister Nguyen Xuan Phuc emphasized that, in the task of preventing and combating the Covid-19 epidemic, under the leadership of the Party and State, especially under the direction of the Government, the entire political system has taken part.

Currently, the whole country is vigorously implementing Directives 15 and 16 and achieving initial results. With the current developments of the Covid-19 epidemic, the Prime Minister said: The Government has met and issued a policy that we must not be subjective, negligent, or lose vigilance; especially making decisions to continue effectively implementing Directive 16 nationwide, including more drastic social distancing.

"Fighting the epidemic is the top political task of the Party Committee and government at the current stage," the head of the Government emphasized.

Referring to the impact of the Covid-19 epidemic on the socio-economy, Prime Minister Nguyen Xuan Phuc assessed that the Covid-19 epidemic has been and continues to cause huge consequences for the global economy, with our country's major partners being severely affected. Many forecast a global recession if the epidemic persists.

According to forecasts from prestigious financial institutions around the world, in 2020, global GDP growth could be negative 1.9%; along with that, the global stock market fell sharply.

In that context, in the first quarter, Vietnam's GDP increased by only 3.82%, much lower than the same period in 2019, the lowest since 2011. However, the Prime Minister also noted that this was the highest growth rate in the region.

“Without strong and drastic measures, the economy can easily collapse and experience negative growth,” the Prime Minister said, emphasizing that this can be called a “4-in-1” online conference, aiming to mobilize all the country’s resources with the spirit, determination, and indomitable patriotism of the Vietnamese people to defeat the Covid-19 pandemic, while striving to overcome difficulties and rise up in production and life.

The task is to ensure strict implementation of measures, first of all to control the epidemic; not only that, but also to "turn danger into opportunity" so that after the Covid-19 epidemic, the economy can accelerate to compensate for the huge losses recently.

At Nghe An bridge, comrades: Thai Thanh Quy - Alternate member of the Central Committee, Secretary of the Provincial Party Committee; Nguyen Xuan Son - Standing Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Council; Nguyen Duc Trung - Deputy Secretary of the Provincial Party Committee, Chairman of the Provincial People's Committee chaired. Also attending were Vice Chairmen of the Provincial People's Committee, leaders of a number of departments, branches and localities. Photo: Thanh Duy

On behalf of the leaders, the Prime Minister once again expressed his gratitude to the people for accompanying, sharing and sympathizing with the Government about the inconveniences caused by social distancing to prevent the epidemic; at the same time, it is necessary to see the efforts, overcoming difficulties, and drastic participation of the entire political system, all levels, sectors, local authorities and businesses.

Vietnam's determination has been recognized by the international community. If well directed, Vietnam's economy will grow by 7.3% in 2021. Therefore, the Prime Minister requested the conference to propose specific, strong, correct and accurate mechanisms, policies and solutions to maintain and restore production and business, ensure jobs and livelihoods during the pandemic; especially to promote the economy to "bounce back strongly" when the pandemic ends.

“We often say that a spring that has been compressed for a long time must spring back and catch up with time,” the Prime Minister analyzed and pointed out that the product of today’s conference is a specialized resolution of the Government on urgent tasks and solutions in all three areas: removing difficulties for production and business; promoting disbursement of public investment capital and ensuring security, order, and social safety, responding to the Covid-19 epidemic.

NGHE AN: GRDP IN THE FIRST QUARTER INCREASED LOWER THAN THE SAME PERIOD

In Nghe An, due to the impact of the Covid-19 epidemic, in the first quarter of 2019, the growth rate of the province's gross regional domestic product (GRDP) was estimated to increase by only 3.68%.

Of which, the agriculture, forestry and fishery sector is estimated to increase by 4.75%; the industry - construction sector is estimated to increase by 3.36% (industry alone is estimated to increase by 3.54%); the service sector is estimated to increase by 5.13%; product tax minus product subsidy is estimated at 92.08% compared to the same period in 2019.

The province's first quarter GRDP growth rate was lower than the same period last year and compared to the set plan. The production index also increased slightly (2.84%) compared to the same period in 2019 (7.51%).

Nghe An tourism is heavily affected by the Covid-19 epidemic. Photo courtesy of Nguyen Hai

Some key products have low growth and sharp declines such as beer, electricity... In particular, many service sectors have decreased compared to the same period such as: accommodation service revenue decreased by 24.59%, food service revenue decreased by 25.06%, travel service revenue and tourism support activities decreased by 38.19%, education and training services decreased by 32.82%.

Tourism activities were greatly affected when the number of visitors decreased by 43%, the number of guests staying decreased by 28%, and revenue decreased by 42%;…