Vietnam PM highlights priorities for remaining months

While Vietnam remains steadfast on pursuing the twin goal of containing the Covid-19 pandemic and boosting economic recovery, specific measures should be taken depending on the actual situation in each locality.

Production at Nippon Paint Vietnam in Quang Minh Industrial Park, Hanoi. Photo: Pham Hung

Prime Minister Pham Minh Chinh made the conclusion at a monthly government meeting on July 1.

“A flexible and efficient combination of both monetary and fiscal policies is essential to keep stable macro-economic conditions, facilitate growth and control inflation,” he continued.

As internal strength is seen as the decisive factor for long-term development, Chinh called for government agencies to continue perfecting legal framework and building strategic infrastructure, along with administrative reform, training high-quality human resources, and addressing inefficient public investment activities.

At present, Chinh noted the Covid-19 fight remains a national priority and in certain provinces/cities.

“In this context, it is imperative for the country to ensure successful implementation of the vaccination strategy,” he stated.

Given the shortage of Covid-19 vaccine supply from now until September, Chinh expected Vietnam to purchase a large number of vaccines in a fair and quick manner while promoting transferring of vaccine technology and boosting production capacity.

To further aid economic recovery, Chinh suggested the necessity for local firms to diversify their export markets and step up efforts in protecting and building brands.

“Vietnam should focus on enhancing quality for key products, especially vegetables and fruits to take advantage of free trade agreements that the country is a part of,” said Chinh.

Meanwhile, the PM requested to further attract investment capital into the manufacturing and processing sector, keep the energy security intact and promote the long-term development of the energy sector based on the market mechanism.

While the services sector has been hit hard by the Covid-19 pandemic, Chinh said this is also an opportunity for restructuring to reduce transportation costs and address immediate issues.

“This is a favorable period for digital transformation and building digital economy and society,” Chinh said, noting the distribution of more than 200.000 tons of lychees amid the Covid-19 pandemic as an example in adopting technological solutions.

“In the coming time, the Government would hold a meeting dedicated to discussing further mobilization of resources and the creation of new driving forces for growth, especially strategic infrastructure investment and addressing bottlenecks in the disbursement of ODA funds,” he noted.

The Government apparatus should continue the fight against corruption, bribery, bureaucracy, and waste to ensure strong and healthy administrative organizations, Chinh added.