New directive outlines key missions for economic growth and controlling inflation

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VIETNAM, September 19 – HÀ NỘI — A new directive has been approved by the Prime Minister, detailing the main missions and solutions for macroeconomic stability, inflation control and economic growth in the new situation.

Directive No. 15/CT-TTg stated that while the global situation remains complicated with unprecedented and unexpected developments, Việt Nam has seen a positive recovery in the first eight months of 2022.

This is the result of the determination and coordination of the entire political system, as well as the support of businesses, the people and the international community.

The country has experienced macroeconomic stability, low levels of inflation and a balanced economy.

The average consumer price index (CPI) for the last eight months rose by 2.58%.

Recently, Moody’s Investors Service upgraded Việt Nam’s senior long-term and unsecured issuer ratings from Ba3 to Ba2 with a stable outlook, as did S&P which upgraded the country’s ratings to BB+.

Fitch also confirms Việt Nam’s rating at BB with a positive outlook, while Nikkei Asia has raised the country’s COVID-19 Recovery Index to second place in the global ranking.

In this context, maintaining macroeconomic stability, controlling inflation, and economic growth and balance are key to achieving the goals set out in the resolution of the 13th National Party Congress, as well as the five-year and annual plans.

The Prime Minister’s directive requires strict adherence to the guidelines of the Party and the laws and policies of the Government in matters of macroeconomic management, which must be flexible, innovative, efficient and adapted to the actual situation and requirements.

Measures must be taken in such a way as to guarantee stability in uncertain contexts, initiative and coherence of actions in the face of complicated and unpredictable changes, rapid risk management as well as international cooperation.

It is also necessary to implement prudent monetary policies that also ensure flexibility and effective coordination with expansionary fiscal policies.

The objective is to achieve a high rate of economic growth and a high level of inflation control in accordance with the objectives set.

The document also emphasizes security in terms of currency, credit, finance, public debt, food, energy and information; policy development and planning; as well as technological innovation, digital and green transformation.

The pricing of products must be well managed, especially those essential to daily life and commercial products such as oil and gasoline.

Improved productivity, efficiency and entrepreneurship are encouraged.

The highest level of determination and effort must be present to adapt flexibly and effectively to the new situation, overcome challenges and take advantage of opportunities to promote socio-economic development.

Other requirements include careful observation of the current context and a better ability to analyze and predict to act quickly and actively in a given situation.

The document also highlights the spirit of autonomy, self-sufficiency and the strength of national unity in mobilizing all resources for the development of the country.

Strict compliance with the pandemic control protocol and vigilance with respect to new diseases are necessary.

Other areas of interest include social protection and improvement of living standards, administrative reforms, anti-corruption measures, strengthening national defense and security, diplomatic affairs, autonomous economy and international integration.

In accordance with these guidelines, specific tasks and solutions will be carried out in coordination between ministries and government agencies, which are the Ministry of Planning and Investment; Ministry of Finance; Ministry of Industry and Commerce; Ministry of Agriculture and Rural Development; Ministry of Construction; Ministry of transportation; Ministry of Natural Resources and Environment; Ministry of Culture, Sports and Tourism; Ministry of Labour, Invalids and Social Affairs; Ministry of Health; Ministry of Foreign Affairs; Ministry of Public Security; Department of Defense; Ministry of Information and Communications; State Bank of Việt Nam; State Capital Management Commission for Companies; as well as ministerial leaders and chairmen of municipal and provincial people’s committees. —VNS

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