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PM urges efforts to revitalize socioeconomic development

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HCMC – As the coronavirus outbreak is mostly under control in Vietnam, it is necessary for the country to take decisive action to revive the local economy while ensuring measures to safeguard public health remain in place, Prime Minister Nguyen Xuan Phuc told a regular meeting of the Government on May 5.

PM Phuc added that global economic growth was negative during the first four months of the year due to the impact of Covid-19, the disease caused by the new coronavirus.

During the period, the Government had promptly issued directives and resolutions to remove obstacles faced by enterprises, address social welfare issues and ensure public safety and security. Consequently, the local economy did not tumble and saw year-on-year growth of 3.82%.

The Cabinet leader cited the International Monetary Fund’s forecast that Vietnam will achieve the highest growth rate in Southeast Asia this year, at an estimated 2.7%, stressing that the country must aim higher since sectors and enterprises have resumed regular activity, with multiple drastic measures being adopted.

Aside from efforts that must be made to achieve the highest possible growth, the head of the Government highlighted the importance of keeping inflation below 4%, bolstering enterprise development and speeding up the construction of infrastructure projects. For instance, transport projects must begin work and the public-private investment format must be converted to public investment.

Further, much more attention should be devoted to social issues, including the upcoming high school entrance exam, the use of a Covid-19 aid package worth VND62 trillion and socioeconomic development projects for ethnic minorities.

The prime minister also underlined a need to disburse VND700 trillion in public investment this year and asked ministries and the relevant agencies to make strong efforts to execute this plan.

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